NEWS BRIEF
Pinching Insurance Pennies Can Help Consumers Tighten Their Belts in Bad Economy
July 31, 2008 — It’s estimated that most consumers could save more than 20% on insurance if they took simple steps such as raising deductibles, comparison shopping and taking advantage of discounts. More...
Rocky Mountain Insurance Information
NEWS
6565 South Dayton St. #2400, Greenwood Village, Colorado 80111
Serving Colorado, New Mexico, Utah & Wyoming
Contact: Carole Walker, Executive Director
(303) 790-0216 or 1-800-355-9524
Release Date: Immediately
Topic: Catastrophes
MOTHER NATURE VANDALIZES DIA & SURROUNDING COMMUNITIES WITH BASEBALL, GOLF BALL SIZED HAIL: MAKING IT THE MOST COSTLY COLORADO HAIL STORM IN NEARLY THREE YEARS.
June 22, 2001 - Based on the number of claims filed so far, the insurance industry estimates that Wednesday's hailstorm that missed Metro-Denver, but pummeled DIA and the south-eastern communities of Watkins, Bennett and Brighton, will result in about $49.5 million in insured damage. This is a preliminary estimate that may change as more of the 13,000 claims the property/casualty industry expects continue to come in.
The $49.5 million includes some 9,400 auto claims and an additional 3,600 homeowner claims. "The key to this hailstorm is where it hit," says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. "Mother Nature randomly took a baseball bat to cars parked uncovered out at DIA, so that's really where you're seeing the price tag of this storm go up." After experiencing several light hail seasons, this latest storm was a noisy wake up call. The last storm to qualify as a hail catastrophe in Colorado was a late season storm on October 16, 1998. That hailstorm wracked up $87.8 million in insured damages.
All of Colorado's seven most costly hailstorms occurred in the Denver-metro area (which makes sense, because that's where the largest concentration of property in the state is located):
-
$625 million in insured damage occurred on July 11, 1990.
-
$276.7 million in insured damage occurred from June 13-14, 1984.
-
$225 million in insured damage occurred on October 1, 1994.
-
$128 million in insured damage occurred on August 11, 1997.
-
$122 million in insured damage occurred on May 22, 1996.
-
$100 million in insured damage occurred from May 30 - June 2, 1991.
-
$87.8 million in insured damage occurred on October 16, 1998.
###
Rocky Mountain Insurance Information Association is a non-profit consumer information organization. Affiliated with the Insurance Information Institute, RMIIA has been serving consumers and the media since 1952.
How Medical Bills are Paid After an Auto Accident
When you buy auto insurance you need to think about what actually happens when you're in an accident and need to use it...
Updated:
February 28, 2007 1:52 PM
© Copyright Rocky Mountain Insurance Information Association
7951 E. Maplewood Avenue, Suite 130 • Greenwood Village, Colorado 80111 USA
(303) 790-0216 or Toll Free (800) 355-9524
Legal notice, Disclaimer & Terms of Use