7951 E. Maplewood Avenue, Suite 110
Greenwood Village, Colorado 80111
Serving Colorado, New Mexico, Utah & Wyoming
Carole Walker, Executive Director
303-790-0216 or toll free 800-355-9524
Colorado Fall Hailstorm Carries $213.3 Million Insurance Price Tag
October 13, 2014 – Mother Nature wrapped up Colorado's traditional hail season with a September 29 storm that pounded thousands of vehicles and roofs—causing wide-spread damage and street flooding and pelted the south metro area with golf ball-sized hail. The storm caused an estimated $213.3 million in insured losses resulting from 43,584 auto and homeowners insurance claims filed so far. The damage estimates include 29,297 car insurance claims adding up to more than $87.2 million and 14,287 property insurance claims at more than $126 million. The estimate puts this storm in the top ten as the state's 8th most expensive hailstorm.
"Many people were caught off guard by such a violent afternoon storm occurring in late September," says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. "Yet it's another reminder that Mother Nature can leave her destructive calling card at any time, so we need to be financially prepared for the unexpected—check your insurance to know what it covers, what it doesn't and how much protection you have when you need it the most."
Hail, wind, fire or flood damage to vehicles is covered if you carry comprehensive insurance on your auto policy.
How to file an auto claim:
Homeowners insurance covers damage from hail, fire and wind. Property damage resulting from rising water is covered by a separate flood insurance policy.
How to file a property claim:
Insurance company claim contact information:
Colorado's Most Costly Storms
With the exception of the May 22, 2008, Windsor tornado and the hailstorm that hit Pueblo on July 29, 2009, Colorado's ten most costly hailstorms were centered in the Denver Metro area (the largest concentration of property in the state).
||Cost When Occurred
|July 20, 2009
|July 11, 1990
|June 6-15, 2009
|June 6-7, 2012
||CO Front Range
|June 13-14, 1984
|July 29, 2009
|October 1, 1994
|September 29, 2014
|May 22, 2008
|July 13, 2011
||CO Front Range
*2013 estimated cost calculations based on the Consumer Price Index.
RMIIA recommends that you take these preventative steps:
SELECT IMPACT-RESISTANT ROOFING
- Your roof is the most vulnerable part of your home, so when building a new home or replacing your roof consider using impact-resistant roofing products. Most insurance companies either surcharge or only offer a percentage deductible for wood shake or non impact-resistant roofs. When hail destroys roof coverings, it can lead to water damage to your ceilings, walls, floors, appliances and personal possessions.
DO AN ANNUAL INSURANCE CHECK-UP
- Homeowners need to do annual insurance policy "check-ups" to make sure they keep up with local building costs and have adjusted their coverage to include home remodeling and additions.
- If you don't have replacement coverage, consider spending a few extra dollars for coverage that pays for the cost of replacing the damaged property without deduction for depreciation. Ask about endorsements for sewer back-up and building code upgrades.
KNOW WHAT IS & ISN'T COVERED
- The typical homeowners insurance policy covers damage resulting from fire, wind, hail, water damage (excluding flooding), riots and explosion as well as other causes of loss, such as theft and the extra cost of living elsewhere while the structure is being repaired or rebuilt.
- Hail and flood damage to your car is covered only if you have purchased optional comprehensive insurance on your auto policy.
- The standard policy does not cover flooding, so you may want to look into flood insurance coverage if you're concerned that you're at risk for rising floodwaters.
CREATE A HOME INVENTORY
- Make a home inventory that includes lists, pictures or a videotape of the contents of your home or apartment. Having an up-to-date home inventory will help get your insurance claim settled faster, verify losses for your income tax return and help you purchase the correct amount of insurance.
- It's easy to get overwhelmed, but RMIIA has free software that you can download to help simplify the process! You can even add digital photos and scan in receipts, along with your room-by-room online inventory. Free home inventory software or a sample home inventory: http://www.rmiia.org/Homeowners/Walking_Through_Your_Policy/Home_Inventory.asp
For more consumer information on insurance topics, logon to www.rmiia.org.
Rocky Mountain Insurance Information Association is a non-profit consumer information organization. Affiliated with the Insurance Information Institute, RMIIA has been serving consumers and the media since 1952.