Hurricane Irene has devastated many areas of the US and its estimated that at least 18 people have died as the storm moved from the Caribbean all the way up to New England. The article “Hurricane Irene’s Damage, State by State” by Drew Armstrong on Bloomberg.com states that about $3 billion in damages have occurred and power was out in over 6 million homes and businesses throughout the east coast.
State Farm Mutual Automobile Insurance Company is the largest US home and auto insurance company in the nation and they’ve reported about 1600 homeowners insurance claims and about 500 auto insurance claims in just North Carolina and Virgina. The number of claims will surely increase over the coming weeks. State Farm received reports of siding and roofs blown off of houses and much destruction from the falling of trees. There have even been claims for loss of food since the power outages have made food in refrigerators spoil quickly.
In the New York area, where the storm had weakened, claims are standing at about 360 homeowners’ claims and 60 auto insurance claims, but this is only after a few days. People are still getting settled and assessing damage before calling their insurance company. Storms such as Irene can cause slight increases in auto insurance quotes to account for all of the claims, but this generally happens over time. Insurers across the nation are working hard to fulfill claims as efficiently as they can to ensure costs do not soar. Sometimes, when there are heavy claims filed, insurers are quick to give out money to save time. Hopefully insurance companies were prepared enough for this storm that it will not happen this way across the board.
Written by Sara Smart
Follow me on Twitter: http://twitter.com/#!/SaraSmart55