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Insurance companies paid $408B in past 20 years for disasters

Posted On Thu, February 23, 2012

A recent report from the Insurance information Institute showed that insurance companies have paid consumers approximately $408 billion from 1990 to 2011 due to disasters.

Natural disasters are a staple in the United States, but 2011 was an especially bad year for Americans, as tornadoes affected the south dramatically, according to the report. In April 2011, Alabama witnessed multiple tornadoes during a storm, while Joplin, Missouri, witnessed a devastating tornado. Each incident cost approximately $2 billion in damages.

"I am confident the residents of Tuscaloosa, Alabama and Joplin, Missouri, as well as other disaster-stricken communities, are glad their insurers had the resources last year to meet their financial commitments," said Dr. Robert Hartwig, an economist and president of the III.

Consumers who are in areas that witness natural disasters on a regular basis may want to ensure their home insurance plan is up to date. Disaster insurance is not typically included with standard insurance plans, so consumers may want to keep that in mind when comparing home insurance quotes online.

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