Friday’s Post 12/9/11 – Minnesota Auto/Home Insurance Companies were forced to pay out nearly $65 million in claims this year. The claims already filled are about 80% percent of what is expected. The department of insurance has announced that about 1000 claims totaling to $8.7 are still underway and will be paid in the near future. These claims have not been finalized yet. The twister hit Minneapolis in May.  The National Oceanic and Atmosphere Administration put the death toll at 177.

As of October, a total of 4,530 claims had been filled by residents of Minnesota. This information was released by the insurance department after they collected data from over 40 insurance companies. The State Department has also engaged in gathering data from various insurance firms in order to ascertain the magnitude of damages and how much insurers have paid. The department further reported that the highest number of damages had been received from home owner policies which were about 3,600 totaling to a payout of over $50 million. Auto claims on private vehicles settled so far are about 500 translating to $2 million in form of payouts. The State Insurance Commissioner told the residents to contact his office in case they encountered any problems in the claims process. His Department is doing everything possible to ensure that the policy holders are compensated in the shortest time possible. The State Department and all the officials have the best interests of the residents at heart, they understand the fact many homes have been destroyed and it is their responsibility to ensure that all the affected parties are sorted promptly. They have embarked on tracking information so as to access how much in form of claims is still pending.

-Mike

Michael E. Dortch
President &  Managing Agent
InsureDirect.com
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania  19446
(800) 807-0762  ext. 602