Advertisement

Insurance claims paid from derecho top $1.6 billion in Iowa, 78% paid out so far

A century old barn was destroyed in Cedar County by the Iowa Derecho.
A century old barn was destroyed in Cedar County by the Iowa Derecho.(KWQC)
Published: Nov. 9, 2020 at 4:48 PM CST
Email This Link
Share on Pinterest
Share on LinkedIn

CEDAR RAPIDS, Iowa (KCRG) - State officials released a report with preliminary insurance claim totals for Iowa from the August 10 derecho which gave some sense of the enormous extent of the damage caused by the storm.

The Iowa Insurance Division said, as of November 2, that a total of 200,597 insurance claims had been filed after the storm, totaling $1,612,459,493 in insured losses. 157,859 of those claims have been paid out, or around 78% of the total claims filed.

Insurance companies were reserving an additional $1 billion in reserves to help settle the remaining claims, officials said.

“As policyholders pursue claims under their insurance contracts, we encourage property owners to continue to work diligently with their insurance company and agent as they obtain the necessary repairs. Adjustments can take time, but we have seen other challenges, including early cold, snow, and some shortages of materials and contractors,” Doug Ommen, the Iowa insurance commissioner, said, in a statement. “If a consumer believes the insurance company is providing less than what is promised in their insurance contract, they can file a complaint with us at the Iowa Insurance Division. We will review the contract and claim details.”

Only around 90 complaints have been filed with state officials so far, Ommen said. Complaints can be filed using the Iowa Insurance Division’s website.

The category with the largest number of claims filed so far came from homeowners, with 103,884 total claims and $876.8 million paid out. Farm-related claims, including property and crop losses, totaled 51,946 claims for $262.5 million so far.

A total of 18,902 claims were made for private vehicles, with around $71.3 million in losses paid out through early November.

Copyright 2020 KCRG. All rights reserved.