snow stats

1/10/2017 (Permalink)

snow

The insurance industry estimates the Blizzard of March 2003 was the most expensive winter storm from snow and ice damage in New jersey history. The estimated price tag was at least $93.3 million from more than 28,000 claims filed ($119.7 million in 2014 dollars). Most of the larger carriers activated their emergency catastrophe teams who specialize in handling disaster claims. This estimate is for damage to homes and automobiles and excludes the large commercial building losses resulting from the blizzard.

The lion's share of the damage was the result of wet, heavy snow causing collapses to roofs, porches, awnings, carports and outbuildings. There was also significant damage from downed trees and limbs, along with claims for wind, snow melt leakage, food spoilage and out-of-pocket living expenses for people forced out of their home due to storm damage. Most of the vehicle damage was due to being crushed rather than weather-related accidents.

"One of the biggest factors that has impacted the high insurance price tag of this storm is the rising cost to fix and rebuild homes in this current building market," says Carole Walker, Executive Director of the Rocky Mountain Insurance Information Association. "The average cost per homeowner insurance claim is more than $3,500 and many homes were completely destroyed due to roof collapses and structural damage."