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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
MOTHER NATURE'S WILD RIDE LEAVES A PATH OF DESTRUCTION IN COLORADO —AND ADDS UP TO A COSTLY WEEK FOR INSURANCE CLAIMS.
August 13, 2004 – After a week of watching the skies and bracing for yet another round of severe weather, the insurance industry estimates the hailstorms that battered communities from the Northeastern Plains down through Southern Colorado have so far resulted in more than 20,961 claims totaling $62.6 million in insured damage to cars and homes. This estimate is a tally from the storms that hit August 9, 10 and 11 and includes 11,708 auto claims and an additional 9,253 homeowner claims. This is an early estimate that may change as more of the claims the property/casualty industry expects continue to come in .
With three-to-four inch hail being reported in concentrated areas that spanned from Pueblo to Fort Collins , insurance companies have been fanning out their catastrophe teams and have opened drive up claims centers to help with the settlement process. “Mother Nature took us on a wild ride this week in Colorado ,” says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. “In some ways, we have actually been lucky that these storms didn't do a greater amount of damage. The areas that were hammered got hit hard, while other more densely populated, urban areas were spared from damaging hail.”
This has been Colorado 's most costly hail season in nearly a decade, and this latest round of storms is the third insured disaster that the industry has tracked in 2004 as a “catastrophic” event. Those storms alone totaled nearly $240 million in insured losses. Of course, this doesn't account for smaller hailstorms throughout the summer that have also resulted in claims being filed.
- $146.5 million in insured damage occurred on June 8-9, 2004 (Southwest Denver, Lakewood , Golden).
- $62.6 million in insured damage occurred on August 9-11, 2004 (From Northeastern Plains to Southern Colorado ).
- $28.2 million in insured damage occurred on July 9, 2004 ( Colorado Springs).
- Colorado 's most costly hailstorm: $625 million in insured damage on July 11, 1990.
The Rocky Mountain Insurance Information Association has this advice for affected homeowners filing claims for damage. Hail damage is covered under your auto policy if you have comprehensive coverage. Damage from hail, wind and tornadoes are covered under a standard homeowners policy.
- Be prepared to give your agent or insurance representative a description of any damage. Your agent will report the loss immediately to your insurance company or a qualified adjuster.
- 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.
- 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 company will reimburse you for reasonable expenses in making temporary repairs.
- Secure a detailed estimate for permanent repairs to your home from a reliable contractor and give it to the adjuster. The estimate should contain the proposed repairs, repair costs and replacement prices.
- Serious losses will be given priority. If your home has been destroyed or seriously damaged, your agent will do everything possible to assure that you are given priority.
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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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