The monster hailstorm that pounded Colorado’s Front Range on May 8th is on pace to be Colorado’s most expensive insured catastrophe.
The Rocky Mountain Insurance Information Association (RMIIA) is estimating the preliminary insurance losses for the hailstorm at approximately $1.4 billion. This storm would surpass the $845.5 million July 20, 2009 storm and the July 11, 1990 storm, the most expensive in adjusted costs for today’s dollars.
|200,000+ auto & homeowners' claims
More than 150,000 car insurance claims and 50,000 homeowners' insurance claims are estimated to be filed. The size of the hail caused auto damage that means many of the cars can't be driven and some people may have to wait months before their vehicle is fixed because local repair shops are "backlogged into the summer," according to local television station 9News.
Golf ball and baseball-sized hail damaged homes, cars and businesses when storms swept across the Front Range during the late afternoon and early evening hours. The largest hail pelted areas west of Denver, including Wheat Ridge, Golden and Lakewood.
“The enormous size of the hail hitting densely populated areas of the Denver-Metro during rush hour has contributed to the magnitude of damage caused by this storm,” says Carole Walker, Executive Director of the RMIIA. “Add to that Colorado’s population boom, escalating costs to repair high-tech cars and more expensive homes, the insurance price tag on our hailstorms can be expected to continue to rise.”
Here's a look at Colorado's 10 most costly storms, to date:
(Source: RMIIA)
Related: Where the hail is my estimate?
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Jayleen R. Heft
Jayleen Heft is the digital content editor for PropertyCasualty360.com. Contact her at [email protected].
