The Southwestern Insurance Information Service estimates claims from last week's tornadoes and hailstorms will cost insurers between $300 million and $500 million.
The group reports that more than 350 homes were destroyed and another 1,000 were damaged.
So far, there has been no estimate on the number of cars damaged by the tornadoes and hail.
The National Weather Service said Friday that 16 tornadoes touched down in North Texas, ranging in intensity between EF-0 and EF-3.
The Federal Emergency Management Administration is also expected to provide an estimated dollar amount for the damage from the storms.
