Severe weather brought in $109 million in insurance claims

hail storm severe weather damage

The storms that struck Colorado from May 20 to 22 had left considerable damage in their wake.

hail storm severe weather damageHomeowners, vehicle owners, and business owners in Colorado all found themselves having to deal with the aftermath of severe weather, and for many, this meant that they were making insurance claims on their policies to help to cover the cost of the damage that was left behind.

While some people had to contend with very heavy rain, others were battered with hail.

Those who were the most unfortunate found themselves having to manage both of these forms of severe weather likely made the largest claims on their insurance policies, as well. The Rocky Mountain Insurance Information Association (R.M.I.I.A.)currently estimates that the storms over that period of three days brought in an estimated $109.3 million in claims, so far. That data is from the auto and homeowners claims that have been submitted, so far.

So far, the severe weather claims from home and auto have totaled 28,442.

This damaged included 18,538 auto insurance claims that totaled more than $57 million, as well as 9,904 property insurance claims that came to almost $52 million. This is becoming rather commonplace in the Colorado market. For instance, over the last seven years, the state has risen to become one of the top ten in the country in terms of experiencing catastrophic insurance claims, which are those that bring about at least $25 million in covered damage.

After having held the number 7 position previous to last year, according to the R.M.I.I.A., in 2013 it rose to the number 3 spot. This, according to the organization’s executive director, Carole Walker. She stated that “Colorado has really found itself in the eye of the storm,” due to the growing number of wildfires and due to the hailstorms such as those experienced last month.

As a result of the severe weather experienced in the state, Colorado insurance premiums are among the most costly in the country. Hail has been a primary contributor to the damage that has lead to this fact. In fact, that one occurrence is the highest risk factor in premiums calculations.

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