Near-record snowfall and prolonged extreme cold throughout much of the U.S. have caused more than $1.5 billion in insured losses so far this year, according to the Insurance Information Institute.
The $1.5 billion figure covers events from Jan. 1 through Feb. 21, and only includes two of the four winter storms so far in 2014.
Over 175,000 claims have been paid to policyholders so far, according to PCS, a division of Verisk Analytics. Insured losses include roof collapses, downed tree limbs and power lines, burst pipes from freezing and auto accidents, says I.I.I. Companies have also sustained business interruption and supply-chain losses due to severe travel and transportation delays and closings.
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