As the South and Midwest continue to clean up and search for those still missing from the tornadoes and storms that devastated those regions, the states are beginning to assess their insured losses. The results are staggering.
With many city blocks in some areas entirely wiped out it's still early to estimate insured losses in Mississippi. But according to Insurance News Net Commissioner of Insurance Mike Chaney said the numbers could be as highas $80 million. Chaney said tat one major carrier, which has about 25% of the market in Mississippi, said it's estimates show that losses could run $25 million in claims.
Georgia homeowners took a huge hit from the tornado devastation as well. Georgia Insurance Commissioner Ralph T. Hudgens in a statement put damage in Georgia from the April 27 storm at about $75 million in insured losses, including insured damage to cars, homes and businesses.
However, that number in Georgia is expected to climb, said Greg Hawkins, director of consumer services for the Georgia Office of Insurance and Safety Fire Commissioner. A fukk review has not yet occurred due to inclement weather. "$75 million is an initial early estimate. But we expect that to grow as time develops, according to Hawkins."
In Mississippi, Chaney placed a 60-day moratorium on the cancellation/nonrenewal of certain policies. Chaney explained that to qualify for the moratorium policyholders "must reside within the declared disaster area as declared by the governor, and the moratorium applies to commercial property, homeowners, dwelling fire and commercial, and personal automobile policies."
Hudgens also took a proactive consumer-firendly step to foster leniency in premium payment for those affectd by the tornados. Hudgens signed a directive asking insurers to exercise leniency with policyholders in certain areas of the state whose premium payments are late because of disrupted mail service and loss of property.
