Texas insurance companies may soon see drop in lawsuits

dallas texas insurance companies

A new bill in the state House would discourage homeowners from suing as a result of certain claims. Texas insurance companies could soon find themselves facing fewer lawsuits relating to claims involving weather damage. The Texas House passed a bill discouraging homeowners insurance policyholders from filing lawsuits against their insurers in regard to claims involving flood, hurricane or hail damage, for example. At the moment, Texas insurance code provisions include a penalty for failing to follow-through with claims payments. This means that Texas insurance companies risk having to pay more…

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Texas hailstorms highlight the importance of homeowners insurance

homeowners insurance hail damage storm

Hailstorms batter Northern Texas, showing consumers the need for insurance coverage Northern Texas was recently the victim of a major hailstorm, which has highlighted the need for comprehensive homeowners insurance coverage. In the Dallas area, insurers experienced a flood of claims, which were the result of a hailstorm that passed through the region. As with all natural disasters, the hailstorm struck without warning, causing significant damage to property and vehicles in some parts of the region. Some homeowners have been experiencing hail damage for weeks due to unfavorable weather patterns.…

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Homeowners insurance premiums may grow in Texas due to natural disasters

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2015 has been filled with natural disasters, placing pressure on Texas insurers This has been a troublesome year for many homeowners in the United States when it comes to natural disasters. In Texas, powerful storms have left many homeowners with damaged properties and the storms may have a significant impact on homeowners insurance overall. Insurers are expected to experience financial losses due to the high number of claims that have received as a result of the storms in Texas and this may lead to higher insurance premiums in 2016. Hail…

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Homeowners insurance rates in Texas are set to spike yet again

homeowners insurance rates increase

Homeowners in Texas will see an increase in their insurance premiums next year Residents of Texas are seeing their homeowners insurance premiums grow. The state is home to the third highest homeowners insurance rates in the United States, with the average annual premium being $1,745. The Texas Department of Insurance notes that these premiums have grown by more than 26% between 2010 and 2014. Only Florida and Louisiana have higher homeowners insurance premiums, on average. For some homeowners, premiums are growing by a greater margin than what others are seeing.…

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Farmers reaches settlement in homeowners insurance case

Texas Homeowners Insurance

Insurer finalizes a settlement for a lawsuit that it has been fighting since 2002 Many Texas residents may receive refunds from Farmers Insurance Group as the company has reached a settlement in a lawsuit from 2002. The lawsuit involves policyholders paying higher premiums for less coverage, and state regulators found that this had been the case after examining many complaints issued against the company. The insurer will be paying $84.4 million per the settlement, which will be issued to policyholders that are eligible for refunds from the company. State regulators…

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Homeowners insurance premiums expected to drop in Texas

Texas Homeowners Insurance

Legislation may help lower the insurance premiums for homeowners in coastal areas Coastal property owners in Texas may get a break in their homeowners insurance premiums. A new law that aims to reconfigure the Texas Windstorm Insurance Agency is set to go into effect. The organization provides insurance coverage for those that live in coastal areas, and offers protection from the damage caused by windstorms and similar disasters. The law is meant to decrease the homeowners insurance premiums for those receiving coverage through the Texas Windstorm Insurance Agency. Texas has…

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Homeowners insurance litigation measure approved in Texas

Texas Homeowners Insurance

Homeowners will have more trouble filing lawsuits against homeowners insurance companies Homeowners in Texas may find it more difficult to file lawsuits against insurance companies for unpaid claims, due to a measured approved by the state Senate. The Senate has voted to approve a measure that is meant to address the issue of homeowners insurance lawsuits, which lawmakers believe are becoming a significant problem for the state. The Senate is divided on the issue, with lawmakers disagreeing on how it should be resolved, but the measure managed to pass despite…

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Homeowners insurance in Texas is getting more complicated

Texas Homeowners Insurance

Lawmakers have exited a hearing regarding the Texas Windstorm Insurance Association with new insight Texas lawmakers have learned more about the current problems facing the Texas Windstorm Insurance Association (TWIA). The organization is often the last place where people can find homeowners insurance that provides coverage for certain natural disasters in the state. Like other state-backed insurance organizations, TWIA has had to deal with severe financial issues that have threatened its ability to effectively provide coverage to policyholders. Some of these issues have been resolved in recent years, but state…

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Homeowners insurance becomes a hot topic in the search for Texas’ next Governor

homeowners insurance

Wendy Davis and Greg Abbott agree that insurance coverage is too expensive Homeowners insurance has become a political platform in Texas. The state’s Attorney General, Greg Abbott, and Senator Wendy Davis are campaigning to be the next Governor of Texas, and the two candidates are divided on many issues, apart from insurance coverage. Both candidates agree that more must be done to slow the constant increase in homeowners insurance rates throughout the state. Texan homeowners have seen their premiums grow by a significant amount for the past several years, and…

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Homeowners insurance rates are on the rise in Texas

Texas Homeowners Insurance

Insurance coverage is becoming more expensive because of natural disasters in the past Homeowners insurance rates are on the rise in Texas, and natural disasters may be the cause. The state has not been hit by a major hurricane in six years and devastating wild fires have not been seen since 2011. Despite the apparent lull in catastrophe, rates for insurance coverage continue to grow. This has to do with the lasting impact of natural disasters and how they affect the insurance industry. Texas is prone to disasters and insurers…

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