After Winter Storm Uri ripped through the Southern U.S., it left hundreds of thousands of insurance claims in its wake. Total insurance losses across New Mexico, Texas, Oklahoma, Louisiana, Mississippi, and Arkansas are expected to total around $18 billion.
Homes and businesses across the area suffered property losses due to freezing pipes and plumbing issues. However, many businesses also lost revenue because of power outages and extreme weather closings. Over 100,000 homes and businesses went without power in Louisiana, another 61,800 lost power in Mississippi, and over 12,000 in Arkansas, as well as about that many in both Alabama and Oklahoma. Unless business owners had policies including losses associated with power outages and extreme weather, they may not be able to claim those losses.
You can find a great explanation for your clients on what will be covered and what won’t in this article HERE.