Tag: Joplin tornado

Homeowners insurance claims from Oklahoma tornado could exceed Joplin

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…

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Tornado insurance changes to be implemented in Missouri

Joplin Tornado Damage Statistics

Following the disaster in Joplin, new regulations will soon be put into place. There will be some significant changes to be made for tornado insurance in Missouri following the lessons that were learned through the destruction in Joplin. The Missouri insurance department has announced that these rules will start next year. The department has stated that the mutual tornado insurance companies will face new regulations, with the purpose of preventing the type of drain on the finances that was seen a short time following the deadly Joplin twister. New state…

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Mutual insurance companies subject to new regulations in Missouri

Nordstrom
Joplin Tornado Damage Statistics

Insurance changes come in the wake of Joplin tornado On May 22, 2011, a powerful tornado struck the town of Joplin, Missouri. The tornado was classified as an EF5 and was a catastrophic event that decimated much of the town. The tornado had caused $2.8 billion in damages to property and vehicles and claimed 158 lives. In the wake of the disaster, it was expected that the state would make revisions to its insurance regulations in an attempt to prevent fraud and protect consumers from the exploitation that ran rampant…

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Joplin tornado named among most expensive natural disasters in over 60 years

Joplin Tornado

The twister had the highest costs of any that have occurred since 1950. The tornado that ripped through Joplin in 2011 has now been found to be the most costly that has occurred since 1950, and among the top natural disasters in United States history. Additional costs just keep being added to the final total, with a shelter for the care of over 1,300 pets priced at $372,000, a new concession stand that had been taken on at the ruined high school at $228,600, and even 30 new manhole covers…

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Missouri Department of Insurance releases report concerning 2011 natural disasters

The Missouri Department of Insurance has released its annual report for the year of 2011. The report notes that the state experienced many “firsts” in the U.S. insurance industry last year, many of which were brought about by calamitous natural disasters. These firsts included record breaking numbers of claims, the highest claims payouts in U.S history, and the largest amounts of claims funds recovered by Missouri insurance regulators. The Department of Insurance notes that, despite massive challenges, it was able to complete its mission of protecting Missouri residents throughout 2011.…

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Homeowners’ insurance rates increase as a result of last year’s tornadoes

The tornadoes that struck Joplin, Missouri, and other areas in 2011 will now be increasing the homeowners insurance rates as a whole, regardless of whether or not the area was influenced by any wind storms last year. According to data from the Missouri Department of Insurance, the rates for homeowners insurance in that state will be increasing by just over 5 percent. At the same time, state insurance officials in Illinois – an area also impacted by storms last year – have yet to provide any estimates as to how…

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Insurance rates in Missouri to rise after troublesome year of natural disasters.

Missouri residents can expect to see higher rates for their homeowners insurance in the coming months thanks to the major disaster that struck the town of Joplin early last year. On May 22, 2011, a massive tornado rolled through Joplin, causing unprecedented damage throughout the town causing many businesses to shut down and leaving nearly a third of the town uninhabitable. The tornado cost the state millions of dollars in insured losses, and now insurers are looking to recovery some of that money. Several insurers have proposed rate hikes between…

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