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Near-record snowfall and prolonged extreme cold throughout many parts of the United States have resulted in insured losses from winter storms of more than $1.5 billion thus far, according to the Insurance Information Institute (the “III”).

The estimated $1.5 billion figure covers events occurring between January 1 and February 21, 2014 with more than 175,000 claims paid to policyholders, according to PCS, a division of Verisk Analytics. The III explained that insured losses include roof collapses, downed tree limbs and power lines, burst pipes from freezing, and auto accidents.

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