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

Farmers Insurance, one of the state's largest providers of property and casualty insurance, has stationed a mobile command center at Piedmont First United Methodist Church, 2525 N Piedmont Road.

The 46-foot bus offers satellite-linked cellphones and laptops, water, cold and hot drinks, and emergency supplies.

Those in need of immediate assistance are welcome to supplies or use of equipment to contact family and friends, said John Lucido, state executive director for Farmers in Oklahoma.

Johns said people should not be concerned about the ability of insurers to pay claims.

“Companies reserve for these kind of major weather events and they did when the F-5 tornado hit Moore and Oklahoma City in 1999, which was a $1 billion loss for insurers and tragic loss for their customers,” he said.

Producers who lost livestock in the storms were urged to sign up for assistance through the Oklahoma Farm Service Agency's Livestock Indemnity Program.

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,...
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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.”

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