The horrific EF-5 tornado that touched down in Joplin, Missouri just over a year ago has cost insurance companies about $2.16 billion in tornado insurance claims, which accounts for approximately 31 percent of the $6.9 billion in nationwide insurance claims that the severe weather events during the week of May 20 and May 27, 2011 caused. In fact, a total of 180 tornadoes swept through certain southern and central states within that time frame.
Breakdown of the Joplin Claim Payouts
- $1.39 billion (64 percent or two-thirds) of the claim payouts went to commercial policyholders for business insurance claims.
- $675 million (31 percent) of the claim payouts went to policyholders for homeowner’s insurance claims.
- $100 million (5 percent) of the claim payouts went to auto insurance policyholders.
Although insurance companies are announcing the payouts they have made to policyholders and seem to be proud of their role in helping Missouri communities and homeowners recover financially from the devastation that took place, some homeowners weren’t so fortunate.
No matter how the insurance companies spin it, not every homeowner or business owner received assistance or was offered a fair claim payout for their Joplin tornado damage. Even though tornados rated at an EF-5 level have the intensity and wind strength to bring down a house, insurance companies seem to always look at ways they can get out of paying what the residential insurance claim should be worth.
When Your Claim is Denied or Underpaid
If you were denied your residential insurance claim by your insurer or you were underpaid or offered a low amount, you can dispute it. When something like this occurs, you should talk with a skilled Texas insurance claim lawyer to find out how to appeal and get the best possible recovery for your property damage claim.
For a free consultation, and to find out more about your rights and what your claim may be worth, call the Voss Law Firm today at 888-614-7730. Also be sure to request your free copy of our book Disputes With Your Insurance Company – What All Consumers Need to Know.