The tornado season is already off to a destructive and deadly start this year, leading insurance companies are taking another look at the way that they handle and underwrite for the areas in the United States that have the highest risk of these devastating and recurring events. What this may mean, is that homeowners could discover that they are paying rates that are significantly higher than they have in the past, or that they may not be able to find any coverage at all, as insurance companies work to reduce their…
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U.S. Experiences Early Season Severe Thunderstorm and Tornado Outbreak: AIR
According to catastrophe modeling firm AIR Worldwide, just two days after a series of tornadoes caused significant destruction in parts of the Ohio Valley and the Central Plains, a massive storm system on March 2 spawned dozens of tornadoes across 11 states. Preliminary data from the National Weather Service (NWS) indicate that more than 100 tornadoes touched down during this latest violent outbreak. Across the southern Ohio Valley and parts of the Southeast are widespread reports of houses ripped off their foundations, roofs blown off, downed power lines and trees,…
Read MoreAlabama falls victim to yet another outbreak of tornados this week – estimated cost of disaster at $30 million
Birmingham, Alabama, was hit by strong winds and a number of tornados earlier this week that caused extensive damage to homes and businesses. The city was not the only place that fell prey to disaster, however, as the storms made their way throughout much of the state. Risk modeling firm EQECAT originally estimated that the disasters could cost insurers $15 million. After surveying the extent of damage, the firm has revised that estimation to $30 million. A total of ten tornados formed early Monday morning, causing havoc and alarming unprepared…
Read MoreState Farm reports losses due to weather-related catastrophes
State Farm, one of the nation’s largest insurance companies has released information regarding the cost of a number of weather-related catastrophes that have caused widespread damage this year. These disasters, coming in the form of floods, hurricanes and earthquakes, have taken a heavy toll on the insurance industry as a whole. Earlier in the year, State Farm attempted to mitigate the damage caused by an outbreak of tornados and hail storms that swept through the Eastern U.S. This past summer brought more trouble, however, with wildfires in Texas and tropical…
Read MoreCould be just the beginning as deadly storms rip through the U.S.
Spring storms tore through the southern portion of the states last week leaving massive damage and loss of life in its aftermath. Virginia is no stranger to bad weather; over the last sixty years, they’ve had almost 600 tornados. But the previous storms were not like this one. Initial figures have eleven deaths total, and over 7.5 million in damages in one county. Virginia is used to getting thunderstorms and even tornados. However, most are EF1, or an EF2 and short lived. They don’t stay formed for very long and…
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