With still a few weeks of winter to go, insured losses from severe weather are estimated at $1.5 billion, and that covers only two of the four storms in 2014 so far, according to the Insurance information institute. This compares to the $2 billion for storm losses in all of 2013.
Insured losses from winter storms include roof collapses, downed tree limbs and power lines, burst pipes from freezing and auto claims. Businesses also suffered from closings and interruption, as well as transportation delays. In all, over 175,000 claims have been paid to policyholders during those first 2 storms.
While most of these claims usually occur in the northeast or mountainous regions of the U.S., the severe cold this winter has also affected millions of homes and businesses in the south, many of whom were unprepared for such extreme conditions.
Severe winter weather, including snow, sleet, freezing rain, extreme cold and ice damage, is the third costliest natural disaster, behind hurricanes and tornadoes.
On a good note, Baseball’s Spring Training is already underway, with the Red Sox set to defend their World Championship title beginning March 31st in Baltimore.