One of the types of claims property insurance companies sometimes receive from policyholders are claims related to wind or tornado damage. How common are such property insurance claims in Louisiana? Some recent data from a major insurance company provides some insight into this.
The data regards the number of paid wind/tornado claims the company had in 2015 in each state.
Louisiana did have quite a bit fewer paid claims than the state that led the nation: Texas. Louisiana’s wind/tornado paid claim total was less than a third of the total Texas had.
However, Louisiana still topped a great deal of other states. Specifically, Louisiana was found to have the 11th highest paid claim total among states.
These statistics indicate that Louisiana is on the higher side when it comes to wind and tornado damage claims. Do you think Louisiana will see a similar trend in 2016?
When it comes to wind/tornado claims, there are many different issues that can be important, including:
- What things were in a home/building at the time of the damaging winds or tornado.
- How much in damage the winds or tornado caused.
- What kinds of coverage the property owner’s property insurance policy contains.
- What coverage limits are in the policy.
These issues can be center points in both insurance company decisions on whether or not to approve wind/tornado damage claims made by policyholders and disputes with policyholders over denials of wind/tornado claims. Thus, having solid evidence on these issues can be very important for a property insurance company.
Source: Shreveport Times, “Louisiana ranks 11th in paid wind claims,” March 1, 2016