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Texas has had a Record number of Tornadoes - Are you really covered?

The Lone Star state recorded the highest number of tornadoes ever to touch down in a single year, prompting concerns about insurance coverage.

There were 244 twisters in Texas last year, according to a recent report from the Insurance Council of Texas. The tornadoes killed 17 people and were responsible for 16 weather catastrophes – prompting three times as many insurance claims as any other state.

“2015 was a banner year for tornadoes in the state of Texas,” said Greg Carbin, warning coordination meteorologist for the Storm Prediction Center. “While many of the tornadoes occurred in May a resurgence of dangerous weather returned in mid-November, and again in late December.

“Damaging tornadoes in the Panhandle in November were highly unlikely and the December 26 events in the Dallas area were also quite devastating and rare for that time of year.”

Yet when it comes to insurance coverage, many victims may not receive exactly what they need in order to completely rebuild.

According to a 2008 study from Marshall & Swift, a full 64% of US homes are undervalued for insurance purposes. That number only increased as home values tanked an average 33% in the late 2000s and consumers began looking for ways to save money.

The result? People may not have enough money to rebuild their homes.

In fact, the same study suggests most policies leave homeowners with enough money to rebuild just 81% of homes.

Any renters in the area may be in even more trouble. Only 43% carry renter’s insurance, according to statistics from the Insurance Research Council.

Additional help may come from a presidential declaration of disaster, in which the uninsured or underinsured could receive federal aid. However, individual payments are capped at a little more than $30,000 and the average payment is likely to be much lower.

Tornadoes and severe thunderstorms were the number one cause of insured losses from natural catastrophes in the US in 2011, though typically tornadoes rank second behind hurricanes and tropical storms.  If you have concerns regarding your coverage, call ABM Insurance & Benefit Services at 800-362-2809 or Click HERE.   We have 28 years of experience and can help you select the coverage you want / need to protect your most valuable assets.  

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