BACK TO BLOG April 26, 2017

One Year Later: Texas Hail Storm Insurance Claims Still Unresolved

On April 12, 2016, a severe hailstorm struck near San Antonio. An report from the Insurance Council of Texas estimated the damages at over $1 billion. A few weeks later, two more storms struck the Alamo City, doubling the damages to over $2 billion. A year after the storms, many of the 70,000 insurance claims filed by affected residents have gone unresolved. As homeowners wait on their claims to be processed, repairs to their homes have to be placed on hold.

Why Are So Many Claims Still Unresolved?
The massive number of simultaneous claims, combined with the expected payouts for each claim, have caused many insurers to face significant backlogs. These claims will also have a major impact on the insurer’s profit margins. Massive payouts can cause an insurance company’s stock to plummet, which can scare off investors and hurt the company even more. These insurers may be holding off on paying out claims to protect themselves, while their policy holders suffer.

Texas Insurance Claims Tops in U.S.
The Lone Star State claims the top spot for the number of insurance claims for severe weather in the U.S. In 2016, the amount of Texas storm insurance claims exceeded $4 billion. This year has also seen numerous severe weather events, including two tornadoes near Dallas, heavy rains in Houston, and a hail storm in Fort Worth. The spring and summer months often bring strong storms, with tornadoes, tropical storms, and even the occasional hurricane along the Gulf Coast.

Insurance Adjusters: Whose Side Are They On?
When a homeowner files an insurance claim, an adjuster will visit the site, examine the damage, and report back to the insurance carrier. Policy holders should understand that the adjuster works for the carrier, not for the customer. In some cases, the adjuster may write their report to favor their employer over the policy holder. This can result in the denial, delay, or underpayment of the homeowner’s claim, leaving them on the hook for thousands of dollars in necessary repairs.

Solutions to Insurance Problems
Insurance companies make their profits by collecting as much in payments as possible, while disbursing as little in claims as they can. When a homeowner has a legitimate claim that has been unfairly denied or underpaid, a Texas insurance claims lawyer can help. The expert advice you receive from a qualified Texas insurance claims attorney can guide you toward getting the compensation you deserve.

Know Your Rights in a Texas Insurance Claim Lawsuit
To find out how we can help you with a Texas insurance claims lawsuit, contact the Flowers Law Firm today at 903-965-2000. Our friendly staff will ask a few questions about your case and connect you to a Texas insurance claims lawsuit attorney.

Source: Fox 29 San Antonio

NOTE: This post is a news story and does not imply an endorsement of the Flowers Law Firm by any of the parties mentioned herein.