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 May had reached $687,945,276. This, according to data from the Insurance Department in the state. The commissioner in the state, John Doak, said that “The victims of these devastating tornadoes will be dealing with the aftermath for quite a while.”
He also said that the tornado insurance claim filings are beginning to slow down from May’s events.
Doak explained that “The claim filings are slowing down but they’re nowhere near complete. Most policies allow for claims to be turned in up to one year from the date of loss.” Over $432 million of the tornado insurance payments that have been made were the result of over 18,000 claims that were made by homeowners whose properties were damaged during the twisters of May 19 and 20, said the department.
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The claims for homeowners policies regarding tornado insurance coverage for the May 30 and 31 events have already risen to almost $97 million. Claim payments made for private auto from the earlier stretch of twisters have passed the $73 million mark, while the later events have now come to over $27 million in payments.
In terms of commercial property tornado insurance claims, the earlier events in Oklahoma in May have brought about payments of over $25 million, while commercial auto from those events have passed the $2.5 million level.
In terms of the later events in May, the commercial property tornado insurance payments have come to about $16.8 million so far, while the commercial auto claims payments have almost broken the $2 million mark. These numbers will surely rise as the claims and the payments continue to be made.