The Missouri Department of Insurance is alerting Joplin residents to the one-year deadline associated with incomplete insurance claims related to the May 22 tornado.
Approximately 95 percent of the homeowner and auto claims associated with the tornado have been settled, according to Travis Ford, spokesman for the department.
Policyholders have filed nearly 19,523 insurance claims. Insurance companies have paid nearly $1.5 billion in homeowners, auto and commercial property claims related to the tornado. Department officials expect that number to approach $2 billion by the time all claims are settled.
Many homeowners’ insurance policies contain 12-month deadlines for consumers to receive full compensation for their damaged property. If paperwork is submitted after the deadline, it could result in a lower claim payment.
Ford said consumers should check with their insurance agent or company — or check their policy — to find out what deadlines they face. The insurance term often used for full reimbursement is “replacement value.” After the deadline, consumers might only receive “actual cash value,” which subtracts depreciation from the value of destroyed property.
John M. Huff, director of the department, said some policies have six-month deadlines, but the department directed insurance companies last November to extend those deadlines to at least one year.
“In many cases, consumers are paid the full value for destroyed property after they pay to repair or replace it and turn in receipts to their insurance company,” said Huff, in a prepared statement. “After all they’ve been through, we want Joplin residents to receive full reimbursement for their expenses related to tornado recovery.”
Ford said there are several possible explanations for claims not having been settled. He said some consumers may still be compiling a list of personal property lost in the storm, such as furniture, electronics and clothing.
In other instances, businesses could have multiple types of insurance: Property coverage, as well as “business interruption” insurance, which helps business owners stay solvent while they are unable to do business and generate revenue. This can result in debate over the revenues and profits that would have been expected during the business outage.
Another issue that could delay the completion of a claim is disagreement over the scope of damage in that contractors, insurance companies and appraisers may disagree over how badly a property was damaged.
Hot line
Consumers with questions or complaints can call the Department of Insurance Consumer hot line at 1-800-726-7390 or contact the department online at insurance.mo.gov.
May 2011 Joplin tornado
Insurance deadline approaches for victims of Joplin tornado
- May 2011 Joplin tornado
-
-
Federal, state leaders salute Joplin’s recovery
A deadly May twister may have punched a hole in Joplin and Duquesne two years ago, but the resolve to repair it will help other communities stand strong when they face similar disasters. That was the message of state and national diginitaries to a crowd of about 2,500 who observed the second anniversary of Joplin’s devastating May 22, 2011, storm during a ceremony Wednesday in Cunningham Park.
-
SLIDESHOW: One year later, One day of unity, updated
Photos from a day of events commemorating the May 22, 2011 tornado anniversary
-
Banner from Joplin to be sent to Moore residents
A giant vinyl banner adorned with heartfelt messages from Joplin tornado survivors to the residents of Moore, Okla., became a centerpiece of Wednesday’s observance of the two-year anniversary of the May 22, 2011, tornado.
-
Rick Rescorla award named for hero of Vietnam War, 9-11 terror attacks
The Rick Rescorla National Award for Resilience is named for a 62-year-old vice president of security for Morgan Stanley Dean Witter & Co. who directed an evacuation of the company’s 2,700-person workforce in the South Tower of the World Trade Center on Sept. 11, 2011.
-
Community gearing up for two-year anniversary ceremony this afternoon
With the playground full of children, it could be any other day at Joplin’s Cunningham Park, but the white tents popping up and neat rows of white chairs lined up nearby indicate something more is happening today.
-
Farmers Insurance teams up with Rebuild Joplin
Farmers Insurance announced Tuesday that the company will team up with Rebuild Joplin for an initiative to help the community complete its recovery efforts. The company already has placed one of its executives in Joplin, and it is pledging additional funds and volunteer hours by company workers to go toward the city’s recovery.
-
Joplin man continues struggle to recover two years after tornado
As the Joplin tornado passed overhead, sweeping the house at 2430 S. Pennsylvania Ave. away in its wake, there was a moment of calm. Delbert Mcguirk was on his back in the basement, where he had sought shelter along with his wife, daughter and two grandchildren. In that moment of relative quiet, he stared up into the eye of the tornado.
-
Storms cause damage throughout the Four States
Four-State Area residents hunkered down twice Monday to ride out tornadoes and powerful spring storms, then went to work cleaning up. The worst damage from Monday night’s storm was being reported in Ottawa County, Okla., near Wyandotte. That followed a report of an EF-1 tornado early Monday morning near Carthage.
-
Two plead guilty to post-tornado wire theft
Two defendants pleaded guilty Monday to stealing copper wire from utility poles in the wake of the May 22, 2011, tornado that struck Joplin. Timothy M. Silveria, 45, of Joplin, and Nycoa K. Kracht, 32, of Laurel, Ind., entered open pleas of guilty in Jasper County Circuit Court to felony counts of theft from a public utility.
-
FACES OF RECOVERY: 176,869 volunteers help put Joplin together again
They initially came in droves, pouring into Joplin by the thousands during the months following the May 2011 tornado to clear debris, clean up damaged homes and businesses and distribute donations of food, water, clothing and other necessities.
- More May 2011 Joplin tornado Headlines
-
