Damage from three wildfires that recently ravaged Colorado could cost insurers a record setting $50 million, according to the Associated Press.
Preliminary estimates revealed that State Farm anticipates a payout of $24.7 million in claims from the Hayman, Missionary Ridge and Coal Seam fires, while Farmers, Allstate, American Family, and USAA Group expect to add another $24 million.
A State Farm spokesperson said that even though the figures appear to be substantial, they pale in comparison to the damage that could be caused by a serious Colorado hailstorm.
A 1990 hailstorm resulted in a payout of $629 million.
The estimated fire loss is said to be more than double Colorado’s previous record for insured fires losses, which amounted to $18,5 million form 2000’s Hi Meadow and Bobcat fires.
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