Tornadoes caused an average of $2.5M in damages per storm across the US

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Tornadoes caused an average of $2.5M in damages per storm across the US

Thu, 04/01/2021 - 12:52pm -- tim

Vermont Business Magazine April kicks off what is typically the three most active months of the year for tornadoes in the United States, and tornado territory extends well beyond the Great Plains, as recent outbreaks have made clear. A rare twister touched down in Addison County March 26. Only the second tornado ever recorded in Vermont in the month of March. The state is near the bottom of those region's hit by the storms.

But where did Tornadoes cause the biggest financial devastation over the past decade? According to a new report from ValuePenguin.com by LendingTree, Tornadoes resulted in $2.5 million in property damage per storm from 2010 through 2020, but FEMA's records show that just two states received nearly 50% of the agency's disaster relief funds during this period, with unlikely Massachusetts leading the way. Here are the key findings from this report:

  • Tornadoes caused more than $2.5 million in property damage per storm and resulted in nearly 1,000 fatalities. From 2010 to 2020, a total of 5,710 tornadoes spawned across every state but Alaska. Combined, tornadoes destroyed more than $14.1 billion in property and crops across the 48 states that had damages
  • Tornadoes in Alabama, Texas, Mississippi and Illinois dealt out more than $1 billion in damages. These states saw 1,167 storms from 2010 to 2020 — one-fifth of the country's total. Notably, while Ohio, Tennessee, Georgia and North Carolina had fewer storms, the economic devastation from each twister was steeper. While an average of 149 tornadoes touched down in these states from 2010 to 2020, they caused an average of nearly $696.4 million in damage.
  • There were only 16 disaster declarations that led to federally backed disaster relief from FEMA from 2010-2020, despite there being a total of 5,710 tornadoes in that time periodSince 2010, FEMA has allocated $359,768,106 in public assistance to states that have been hit by strong tornadoes — or $22,485,507 per disaster that required federal assistance.
  • Surprisingly, the state that most depended on FEMA funds was not in Tornado Alley. A severe outbreak in 2011 resulted in Massachusetts receiving more than $100 million in FEMA money — 28% of the total amount that the agency dedicated to after-storm responses from 2010-2020. Oklahoma, which ranked 2nd, received 21% of the public assistance funding in the same period.

According to Andrew Hurst, Insurance Data analyst at ValuePenguin.com, "While FEMA does provide funds after disasters to help Americans recover from the devastation, homeowners should not depend on FEMA funding as their back-up plan. The agency only made 16 declarations for twisters in the past ten years — while there were more than 5,000 recorded tornadoes in the same time period." Andrew adds, "If you are preparing for the upcoming Tornado season, double-check your home insurance coverage - and make sure your insurance will allow you to recover completely after a storm. While most homeowners can be assured that their rates won't rise precipitously after a tornado, if you aren't adequately insured, you may face hundreds of thousands of dollars of damage you may need to pay out of pocket."

To view the full report, visit: https://www.valuepenguin.com/damage-caused-by-tornadoes

ValuePenguin.com collected Tornado data from the National Oceanic and Atmospheric Administration's (NOAA) National Centers for Environmental Information, and data on the states that received federal funds after a tornado from OpenFEMA. ValuePenguin analysts also looked at insurer filings over the past decade to understand how tornadoes impacted homeowners insurance premiums in affected states.

The Most Tornado-Prone States in America

State

Storms

Total Damages

Deaths

Texas

513

$1,680,406,750

35

Kansas

290

$592,861,900

4

Florida

261

$103,238,400

3

Illinois

247

$1,417,129,000

23

Oklahoma

216

$188,914,500

69

Missouri

216

$674,986,150

174

Louisiana

215

$470,875,700

16

Mississippi

211

$1,465,197,100

94

Minnesota

208

$212,086,500

5

Colorado

205

$2,753,000

0

Iowa

204

$407,948,300

4

Nebraska

202

$105,584,000

2

Alabama

196

$1,901,707,700

284

Arkansas

173

$916,164,000

40

Georgia

162

$661,254,000

42

North Carolina

157

$617,775,500

29

Indiana

151

$99,061,500

14

Pennsylvania

146

$42,081,500

0

Kentucky

144

$202,820,000

23

Ohio

139

$780,965,500

12

Wisconsin

139

$171,458,700

2

Tennessee

136

$725,434,000

70

North Dakota

131

$32,666,000

2

South Dakota

120

$28,119,500

1

South Carolina

110

$137,254,500

12

Michigan

86

$111,818,500

1

Virginia

81

$125,735,000

11

Wyoming

73

$954,000

0

New York

70

$57,570,000

6

California

70

$26,084,600

0

New Mexico

69

$5,977,500

0

Montana

52

$33,056,500

2

Maryland

52

$7,732,500

2

Arizona

37

$2,675,000

0

Idaho

25

$37,500

0

West Virginia

24

$5,644,000

1

Connecticut

21

$9,772,000

0

Washington

21

$1,900,000

0

New Jersey

20

$592,000

0

Maine

20

$2,000

0

Oregon

19

$2,784,700

0

Massachusetts

18

$243,463,300

3

Nevada

15

$2,000

0

New Hampshire

13

$5,000

0

Utah

11

$2,335,000

0

Delaware

9

$450,000

0

Vermont

5

$70,000

0

Rhode Island

3

$1,055,000

0

Hawaii

3

$0

0

District of Columbia

1

$0

0

Alaska

0

$0

0

About ValuePenguin.com:. ValuePenguin.com and its parent company, LendingTree®, have a common mission: to empower consumers with tools, information, and resources to help them make smarter, more informed financial decisions. For more information, please visit www.valuepenguin.com, like our Facebook page or follow us on Twitter @ValuePenguin.

Additional Information: https://www.valuepenguin.com/health-insurance

SOURCE: NEW YORK, April 1, 2021 /PRNewswire/ -- ValuePenguin.com 4.1.2021