2020 worst tornado year in almost a decade
Tornadoes in
2020 claimed 73 lives as of April 24, according to this article citing NOAA’s Storm Prediction Center.
The tornadoes have all occurred in eight southern states, with Tennessee and
Mississippi having the most. This is the deadliest year for tornadoes in the
U.S. since 2011.
Forecasters had
predicted that above-average temperatures in the
Gulf of Mexico would lead to severe storms across the Deep South and Southeast,
with the risk expanding into the Southern Plains and increasing dramatically
before swallowing traditional “Tornado Alley” across the central United States
by May.
According to Aon Benfield, the United States has recorded five
billion-dollar economic loss events resulting from severe convective storms (which
include tornadoes) so far in 2020. Insured losses from a March 27-30 outbreak are
estimated at $1 billion.
Tornado preparedness
Watch this
video for tornado
safety tips.
Insurance
considerations
While COVID-19
is causing changes in some business practices, the nation’s insurers are open
and helping customers who sustained tornado-related damage. Property damage
caused by tornadoes is covered under standard homeowners, renters, and business
insurance policies, and under the optional comprehensive portion of an auto
insurance policy.
The Triple-I
has these recommendations when property damage occurs for renters, home and
auto owners:
- Contact
your insurance professional and start the claims filing process. - Take
photos of any damage. A photographic record is useful when making an insurance
claim. - Make
temporary repairs to prevent further loss from rain, wind or looting; these
costs are reimbursable under most policies, so save the receipts. - Compile
a detailed list of all damaged or destroyed personal property. Do not throw out damaged property until you
meet with an insurance adjuster. If you have a home inventory, it will make the
claims-filing process easier. - Hold
off on signing repair contracts. Do your due diligence, deal with reputable
contractors, and get references. Be sure of payment terms and consult your
insurance adjuster before signing any contracts. - Check
to see if you’re eligible for additional living expenses (ALE). Standard
homeowners and renters insurance policies pay for the extra charges (e.g.,
temporary housing, restaurant meals) you incur over and above your customary
living expenses if your home is uninhabitable because of an insured loss. Save
all related receipts and, if you have vacated your home, make sure your insurer
knows how to contact you.
Small
Business Owners should
follow the same advice as above when it comes to filing a property damage
claim.
If your
business is forced to close temporarily or relocate because of direct physical
damage to its premises, file either a business income (also known as business
interruption) or extra expense claim, if you carry these coverages.
Tornado
forecasting and reporting
An upcoming Triple-I paper – Severe convective storms: Evolving risks call for innovation to reduce costs, drive resilience, scheduled to be published May 7 – discusses how improved reporting and forecasting and an apparent shifts in “Tornado Alley” affect the ability of businesses, communities, and insurers to mitigate tornado risks and prepare for resilience.
Original Article Posted at : https://www.iii.org/insuranceindustryblog/2020-worst-tornado-year-in-almost-a-decade/?utm_source=rss&utm_medium=rss&utm_campaign=2020-worst-tornado-year-in-almost-a-decade