Hurricane Matthew Storm Damage Insurance Claims Could Affect Texas Homeowners
The devastation that Hurricane Matthew left across Florida, Georgia, and the Carolinas could also affect homeowners in Texas. The anticipated amount of storm damage insurance claims by residents of those states affected by the hurricane could leave many Texas homeowners either uncovered or with minimal coverage. The high number of storm damage insurance claims could also force insurers to raise their premium rates for windstorm damage policies, even for policy holders outside of the affected areas.
Storm Damage Insurance Claims Could Exceed $7.5B
A report for the Consumer Federation of America stated that more than 100,000 homeowners are expected to file storm damage insurance claims due to Hurricane Matthew. The amount of these claims is expected to exceed $7.5 billion. According to CoreLogic, a real estate research firm, as much as $4.5 billion of those storm damage insurance claims are expected to come from residential claims, with up to 90 percent of those claims stemming from wind damage.
How Storm Damage Insurance Claims Affect Texas
Although the Texas coast was not affected by the Category 3 storm, authorities believe that the extensive storm damage insurance claims could affect the levels of coverage that Texas homeowners can expect to receive in the future. Texas State Representative Dade Phelan (R-Beaumont) told a Beaumont television station that the effects of Hurricane Matthew could leave area homeowners with both fewer options and higher premiums for windstorm insurance.
Future for Texas Storm Damage Insurance Claims?
Most homeowners in coastal areas of Texas are required to purchase windstorm insurance. Only four carriers in the state provide such insurance. One such carrier, United Property and Casualty (UPC), expects to receive numerous storm damage insurance claims from Florida residents affected by Hurricane Matthew. If the number of claims from Florida overwhelms UPC, the company may stop offering storm damage insurance in Texas.
Sources: KBMT-TV, CBS Marketwatch
Storm Damage Insurance Claims Could Lead to Lawsuits
The massive number of storm damage insurance claims could also influence insurance carriers to find ways to either underpay legitimate claims or deny them outright. When insurance companies take such actions on honest storm damage insurance claims, the policy holders may consider filing legal action against those carriers. An experienced attorney can help homeowners who have been denied or underpaid on their storm damage insurance claims.
Know Your Rights in a Storm Damage Insurance Claim Lawsuit
To find out how we can help you with a storm damage insurance claim 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 storm damage insurance claim lawsuit attorney.
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.