Low Insured Loss From Indiana Rain Seen
By Mark E. Ruquet
NU Online News Service, July 16, 1:49 p.m. EDT?Rainstorms that swept through Indiana, causing floods in much of the state and taking four lives, may not result in a high level of insurance claims, according to an agent's association head.
On July 11, President Bush declared 25 counties in central and northern Indiana disaster areas. The number was later increased to 34.
State officials said it was too early to give any damage estimates from the storm that dumped 5 to 6 inches of rain on the state from July 3 to 9. There was one estimate from the Indiana State Emergency Management Agency that 3,500 homes were affected by flooding.
Roger Ronk, executive vice president of the Independent Insurance Agents of Indiana, said that while counties in the north and central parts of the state were hardest hit by flooding, the southern part of the state's farm land could soon suffer losses as flood waters move downstream.
However, in terms of insurance losses, the storm caused minimal damage, he said. Less than 10 percent of those with flood insurance were estimated to have been affected by flooding, he said, and only between 12 to 15 percent of the state's residents have flood insurance. Other insurance losses from covered exposures, such as wind or rain, were minimal, he added.
Insurers could see claims on the commercial side under their business interruption coverage, but otherwise "it was not that bad," Mr. Ronk said.
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