Oklahoma tornadoes: ‘Tens of millions of dollars' in insured losses from tornadoes

An insurance industry spokesman estimates insured losses will be in the “tens of millions of dollars,” although final estimates won't be available for a while.
by Don Mecoy Modified: May 25, 2011 at 10:39 pm •  Published: May 25, 2011

Tuesday's tornadoes caused “tens of millions of dollars” in insured losses across Oklahoma, but the losses could be much higher, an insurance industry spokesman said Wednesday.

More exact estimates won't be available for some time because adjusters are having some difficulty reaching all the areas that were hit by the tornado outbreak, said Jerry Johns, president of Southwestern Insurance Information Services.

“Preliminary estimated insured losses from the tornadoes and high winds in Oklahoma are going to initially be in the tens of millions of dollars, but those numbers could be several hundred million dollars when all is said and done,” Johns said.

Wind damage claims often are slow to be reported because many homeowners may not yet be aware of roof damage, he said.

“We stress these are probably just the first wave of claims to be filed and that number could go much higher,” he said.

State Insurance Commissioner John Doak on Wednesday declared an emergency, which allows emergency insurance adjusters to receive temporary licensing to work claims related to Tuesday's storms.

“A number of individual Oklahomans and businesses will need the assistance of their insurers to recover from damage caused by Tuesday's storms,” Doak said. “This order will help expedite that process.”

Johns said other recent tornadoes have limited the personnel insurers can bring to Oklahoma.

“Companies are going to be spread thin with the event in Missouri and the southeastern U.S., but they prepare for these types of events and will have specially trained units on the site as soon as it is safe to enter,” he said. “The best advice for storm victims is to make minor repairs when it is safe to do so and call their insurance agent or company immediately.”

| |

by Don Mecoy
Business Editor
Business Editor Don Mecoy has covered business news for more than a decade after earlier working on The Oklahoman's city, state and metro news desks, including a stint as city editor. He has won state and regional journalism awards for business,...
+ show more

Advertisement


Related Articles

Also ...

WHAT TO DO AFTER A STORM

• Call your insurance Agent or your company's toll-free claim filing telephone number to report property damage.

• Make minor repairs to damaged property to prevent further damage or looting. Save receipts. Do not make major repairs until an adjuster has the opportunity to inspect the property.

• Photographs or video documentation of damaged property is helpful but not required.

• Do not dispose of damaged personal property until an adjuster has had the opportunity to look at it.

• If flooding has occurred, disconnect all electronic equipment and electrical appliances and move them to a dry place.

• Try and move damaged household items to a dry area.

• If damage is extensive, be certain your property is identified with your address. Place a plywood sign with your address and the name of your insurance company in front of the property.

• If you're unable to stay at the site, leave a number where you can be reached.

• Carefully select a contractor to complete repairs on your property, once a final settlement has been made by your insurance company. Ask the contractor for references and verify those references. Be cautious of a contractor who demands full payment for the work upfront.

SOURCE: Southwestern Insurance Information Service

Online

To see a video about insurers arriving in Piedmont area, go to NewsOK.com and search “insurance.”

Trending Now



AROUND THE WEB

  1. 1
    Barresi opposes bill to cut state testing in social studies
  2. 2
    Oklahoma basketball: Guard Je'lon Hornbeak to transfer
  3. 3
    Man re-arrested in Pakistan for cannibalism
  4. 4
    Report: Joe Buck, Greg Norman to lead Fox Sports' golf coverage in 2015
  5. 5
    Opinion: What if the government guaranteed you an income?
+ show more