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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
EARLY INSURANCE ESTIMATES PUT THE DAMAGE FROM COLORADO’S BLIZZARD OF 2003 IN THE HISTORY BOOKS.
March 25, 2003 – Based on the number of claims piling up so far, the insurance industry estimates that the Blizzard of 2003 will be the most expensive winter storm from snow and ice damage in Colorado history. Claims are expected to continue to come in during the coming days and weeks as residents discover new damage and claims adjusters make their way out to properties. An early snapshot of damage from the storm already puts the estimated price tag at least $33.6 million from the approximately 18,445 claims filed so far. Most of the larger carriers have activated their emergency catastrophe teams who specialize in handling disaster claims.
The lion’s share of the damage is the result of wet, heavy snow causing collapses to roofs, porches, awnings, carports and outbuildings. There is also significant amount of damage from downed trees and limbs, along with claims for wind, snow melt leakage, food spoilage and out-of-pocket living expenses for people forced out of their home due to storm damage. Most of the vehicle damage is due to being crushed rather than weather-related accidents. This is a preliminary estimate that may change as more of the claims the property/casualty industry expects continue to come in. This estimate is for damage to homes and automobiles and excludes the large commercial building losses resulting from the blizzard.
“This is one for the Colorado record books in terms of damage resulting from snow and ice,” says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. “However, in the bigger picture of insurance catastrophe payouts it doesn’t add up to the $100 million price tags we often see from hail storms in the state.”
RMIIA offers the following advice to speed the insurance claims settlement:
- Call your insurance agent or insurance company's 800#. Be prepared to give your agent or insurance representative a description of your damage.
- Your agent will report the loss immediately to your insurance company or to a qualified adjuster who will contact you as soon as possible to inspect the damage. Be sure to give your agent a telephone number where you can be reached.
- Take photos of the damaged areas. These will help with your claims process and will assist the adjuster in the investigation.
- Prepare a detailed inventory of all damaged or destroyed personal property. Be sure to make two copies – one for yourself and one for the adjuster. Your list should be as complete as possible, including a description of the items, dates of purchase or approximate age, cost at time of purchase and estimated replacement cost.
- Collect canceled checks, invoices, receipts or other papers that will assist the adjuster in obtaining the value of the destroyed property.
- Make whatever temporary repairs you can. Cover broken windows, damaged roofs and walls to prevent further destruction. Save receipts for supplies and materials you purchase. Your insurance company will reimburse you for reasonable expenses in making temporary repairs.
- Secure a detailed estimate for permanent repairs to your property and give it to the adjuster. The estimate should contain the proposed repairs, repair costs and replacement prices.
Colorado doesn’t generally experience large losses from winter-related storms:
- $33.6 million in insured damage resulting from heavy snow and ice on March 18-19, 2003.
- $10.5 million in insured damage resulting from heavy snow and ice on Oct. 24-26, 1997.
- $6.4 million in insured damage occurred from Sept. 20, 1995.
- $4.9 million in insured damage occurred on Dec. 22-26, 1982.
Colorado’s most costly catastrophe in state history was a $625 million hailstorm that battered the Denver-metro area on July 11, 1990.
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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.
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