Shuman Roy is an entrepreneur, business owner, and musician. He started RoysNoys, LLC in 2013 as a music production and education service company. He also offers small business consulting and advisory services to help businesses get from start-up mode to turn-key operations. Shuman earned his M.B.A from the Stern School of Business in 2001 and has an undergraduate degree from Manhattan College in ...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He has an MBA from the University of South Florida. Joel...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jul 19, 2021

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State Farm said it received more than 10,000 insurance claims related to the storms that spanned across Texas to North Carolina last week, according to a press release from insurance ratings company A.M. Best.

The insurer, which is the largest homeowners insurance company in North Carolina by market share, said it received 2,300 homeowners’ claims, with 300 of the homes considered “uninhabitable.”

Another 1,250 auto insurance claims were reported, per company spokeswoman Kim Conyers.

In Texas, State Farm received more than 2,200 homeowners insurance claims and nearly 1,800 auto claims, attributed to hail and wind damage, according to spokesman Jeff McCollum.

State Farm has deployed insurance adjusters in Alabama, Arkansas, Oklahoma, Mississippi, and Virginia to handle the claims.

Nationwide Insurance, the second largest insurer in the state, received 1,657 homeowners’ claims and more than 1,000 auto claims, per spokeswoman Elizabeth Giannetti.

And the North Carolina Farm Bureau Insurance Group, which is the state’s third-largest homeowners’ insurer, said it received roughly 3,300 claims with insured losses approaching $25 million.

It expects that number to double or triple when all is said and done.

So what does it all mean?

Well, the good news is that those who were properly insured will actually get something back for paying all those insurance premiums over the years, less any deductible.

And with insurance adjusters being deployed to the areas of crisis, claims should be handled relatively quickly.

Unfortunately, anytime there are natural disasters or catastrophes, insurance companies incur major costs.

And those who take big enough hits as a result of the surge of claims may argue for rate increases in the future if they can convince state regulators to do so.  Keep an eye open for that.

(photo: joanna8555)