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More than $745 million paid in insurance claims to Missouri residentsPosted On Thu, August 18, 2011
Following one of the deadliest tornadoes in American history, residents of Joplin, Missouri, have already received more than $745 million in insurance payouts. The claims submitted after the EF-5 tornado struck the area on May 22, 2011, were made for residential, commercial and personal property damaged.
The state's Department of Insurance has said that the money, while widely spread out among many areas, has mostly gone towards homeowners and commercial property claims, according to the Insurance Journal.
"The insurance industry’s role in Joplin’s recovery continues to be commendable, paying claims toward what will be the largest insurance event in Missouri history," John M. Huff, director of the Department of Insurance, told the news source. "$745 million in eight weeks is a significant reinvestment into the local economy."
It is unclear if insurance rates will rise following the deadly event, but individuals in the area can certainly look into getting new auto insurance quotes or health insurance rates at any time.
Experts believe that the total insurance payouts will reach close to $2 billion when all is said and done, possibly forcing smaller companies to raise their insurance rates.
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