Texas leads the nation in hail damage insurance claims, according to an analysis released by the National Insurance Crime Bureau (NICB). The analysis looked at claims data from Jan. 1, 2016 through Dec. 31, 2018.
Colorado homeowners may be concerned about their insurance premiums, especially as hailstorms are causing even more damage throughout the state. In 2018, Colorado suffered the greatest hail losses across the country.
Natural disasters in the United States result in billions of dollars in property damage. However, not many people take the necessary precautions.
Adjusted for inflation, losses caused by hail damage totaled $19 billion in 2008. In a typical year previously, losses caused by hail damage would have been $8 billion to $12 billion. The trend of increased damage continued for the next decade, but no one is sure what is to blame. However, one possible explanation is that people are moving farther from cities, which means that hail damage can occur in a larger area.
According to insurance experts, 2019 is shaping up to be the worst year on record for hail damage in the United States. As of mid-April, there have already been 664 hailstorms reported, which is more than were reported in all of 2018. In addition, April, May and June are typically when most hailstorms occur, so this year's total will almost certainly increase.
As summer rapidly approaches, we tend to think about shorts, barbeques and warm weather finally coming after a dreadful winter. However, a significant part of summer is the massive storms that happen all season long.
After a storm, damage to a home or building may not be evident right away. In May 2018, a hailstorm struck York County in Pennsylvania, and many buildings sustained damage. While the owners of these buildings may have insurance coverage, there is a deadline by which they must file an insurance claim. Generally speaking, the deadline is one year from the event that caused the damage to occur.
Colorado homeowners are facing serious damages as a result of hailstorms throughout the state. However, when they file a claim with their homeowners' insurance policies for the storm damage, they are facing delays, denials and lowered estimates that could hinder their opportunity to recover from the damage caused by the hail. In the past decade, homeowners and businesspeople in the state have sustained over $3 billion in insured damages due to hail alone.
When a storm hits in Colorado or other states, it is possible that it could cause damage to a person's home. However, there is no guarantee that an insurance policy will cover the cost of repairing that damage. In some cases, an insurance policy will damage caps or other limits that may leave a homeowner paying for some repairs out of his or her own pocket. For instance, if a tree falls in a yard, the homeowner is generally responsible for having it removed.
Anytime a large storm hits, you hear about the hail damage. But how much does that damage cost Americans each year?