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Insurance News: Colorado Springs Hailstorm Unleashes $172.8 Million in Insured Damages
August 15, 2018 - Thousands of Colorado Springs area residents have spent the past week cleaning up and meeting with insurance adjusters after an August 6th storm pounded vehicles and roofs-causing wide-spread damage that pelted the area with softball-sized hail. The storm caused an estimated $172.8 million in insured losses resulting from approximately 27,000 auto and homeowners insurance claims filed so far. The damage estimates include 21,000 car insurance claims adding up to more than $126.3 million and 6,000 property insurance claims at more than $46.5 million. The estimate ranks this storm as the state's 13th most expensive hailstorm and is this season's second damaging southern Colorado storm since a June 13th Colorado Springs hailstorm caused an estimated $169 million in insured losses-the state's 14th 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 in June by widespread, damaging hail that caused an estimated $276.4 million in insured losses.
Hail, wind, fire or flood damage to vehicles is covered if you carry comprehensive insurance on your auto policy. The volume of enormous, soft-ball sized hail has left a large percentage of damaged cars undrivable or destroyed. "This second summer Colorado Springs storm unfortunately will compound longer wait times for auto body repairs," says Walker. "Add to that technology in newer vehicles that is not only more expensive to repair and replace, but it can significantly add to repair work. This means those with more minor, cosmetic vehicle damage may have to wait longer to get damage fixed."
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 #NoRoofScams and sharing anti-fraud advice, resources and messages. www.bbb.org/denver/hail
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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.