Live Insurance News

Tornado insurance claims head to court in Oklahoma

January 22, 2014January 20, 2014 G. Turner

At least 28 homeowners who were victims of twisters are suing their insurers for inadequate payments. After devastating twisters ripped their way through Oklahoma, at least 28 homeowners have found that their tornado insurance payments have not been adequate to allow them to rebuild their homes or to move on to new ones equivalent to what they had before their lives were turned upside down. The complaint isn’t that the payments aren’t being made, but that they aren’t paying enough to compensate for the damage. One of the homeowners taking…

State agency seeks to provide guidance on homeowners insurance issues

November 22, 2013November 25, 2013 Nordstrom

Homeowners insurance confusion could be a problem for Illinois residents A powerful tornado swept through Illinois earlier this week, leaving a path of destruction in its wake. The city of Washington was one of those that suffered most from the natural disaster, which destroyed more than 500 homes and damaged property throughout the entirety of the city. The devastating event has caused some confusion concerning homeowners insurance and natural disasters, which has spurred the Illinois Department of Insurance to take action. Agency to provide one-on-one counseling sessions for disaster victims…

Tornado insurance claims in May broke the 75k mark

July 8, 2013July 6, 2013 H. Cutner

The payments, so far, have reached almost $688 million for homes and twisters damaged by tornadoes. The claims that were made related to the twisters that occurred in Oklahoma over the month of May have now broken the 75,000 mark, to the point that insurers have now made almost $688 million in tornado insurance payments. On June 26, the number of claims that had been filed for this type of damage reached 75,758 in the state. On that same date, the payments made on tornado insurance claims in Oklahoma for…

Homeowners insurance claims from Oklahoma tornado could exceed Joplin

May 24, 2013May 25, 2013 Julie Campbell

Homeowners insurance losses oklahoma tornado

The state commissioner has reported that the damage caused by the E5 will be in the billions of dollars. John Doak, the Oklahoma Insurance Commissioner, has stated that it is likely that the tornado that struck the Oklahoma City suburb will generate homeowners insurance claims that will be higher than the twister that hit Joplin, Missouri in 2011. Doak stated that Joplin’s storm caused about $3 billion in damage, and that “This will likely exceed that.” The commissioner made his statement after having toured the devastated area. He said that…

Homeowners insurance rates move up in tornado prone Oklahoma

May 4, 2013May 2, 2013 G. Turner

As the season for natural disasters begins, the premiums are headed skyward yet again. Over the last few years, Oklahoma has seen some of its costliest natural disasters, and with the increase in the losses from tornado damage, homeowners insurance rates are now on the rise. The season for tornadoes has now begun and people across the state are keeping a watch on the skies. Some of the regions in Oklahoma are among the hardest hit by severe weather in the entire country. In 2010, there were 55 tornadoes that…