The U.S. has been hit by an unusual number of severe thunderstorms this summer. For example, on Aug. 11, a hailstorm tore through Billings, Montana, shattering windows and punching holes in roofs. This sort of damage can cost hundreds or even thousands of dollars to repair, forcing many homeowners to file an insurance claim to recover their losses. Fortunately, there…
It was a beautiful, sunny day, but you noticed that clouds were starting to form. Just a few hours later, the sky was dark and the winds were picking up. Hail fell, heavy winds tore through the neighborhood and your properties were left damaged. Fortunately, they were still standing. As a property manager, you know how quickly a storm can…
Texas leads the nation in hail damage insurance claims, according to an analysis released by the National Insurance Crime Bureau (NICB). The analysis looked at claims data from Jan. 1, 2016 through Dec. 31, 2018. According to the analysis, there were almost 2.9 million hail loss claims filed within the study period. Of those, 811,000 were filed by property owners…
Insurance claims can create financial burdens for homeowner association who have to pay often-substantial deductibles under their master insurance policies. While every insurance policy is different, many HOA insurance policies now have separate deductibles for wind and hail claims that can be as much as 1%, 2%, or even 5% of the total insured value of the property. For example,…
What happens when your property’s exterior is partially damaged by a covered event, but the original roofing or siding materials are no longer manufactured? Mismatched repairs can have a huge impact on the value of your home, but is your insurance company obligated to match the repair materials to the existing materials? While the law in Colorado is not fully…
Colorado homeowners may be concerned about their insurance premiums, especially as hailstorms are causing even more damage throughout the state. In 2018, Colorado suffered the greatest hail losses across the country. This devastation exceeded Texas, which is the state with the second-largest amount of hail damage according to a report from the State Farm insurance company. The Rocky Mountain Insurance…
Natural disasters in the United States result in billions of dollars in property damage. However, not many people take the necessary precautions. Almost 90% of insurance agents think that less than half of their clients have a comprehensive hurricane preparedness plan in place. A majority believe that less than half of their clients comply with orders to evaluate when a…
A vicious storm tore through the south metro early this morning July 18, 2019, with high winds and large hail (1″-2+”) in some parts of Burnsville, Prior Lake and Savage. After a storm rolls through, cleanup and repairs begin, and many don’t know where to start. is a Minnesota based national first-party insurance law firm with a demonstrated track record…
One of the most cost-effective tools for resolving disputed claims with insurance companies is the insurance “appraisal” process. Appraisal is an alternative dispute resolution mechanism in most Colorado insurance policies. It is designed to resolve claims outside of court, and consists of an appraisal panel reviewing and resolving a disputed claim amount. The appraisal panel is made up of one…
Adjusted for inflation, losses caused by hail damage totaled $19 billion in 2008. In a typical year previously, losses caused by hail damage would have been $8 billion to $12 billion. The trend of increased damage continued for the next decade, but no one is sure what is to blame. However, one possible explanation is that people are moving farther…
