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Tornados: A whirlwind of damage and costs

In 2013, 237 tornadoes have thus far been recorded in the United States, as noted by the Storm Prediction Center. Recently, weather networks across the country have been following tornado systems in Texas and other places. This is because May is typically the most active month for tornadoes in the U.S. According to Yahoo! Finance, the average count is over 250 tornadoes during this period.

When tornadoes hit, they are capable of producing winds faster than 200 mph. The forces of such storms destroy homes, businesses and much more. Unfortunately, the economic expenses associated with a storm are equally hefty.

Due to extensive data and decades of research, there is a lot of information about hurricanes, which has allowed insurers to make relatively accurate predictions about the impact of these storms. Unfortunately, the same is not true for tornadoes. According to the President and CEO of the Insurance Institute for Business & Home Safety, the risk assessment for tornadoes is just beginning.

Generally, Texas has the biggest number of documented tornadoes each year. How much do these tornados cost? One number, which is documented on the Insurance Information Institute website, puts the cost of tornado-related property insurance claims in the past two decades at a whopping $130 billion. Wind, hail and flooding costs came to approximately $14.8 billion in property damage during this same period.

However, it is important to note that most of these numbers derive from insurance claims. Therefore, the stats do not include the numbers that are beyond the reimbursed amounts from insurance matters. Therefore, little is said on the overall costs of these storms, which is probably much higher.

Recent sources suggest that the insured losses that occur from tornadoes are growing. However, scholars note that this might be an indicator of modern living trends (for example, where people are living in current times and the cost of living in such places). So, the actual storms may not be getting worse. Nevertheless, the amount of damage - emotionally, physically, financially - is increasingly devastating.

If your home, business or property has been overturned by a tornado, it may take time before you can get back on your feet. Nevertheless, policyholders have a right to a timely review of their claim and a timely payment on their policy. You should not have to deal with the tragic aftermath on your own - especially if you are entitled to recovery. To help expedite the restoration of your life, you may benefit from speaking with a qualified insurance law attorney in your area.

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