Overshadowed by the 2004 Atlantic hurricanes, hailstorms have exacted a hefty price from insurers in New Mexico. A recent spate of hailstorms pounding the Albuquerque area in early October are expected to cost insurers US$39.7 million, according to the Rocky Mountain Insurance Information Association (RMIIA).The storms, which came in the middle of the night on October 5, and went well into the morning, hit Albuquerque, as well as more southern communities including Socorro, Roswell, Hobbs and Belen, with hail the size of baseballs, the RMIIA reports.The almost US$40 million price tag is expected to include about 8,300 auto claims and 4,100 homeowners’ claims.”Since it has been quite awhile since New Mexico has experienced this kind of damaging hailstorm, it’s easy to forget the kind of damage that those little white stones can do in just a matter of minutes,” says Carole Walker, executive director of the RMIIA.
After Calgary’s record-breaking storm, do homeowners have proper hail coverage?
This summer’s hailstorm that caused over $2.8 billion in damage across the city of Calgary helps raise the question: do homeowners have sufficient coverage for their risk? “Most home insurance policies cover damage caused by hailstorms, however the extent of the coverage and what the policy covers can vary,” says Steven Harris, licensed insurance broker […]
By Alyssa DiSabatino | September 24, 2024
2 min read
