July 07, 2011
By: Bruce Berry
Just over 7,000 claims for home insurance have been submitted - with another 1,000 expected - in the weeks since an EF-5 tornado struck Joplin, Missouri.
That storm was the deadliest of this year's devastating tornado season, killing more than 150 people and leaving many more wounded. The Missouri Department of Insurance reported Missouri homeowners insurance companies have so far paid out $311 million on 7,004 insurance claims, though that total is expected to reach 8,005. The department added nearly 6,000 private auto insurance claims were reported, totaling $34 million, while claims for commercial property and auto insurance combined topped $159 million.
In total, insurance companies paid out $509 million in claims, said the report.
"This will be the largest insurance event in Missouri history, and these numbers confirm that the insurance industry is playing a vital role in Joplin's recovery," said John Huff, director of the Department of Insurance. "This is half a billion dollars already reinvested into the local economy, and we expect it to be three to four times that amount by the time all claims are settled."
Governor Jay Nixon recently implemented an executive order designed to protect Jasper and Newton county residents, prohibiting home and commercial insurance companies from cancelling or not renewing policies through July 31.
Related Home Insurance Articles:
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- Safety officials call attention to home sprinkler system regulations May 24, 2012
- Thousands of St. Louis insurance claims cite recent hail damage May 22, 2012
- Tropical Storm Alberto changes course away from Carolinas May 21, 2012
- California tops the nation in dog bite claims May 17, 2012
