Nearly 80% Of Derecho Claims Closed; Payouts Exceed $1.6B

 Tuesday, November 10, 2020

 KCRG

State officials released a report with preliminary insurance claim totals for Iowa from the August 10 derecho which gave some sense of the enormous extent of the damage caused by the storm.

The Iowa Insurance Division said, as of November 2, that a total of 200,597 insurance claims had been filed after the storm, totaling $1,612,459,493 in insured losses.

157,859 of those claims have been paid out, or around 78% of the total claims filed.

Insurance companies were reserving an additional $1 billion in reserves to help settle the remaining claims, officials said.

“As policyholders pursue claims under their insurance contracts, we encourage property owners to continue to work diligently with their insurance company and agent as they obtain the necessary repairs. Adjustments can take time, but we have seen other challenges, including early cold, snow, and some shortages of materials and contractors,” Doug Ommen, the Iowa insurance commissioner, said, in a statement.
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