Insurance News: 1 Year Later, Colorado’s Most Costly Catastrophe

An updated damage estimate throughout Colorado is $2.3 billion dollars in insurance costs according to a recent article by RMIIA in their Media Advisory.  Looking back at the hailstorms in Colorado, as of May 8, 2017, they have skyrocketed from the initial estimate of $1.4 billion to $2.3 billion being credited with Colorado most expensive insurance claim era ever.

The Rocky Mountain Insurance Information Association is estimating the updated insurance losses for the hailstorm is based on approximately 167,000 auto insurance claims and 100,600 homeowners insurance claims.  As a result of this, initial costs for repairs rises from the initial quoted amounts, especially in an event this size.

According to the article in RMIIA, “The one-year anniversary of Colorado’s most damaging hailstorm demonstrates the magnitude of the damage that can result from a single storm,” says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association”.

This all serves as a WAKE-UP CALL for all us to consistently review our insurance coverage’s, policies, and to be financially prepared in case of a catastrophe.  With the increased number of people moving to Colorado coupled with the rising costs of living in this state, we constantly need to monitor our insurance needs.

About Karen W. Schneider
I am a Licensed Property and Casualty Insurance Agent in Colorado, license #376411. I am the Customer Service Rep and Office Manager for Denvers Insurance Agency.

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