Insurance payouts from derecho total more than $1.6 billion

Iowa News

The top of a grain storage bin damaged from the derecho earlier this month sits in the middle of a bean field near the Rod Pierce farm, Thursday, Aug. 20, 2020, near Woodward, Iowa. Pierce is among hundreds of Iowa farmers who are still puzzling over what to do next following the Aug. 10 derecho, a storm that hit several Midwestern states but was especially devastating in Iowa as it cut west to east through the state’s midsection with winds of up to 140 mph. (AP Photo/Charlie Neibergall)

DES MOINES, Iowa (AP) — The Iowa Insurance Division says its paid $1.6 billion in insurance payouts for damages caused by a rare wind storm that blew through the state in August.

The agency said Monday that insurance companies paid nearly 160,000 claims as of Nov. 2.

The companies are holding more than $1 billion more in reserves for future claims for damages from the derecho, which carried winds up to 140 mph (225 kph).

Iowa Insurance Commissioner Doug Ommen said in a news release that his office has received just over 90 complaints out of more than 200,000 insurance claims filed about derecho-related damages.

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