Insured property damage estimated more than $500 million
The opening of federal aid assistance centers in the area last week should mean a clearer picture of how many tornado survivors had coverage and how many did not. Experts say the number of uninsured with home damage will be high and recovery from the damage could take years.
"We will likely be helping with repairs for not just in the next few months, but over the next few years," said
Claims from the
The data comes from the first in what will be a series of surveys of insurance claims. By late summer or fall there will be a more accurate picture, since tornado damage claims are complex and take time, said
"It wouldn't surprise me to see the insured loss end up somewhere in the
Now that a federal disaster is declared, residents facing tornado damage are encouraged to apply with the
The
Those loans can be used for a variety of tornado-related costs, including paying off debt on an uninsured car, said
"I lost everything. My apartment, my car," said Brown. She said looters stole items from her apartment after the tornado as well. "I'm still liable for the car."
Given how many people were uninsured and hit by the tornado, Miozzi said
"Our hope is that we can serve as many families as possible, to help them get their lives back together," Miozzi said.
He said they still need to identify which families will be helped by insurance and which will need other help.
A preliminary damage assessment that was part of the state's request for
"We'll have a better look down the road," said
The uninsured loss from the tornado is much harder to estimate than insured losses, according to Woods. He said the general rule of thumb is that uninsured damages are about 10 percent of the insured value of damages.
"So at at the current at the current number of
Wood said there will likely be the highest concentration of uninsured losses in
"These homes have been passed down through generations and don't have a mortgage so they are no longer required to have insurance," Wood said. "I talked to quite a few people in those areas who didn't have insurance."
"Maybe some of them felt bad calling in damage those first couple of days when they saw other people's damage," Baker said.
With insurance claims, Baker said one of the challenges is that there are contractors knocking on doors trying to sign people up for repairs, such as roofing, and he said it's important to get needed approvals from your insurance agent first and to research the quality of a contractor.
"The thing we're really struggling with is warning people not to just pick a random company that comes up to your house," Baker said.
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