With the warm summer months ahead, it would seem as if bad weather is unlikely to damage any more buildings or vehicles for a while. Then again, there is El Nino to think about. Well, at least the snow storms are behind us. Actually, in April, Kentucky experienced a hailstorm that may lead claims processing services to continue well into the summer months.
This hailstorm was immense and caused $175 million in damage and insured losses, according to the Associated Press. Baseball-sized hail pounded on car windows and houses, and even led to thousands of residents losing power.
The financial implication of the damages the hailstorm caused only accounts for insured property. Uninsured houses and cars will likely add millions of dollars to the total cost of the Kentucky storm, as measured by the PSC unit of Verisk Analytics, a provider of risk assessment services and decision analytics.
At least 5,000 residents were without power during this storm. The damage was so severe that insurance adjusters utilized independent adjusters from out-of-state to handle the large number of claims, as reported by Rhonda Sloan, public information officer for the Kentucky Department of Insurance.
Once the storm subsided, Kentucky Farm Bureau had more than $37 million in claims by itself, with auto claims accounting for $12 million and property losses representing $25 million.
"Out of that afternoon hail storm, we're at nearly 11,000 claims," Kentucky Farm Bureau spokesman Greg Kosse told the news source.
A Chevrolet dealership in Louisville had at least 500 cars damaged, which caused independent adjusters to spend close to two weeks going through the inventory.
Other insurers looking to outsource their work in Kentucky or anywhere else may want to utilize the claims processing services of independent adjusters.