Texas homeowners insurance Archives

California, Colorado and Texas Face Billion-Dollar Home Insurance Dilemma

August 27, 2024August 26, 2024 Nordstrom

California’s Growing Wildfire Risk for Home Insurance Market California homeowners face a growing problem: over 1.2 million homes are at moderate or high risk of wildfire damage, with reconstruction costs exceeding $760 billion. According to CoreLogic’s Wildfire Risk Report, this is particularly concerning for those living in the Wildland Urban Interface (WUI), especially in areas like Los Angeles, San Diego, and Riverside. Climate change is a significant factor, with NOAA’s data showing the number of acres burned each year has nearly doubled since the early ’80s. Reconstruction costs for damaged…

State Farm’s top location for frozen pipe damage isn’t where you’d think

January 10, 2023January 9, 2023 Julie Campbell

The insurer has released a list of the top states where water pipes have burst from cold. State Farm has released a list of the top ten states for frozen pipe damage and winter water losses for 2022, and the location at the top of the list might surprise you. Texas was, by quite a large amount, the most expensive state for such damages. Texas claim costs of this nature through State Farm reached approximately $64 million in 2022. As high as the frozen pipe costs were in Texas last…

State Farm Neighborhood Assist seeks votes for 2021 grant finalists

August 19, 2021August 18, 2021 Nordstrom

The insurance company is holding its annual support event for non-profits for the tenth year. This year marks the tenth anniversary that State Farm Neighborhood Assist will be awarding 40 non-profit organizations with $25,000 each. The grants are meant to help the non-profits to fund local community improvement projects. Voting for the finalists for the State Farm Neighborhood Assist grants is already underway. The public can continue to vote for the organizations they want to win from now through August 27. Any individual is able to vote up to 10…

Texas insurance companies may soon see drop in lawsuits

May 17, 2017May 15, 2017 Logan B.

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…

Texas hailstorms highlight the importance of homeowners insurance

April 20, 2016April 20, 2016 S.Vagus

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.…