Based on the number of claims filed so far, the insurance industry estimates that the June 8-9 hailstorms that pummeled areas from Lakewood to Golden will result in nearly 48,000 claims totaling $146.5 million in insured damage, according to the Rocky Mountain Insurance Information Association. This estimate includes 27,393 auto claims and an additional 20,483 homeowner claims. This is an early estimate that may change as more of the claims the property/casualty industry expects continue to come in.
Many Colorado residents spent the weekend meeting with their insurance adjusters, getting estimates on new roofs and hail-battered cars. In fact, the two days worth of hail and severe weather will be Colorado’s most expensive storm in nearly a decade.
Many companies have brought in national catastrophe teams and have set up drive-up claims centers to help speed up the settlement process.
“Insurance companies are dedicating the extra resources needed to handle the onslaught of claims that continue to pour in on a daily basis,” said Carole Walker, executive director of the Rocky Mountain Insurance Information Association. “So, while people may need to be a little patient, insurance companies plan and train for just these types of catastrophic events.”
This hailstorm will now rank as Colorado’s 4th most expensive insured disaster. All of Colorado’s most costly hailstorms occurred in the Denver-metro area, 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.
$146.5 million in insured damage occurred on June 8-9, 2004.
$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.
The Rocky Mountain Insurance Information Association has this advice for affected homeowners filing claims for damage:
Keep in mind that hail and flood damage is covered under your auto policy, if you have comprehensive coverage. However, flooding is excluded under a standard homeowners policy. You need to have purchased separate flood insurance that is available through the federal government. 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.
Was this article valuable?
Here are more articles you may enjoy.