Loss estimates from the widespread tornado, high wind and hail storm activity in the Dallas-Arlington-Fort Worth area on April 3 are approaching $300 million, said one insurance industry spokesperson.
That number is expected to increase as adjusters continue to reach affected areas, said Southwestern Insurance Information Service President Sandra Helin. Losses could climb into the $500 million range.
“We are basing these estimates on aggregate homeowner and automobile claims reported thus far from our insurance company members,” Helin said.
Insurance adjuster access to some devastated areas is still limited, but Helin says as of April 6 it was estimated that at least 350 homes were destroyed and up to a thousand homes were damaged.
“We want to remind folks that insurance adjustors still don’t have access to certain areas of the DFW area that were affected by the tornadoes and storms,” Helin told Insurance Journal.
“We cannot pinpoint the number of auto claims at this time, as insurance adjustors are responding to so many of them around-the-clock since this disaster struck,” Helin added. “But it could be safe to say that auto claim numbers could triple the number of structural claims in the DFW area.”
Early storm reports indicated that at least 12 tornadoes hit the area. No fatalities were reported, according to the Insurance Council of Texas, but the Texas Department of Insurance said an estimated 20 people were injured in the storms.
The cities of Kennedale, Arlington, Lancaster, southeast Dallas, Joshua, Forney, Desoto, Mesquite, Royce City and Greenville were hit by tornadoes, the ICT said. Tennis ball size hail and larger struck the cities of Euless, Coppell, Heath and Irving causing extensive damage to vehicles, homes and businesses.
Texas Gov. Rick Perry has issued a disaster declaration for Dallas, Tarrant and Kaufman counties, which incurred widespread damage from multiple tornadoes that ripped through the area. In announcement, Perry reminded homeowners in impacted areas of important new consumer protections signed into law last year to prevent dishonest contractors from taking advantage of families trying to repair their homes.
House Bill 1711 outlaws the practice of dishonest contractors demanding full or partial payment before beginning work on a home damaged in a storm following a disaster declaration.
Topics Trends Texas Profit Loss Windstorm
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