The Iowa Insurance Division reported this week it’s paid $1.6 billion in insurance payouts for damage caused the Derecho storm that raged across the state in August. Iowa Corn Grower’s Association President Carl Jardon who lives in the southwest corner of the state says many of his fellow corn producers were severely impacted by the Derecho and so this payout is very much needed.
He says the Derecho event is a clear example of how critical risk management and having a solid crop insurance program means for producers.
Jardon says besides the crop insurance, having other types of insurance also became very important given the devastation caused by the Derecho.
The Iowa insurance companies had already paid nearly 160,000 claims by November 2. Iowa’s Insurance Commissioner Doug Ommen says his office has received just over 90 complaints out of more that 200,000 insurance claims filed for Derecho related damages.
