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Carole Walker, RMIIA

Insurance News: Colorado Hailstorm on Pace to be Most Expensive in State History

From: The Rocky Mountain Insurance Information Association

Contact: Carole Walker, Executive Director, RMIIA | O: (303) 790-0216 / C: (303) 601-8437

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May 22, 2017 – With more than 150,000 car insurance claims and 50,000 homeowners insurance claims estimated to be filed—the monster hailstorm that pounded Colorado’s Front Range on May 8th is on pace to be Colorado’s most expensive insured catastrophe. The Rocky Mountain Insurance Information Association is estimating the preliminary insurance losses for the hailstorm at approximately $1.4 billion. This storm would surpass the $845.5 million July 20, 2009 storm and the July 11, 1990 storm, the most expensive in adjusted costs for today’s dollars. Golf ball and baseball-sized hail damaged homes, cars and businesses when storms swept across the Front Range during the late afternoon and early evening hours. The largest hail pelted areas west of Denver, including Wheat Ridge, Golden and Lakewood.

“The enormous size of the hail hitting densely populated areas of the Denver-Metro during rush hour has contributed to the magnitude of damage caused by this storm,” says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. “Add to that Colorado’s population boom, escalating costs to repair high-tech cars and more expensive homes, the insurance price tag on our hailstorms can be expected to continue to rise.” This industry estimate is preliminary and based on the majority of the Colorado insurance company market share reporting available data

 

Contact your insurance agent or company representative immediately to report damage resulting from the storm. Link to insurance company claim contacts

 

CHECK OUT the HAIL PREPAREDNESS TOOLKIT - eZine!

 

How to file an auto claim: Hail, wind, fire or flood damage to vehicles is covered if you carry comprehensive insurance on your auto policy.

 

How to file a property claim: Homeowners insurance covers damage from hail, fire and wind. Property damage resulting from rising water is covered by a separate flood insurance policy. Flood insurance must be purchased 30 days in advance of a flood and with increased flood threat talk to your insurance professional about coverage!

 

Date Location Cost When Occurred
(Millions)
2016 Dollars
(Millions)
*
May 8, 2017 Denver Metro $1.4 Billion NA
July 20, 2009 Denver Metro $767.6 $845.5
July 11, 1990 Denver Metro $625.0 $1.1 Billion
June 6-15, 2009 Denver Metro $353.3 $389.2
July 28, 2016 Colorado Springs $352.8 $352.8
June 6-7, 2012 CO Front Range $321.1 $330.5
June 13-14, 1984 Denver Metro $276.7 $629.3
July 29, 2009 Pueblo $232.8 $256.5
October 1, 1994 Denver Metro $225.0 $358.8
September 29, 2014 Denver Metro $213.3 $213.4

 

 

Selecting a Reputable Contractor & No Roof Scams Campaign:

Unfortunately, these storms can bring out the worst in people, especially unscrupulous roofing contractors who scam consumers needing to repair or replace their hail-damaged roofs. These fraudsters will often make false promises, insist on full payment upfront before work is completed, and sometimes even create damage where none occurred.

 

RMIIA is part of a group of nonprofit, government, and business organizations working together to fight roofing contractor fraud in Colorado with a public education campaign called No Roof Scams. The campaign’s goal is to sound an alarm during severe weather season about the spike in roofing fraud and arm Colorado homeowners with information to protect themselves against being victimized by roofing scams. Help us spread the word by using #NoRoofScams and sharing anti-fraud advice, resources and messages.

 

Organizations participating in the No Roof Scams campaign include:

 

 No Roof Scams Resource Link: https://www.bbb.org/denver/hail/

 

Log on to www.rmiia.org for more information.

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