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 companies must reconsider the handling of tornado policies
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…
Read MoreU.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 MoreMassachusetts tornado outbreak caused $90 million in damages just for homes
Last week, Massachusetts fell victim to an outbreak of violent tornados, causing $90 million in damage, according to Barbara Anthony, undersecretary of the Office of Consumer Affairs and Business Regulations. The tornados were focused in the Western region of the state, causing damage on an enormous scale. These recent figures, says Anthony, accounts only for the damage done to homes and does not factor auto and business claims. To date, more than 5,000 insurance claims have been filed, many coming from residential areas. More claims come in on a daily basis.…
Read MoreReports on millions paid for April tornado mayhem
Another insurance company has released their report of estimated losses from the April tornado outbreak. State Auto Financial Corp. is estimating between 75 and 85 million in catastrophe losses as a result of more than 15 thousand claims. This is around 30 million dollars higher than their average five year catastrophe losses of 50 million. Twenty of State Auto’s operating states were affected by five different disasters last month. Claims for property damage and vehicle damage from tornados and storms that produced large hail and high winds. State Auto Financial…
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