It seems that nowadays, the beginning of storm season for many Texas commercial and residential property owners has become Valentine's Week!
Last year we saw Winter Storm Uri make its mark, with widespread impacts across the United States from February 13-17th 2021 (Texas Insurance Claims Week). This event in itself produced the largest insurance claims event in Texas history! Note: Some of these insurance claims were underpaid, denied, and delayed!
This year we have seen several winter storms impact the United States already. Winter storm Miles is forecast to impact the Midwest, Great Lakes, and the Northeast later this week - producing high winds, snow, and ice. The South has also recently received a forecast for possible hail, and tornado outbreaks this week.
With this increase in extreme weather, Houston hail claim attorneys usually see an uptick in storm damage claims. This increase in claims can also correlate into some of the claims getting wrongfully denied, delayed, or underpaid. The Voss Law Firm, P.C. is here to help those policyholders who might experience this age old insurance claims tactic.
Historical Weather Data
Let's take a look at some historical weather data in the United States.The National Insurance Crime Bureau Forecast Report from April 2020, Illustrates how hail claims tend to pick up at the end of February. The report also shows how hail claims continue to increase all the way to mid June, and then start to decline. However, hail events can continue into mid fall.
According to the NCIB report of April 2020, “Texas was the top state in total hail loss claims from 2017 through 2019; with 637,977 hail loss claims. The NCIB report goes on to tell us that, “Additionally, Texas had the highest total number of claims each year with the exception of 2018 where Colorado had the highest claims.”
Facts and Statistics :
The Insurance Information Institute stated that, “Hail-related insured losses between 2000 and 2019 averaged between $8 billion to $14 billion a year, according to Aon. There were 4,611 major hail storms in 2020, according to NOAA’s Severe Storms database.”
The Insurance Information Institute also tells us that, “State Farm paid out over $3.1 billion in hail claims in 2020, according to an April 2020 analysis by the insurer. Texas was the state with the most hail claims paid for auto and home insurance with $474.6 million in losses, followed by Illinois ($394.2 million), Minnesota ($259.2 million) and Missouri ($236.9.) “
Insurance claims of damaged properties have already begun in 2022. The estimates have not yet been stated on what the economic impact to the storm affected regions will be, but it will surely be in the billions.
We have published several earlier blogs on the insurance process, specifically as it relates to storm damage with commercial and residential properties.
As reported on in earlier VLF blogs, when there is a catastrophic event of this magnitude, sometimes insurance companies will try to mitigate their losses by certain time tested tactics.
A good policyholder attorney will hold the carrier’s feet to the fire when claims arise. It is well documented that insurance carriers can sometimes implement various tactics when trying to lessen their financial exposure to claims, including: underpayment, denial, and the delay of claims. This is no surprise, given the record number of increasing weather events in the last several years (as documented in earlier VLF blogs).
This is why it is important to consult with a reputable policyholder attorney when filing a claim, and especially if your claim has been denied, delayed, or underpaid.
The Voss Law Firm, P.C. has been protecting policyholder’s rights for the past sixteen years, recovering billions of dollars in settlements for our clients.
Feel free to call, or email today for a free consultation on your file.
We are 100% contingency fee based. No recovery, no fee.
Todd Farr- Director of Client Relations.