La.: Insured Storm Damages At $16M
NU Online News Service, July 11, 12:00 p.m. EDT?Robert Wooley, the insurance commissioner for Louisiana, disclosed this week that Tropical Storm Bill, which came ashore on June 30, caused some $16 million in insured damages in his state.
This $16 million figure, which also includes federal flood insurance claims, is still a preliminary estimate and will likely increase incrementally in the days ahead, he noted.
Calling the insured damages from Tropical Storm Bill "minimal," Commissioner Wooley added that, "Damage estimates will likely increase slightly, but I don't believe Bill caused much more damage than what we're reporting now."
He also explained that the bulk of the claims filed are for flooded vehicles and falling debris, like tree limbs, on homes and businesses.
According to the Louisiana Department of Insurance estimates, some 2,250 homeowners claims have been filed, with losses in this area totaling more than $7.2 million.
Further, more than 1,150 private passenger auto claims were filed, totaling some $4 million; nearly 1,000 commercial insurance claims were filed, totaling around $4 million; and there were 255 federal flood claims, of around $800,000 in total.
Commissioner Wooley also advised those affected by Tropical Storm Bill to carefully read all correspondence from their insurers, noting that "some insurance companies will actually raise your deductible and you may not realize it."
He explained that while an insurer cannot raise deductible in the middle of a policy period, it can upon renewal.
"The insurance company is required by law to send their customers notice when raising deductibles, so it's really important to review all documentation you receive from your insurance company," Commissioner Wooley said.
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