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Insurance News: Fountain's Early Morning Storm Carries $169 Million Insurance Price Tag
June 22, 2018 - Thousands of Fountain and Colorado Springs area residents have spent the past week cleaning up and meeting with insurance adjusters after an unusual early morning June 13th storm pounded vehicles and roofs-causing wide-spread damage that pelted the area with golf and baseball-sized hail. The storm caused an estimated
$169 million in insured losses resulting from
26,000 auto and homeowners insurance claims filed so far. The damage estimates include
17,351 car insurance claims adding up to more than
$104 million and
8,648 property insurance claims at more than $
65 million. The estimate ranks this storm as the state's
twelfth most expensive hailstorm and is the most damaging Southern Colorado storm since a July 2016 Colorado Springs hailstorm caused an estimated $366.8 million in insured losses (*2018 dollars)-the state's 6th most expensive hailstorm.
"This is yet another reminder from Mother Nature of why Colorado is ranked #2 in the Nation for hail insurance claims," says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. "The size and amount of hail that battered Colorado Springs is unfortunately part of a pattern of catastrophic events the state has been experiencing during the past several years, 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." Northern Colorado and the Denver-Metro area was hit by widespread, damaging hail earlier this week.
Homeowners insurance covers damage from hail, fire and wind. Property damage resulting from rising water is covered by a separate flood insurance policy.
No Roof Scams Campaign: A group of nonprofit, government and business organizations are working together to fight roofing contractor fraud in Colorado with a new 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
For more consumer information on insurance topics, logon to
www.rmiia.org.
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About RMIIA
Rocky Mountain Insurance Information Association is a non-profit consumer information organization that represents property & casualty insurers in Colorado, New Mexico, Utah and Wyoming. RMIIA has been serving consumers and the media since 1952.
