Tornado Insurance Claims Could Top $2 Billion
BLITZER: The state insurance commissioner here in Oklahoma says claims from Monday's devastating tornado could top $2 billion. The storm damaged or destroyed an estimated 12,000 homes in Moore and Oklahoma City. Now, people without homes have to worry about filing insurance claims so they can start rebuilding. Let's bring in our own Alison Kosik. She's been doing some research on what's going on. Alison, will the insured residents be fully covered for the cost of the rebuilding?</s>ALISON KOSIK, CNN BUSINESS CORRESPONDENT: OK, Wolf. So what we found out was that it really would be one of these case-by-case basis kinds of things. But what analysts are telling us is that, overall, for people who had their homes destroyed or damaged in this tornado, that they should be fully covered by their standard homeowners insurance. Now, the fact that tornadoes fall under regular coverage, that is really the big deal here because damage let's say from other natural disasters like hurricanes, remember the Sandy victims, they require additional coverage. So, you know, these tornado victims should really be covered, we're hearing from our analysts, should be fully covered. Now, these insurance claims are already piling up. 4,000 have already been filed so far. Of course, Oklahoma's expecting that number to rise -- Wolf?</s>BLITZER: And what do people need to know about specifically filing those insurance claims? Because it could be complicated.</s>KOSIK: Yeah, it really can. I mean, for one, the most important thing that people can do is kind of an obvious thing. They need to document the damage. Take pictures, make a list of things that are missing or damaged. And if you don't have pictures of those things to prove you own those items, believe it or not, credit card statements could work too. A lot of those are electronic that you may have gotten through your e-mail. Also, keep records of storm-related expenses, meaning if you've got bills from meals or hotels, or if you make repairs on your house you want to keep those bills as well because you can be reimbursed for those things. Also, file your insurance claim as quickly as possible. Most policies require that claims have to be filed within six months. Now, one negative here to be aware of, reimbursement for items are likely -- for the items that you have now, they're going to be valued at what they are right now. So, let's say, clothing or furniture, they're likely worth less now than when you originally bought them for, so you're really only going to get the actual value. Don't be surprised about that -- Wolf?</s>BLITZER: Alison, good information. Thank you. This important note for our viewers. This weekend, you can get an up- close look at the storm chasers who risked their lives to get incredible footage of the tornado that hit here in Moore, Oklahoma. You can watch "Storm Hunters in the Path of Disaster," an Anderson Cooper special report. It airs Saturday night, 7:00 p.m. eastern. We'll be right back.