Wind damage from hurricanes can be incredibly devastating to the home and business owners affected by the storm. When Hurricane Harvey hit the Texas coast in 2017, it brought wind gusts of nearly 132 mph along with it, causing massive amounts of wind damage. Recently, after a board of directors vote, the Texas Windstorm Insurance Association (TWIA) made the decision to asses member insurance companies $90 million based on losses from the 2017 hurricane.
Coastal homes and businesses are celebrating after TWIA board members made the decision to assess member insurance companies $90 million based on losses from Hurricane Harvey. In addition to this decision, TWIA also voted to defer any further consideration of action with regard to TWIA insurance rates on residential and commercial policies until August 2020.
This is the second time the TWIA board has put an increase vote on its agenda but subsequently voted it down after being faced with strong local opposition. During the quarterly session in August of this year, the meeting room was packed with local residents and business owners speaking out against rate increases.
The board initially voted against a rate increase, but then directed the actuarial committee to work with staff to develop a request for proposals seeking outside help in reviewing the current rate analysis. The request is for an independent actuarial firm not based in Texas to review TWIA’s rate analysis and use of hurricane modeling to determine rate adequacy. TWIA rates for residential customers are currently 41 percent inadequate and commercial rates are 50 percent inadequate. The analysis from the independent firm should be completed in time for the August 2020 meeting.
Hurricane Wind Damage
In the aftermath of Hurricane Harvey, many property owners are still trying to rebuild and get their quality of life back. For those who sustained wind damage and additional damage such as interior leaks, rebuilding can turn into a lengthy and ongoing process.
Many business and property owners will find their insurance companies are less than honest about fully and completely investigating and paying out on valid claims. This leaves policyholders dealing with delays and unanswered questions from adjusters only to have an excessive depreciation amount applied to their claim in order to minimize payouts. Insurance companies often use delay tactics to pressure a policyholder into accepting a lower offer for the sake of “moving on;” however, many property owners are entitled to full coverage under their policies.
Houston Hurricane Insurance Claim Attorney
Many Texans are still dealing with the damage left behind after Hurricane Harvey, as insurance companies failed to offer adequate assistance and were not fully honest about their claims. The attorneys at Raizner Law are leaders in insurance coverage litigation and have successfully handled property insurance claims for many years. Contact us today to schedule a free consultation to discuss your hurricane insurance claim and how we can help you move forward.