Image: https://www.ncei.noaa.gov/access/billions/#
A recent article from governing.com, talks about how insurance companies have begun pulling out of Florida and California, there are no clear signs of of insurance companies pulling out of Texas entirely.
So far in 2023 (as of Nov. 8) there have been 25 weather or climate disasters with losses of more than $1 billion. This is the most since 1980. This includes wind storms, hail storms, tornadoes, severe drought and heat.
The article goes on to state, “Insurers are looking for ways to mitigate risk exposure while still providing policy and coverage options in Texas…That may include reviewing underwriting guidelines, coverages offered and deductible amounts.”
As I read this, I think to help policy owners make sure to check your policies as inclusions/exclusions will be snuck in there, higher deductibles meaning the denial tactic of claim is not above deductible and changes in internal policies for under payments.
This is on top of regulator approved increases in homeowners insurance rates.
At the Voss Law Firm, we strive to help you get back to normal as fast as possible after an insurance denial or “lowball” offer. If you feel you have been unfairly treated by your insurance company, please call (888) 296-1986, input your information for a Free Claim Review, or chat with us today.
