Many Colorado residents spent this past weekend meeting with their insurance adjusters, getting estimates on new roofs and hail-battered cars. In fact, last week’s two days worth of hail and severe weather will be Colorado’s most expensive storm in nearly a decade.
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. 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 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 (which reportedly 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.
* $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.
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