June 15, 2011
By: Carrie Van Brunt-Wiley
A report says residents will likely see higher rates on Missouri home insurance in the coming years, one of the many economic effects of a spring season that was plagued with severe weather.
One tornado devastated the airport in St. Louis while another killed more than 130 people and injured hundreds more in the city of Joplin. That's not including the impact of floods from the Mississippi River, which could have cost local farms between $150 million and $450 million, reported the Associated Press.
Ultimately, Missouri's economy could continue to feel this spring's financial impact for years, particularly because the state has had to spend tens of millions of dollars to rebuild. Its budget was already in a state of disrepair before the storms, said the report.
"It's not just the loss of lives, but this is a horrible economic blow to the state of Missouri," said state House Speaker Steven Tilley told the source.
The modeling firm EQECAT said homeowners insurance claims could cost as much as $8 billion after the spring tornadoes.
AIR Modeling reports on a national basis, the severe thunderstorms that hit the U.S. between May 20 and May 27 likely cost U.S. insurance companies between $4 billion and $7 billion.
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- Thousands of St. Louis insurance claims cite recent hail damage May 22, 2012
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