TX Winter Storms Damage Might Mirror the Cost of Hurricane Harvey
For almost an entire week, Texas sat frozen and devasted without water and power to hundreds of thousands of homes throughout the state. Outside of dealing with record freezing temperatures and life without electricity and water, pipes busted and homes flooded in the thick of the storms, while motor vehicle accidents on Texas roads were so severe they made national news.
Thank you to CBS Evening News for the YouTube coverage of the devastating pile-up caused by icy roads in Texas.
Experts seem to think that the estimated cost of the Texas winter storm damage we encountered last week will likely rival that of Hurricane Harvey.
In a riveting report provided by Austin American Statesman, authors Bob Sechler and Lori Hawkins offer, " Insurance industry executives say they anticipate the price tag for recovery could approach that of Hurricane Harvey in 2017 — which resulted in $19 billion in insured losses in Texas, primarily along the Gulf Coast, and is considered the costliest storm in the state's history.
A final financial estimate of the destruction of our Texas winter storms is still being tallied but considering most of Texas was impacted and claims continue to come in, experts offer that, the ultimate amount of insured damages statewide will rival Harvey's price tag. Whether from accidents on the roads, the damage from plumbing issues, the damage from not having electricity nor running water insurance agents are bracing for "hundreds of thousands of claims."
Here is a Youtube video from WFAA 8 depicting some of the damage caused by the Texas Winter Storms.
The Dallas Morning News quoted Camille Garcia, Communications Director with the Insurance Council of Texas, a trade group for the state’s home, auto, renters, and business insurance agents, offering “Texas is used to storms and hurricanes, but those are regional. We are talking about an event that reached every part of Texas.”
Garcia further offers, “This is probably going to be the single-largest claim count for any one event."
Software that helps calculate catastrophic damage claims, developed by Karen Clark & Co, is helping insurance agencies to predict the loss.
According to the data prediction, insurers will likely see at least $18 billion dollars worth of loss.
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