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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 sector rallies to Oklahoma

May 23, 2013May 25, 2013 S.Vagus

Homeowners insurance faces another powerful blow from natural disasters Oklahoma City, Oklahoma, fell victim to a powerful tornado earlier this week. The tornado had been classified as an EF4 at the time it reached the city on May 20. The tornado boasted of more than 200 mile per hour winds and cut a path of destruction through the city and its surrounding area, claiming the lives of 24 people. State officials are now declaring the event an official disaster, which may be of some benefit to the homeowners insurance sector…

Massive tornado bodes ill for homeowners insurance in Oklahoma and Kansas

May 21, 2013May 25, 2013 S.Vagus

Oklahoma tornado damage - homeowners insurance industry

Homeowners insurance claims teams deployed to states affected by disaster What is being called the worst tornado disaster in world history has caused havoc in Oklahoma and Kansas this week. A powerful tornado has touched down in Oklahoma, causing significant damage in Oklahoma City. Initial reports suggest that the tornado demolished an elementary school in one part of the city before moving on an causing more damage to surrounding properties. Farmers Insurance is one among several companies that have deployed claims teams to help manage the impact of the disaster…

Not Happy With Homeowners Insurance – How to Compare Quotes

March 3, 2013April 21, 2014 Guest Author

If you’re looking for homeowners insurance, you have to shop around first. Getting the best deal and the best coverage both depend on comparison shopping. It’s easy, just as long as you know where to start. Go With What You Have As you begin looking for homeowners insurance, stick with what you know. Talk to the company that carries your car insurance first, to see if they have any viable options or recommendations. They might even offer bundling opportunities. If you rent your home, then the company carrying your renters…

Windstorm Insurance Association in Texas may run out of cash if a big storm hits

December 29, 2012April 30, 2013

Estimates show that funds could run very short if certain areas are struck with damage. According to official estimates, the Texas Windstorm Insurance Association may find itself facing considerable shortages of funds if a hurricane strike Brownsville, Corpus Christi, or Galveston. This association is the insurer of last resort for tornado, hail, hurricane and other wind damage. The Texas Windstorm Insurance Association current provides coverage for over 267,000 owners of residential and commercial properties. Approximately 90 percent of its policies are for residential coverage. Also known as the coverage pool,…

Tornado insurance changes to be implemented in Missouri

August 29, 2012April 30, 2013

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…

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

May 21, 2012April 30, 2013

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…