Maybe for some of the smaller carriers, but most with a large footprint (1) would have reinsurance coverage to protect them from large scale events such as this but, more importantly from an exposure standpoint, (2) the majority of damage reports I’m seeing so far are solely due to flood which is normally excluded under standard Home policies.
Lawyers have posted on Facebook that victims need to “file insurance claims before the law changes September 1st or risk losing money”.
Texas passed a law to limit lawsuit abuse by storm chasers which caused property insurance rates to increase.
Funny how it is the LAWYERS saying to file before the law changes – the law that will LIMIT lawsuit abuse. Sounds like the lawyers are the ones worried about losing money. They have been making thousands and thousands of dollars from these type of lawsuits all at the expense of the consumer. Fraud and abuse cost all of us money in increased premiums and limited availability of insurance options. Hope people aren’t taken advantage of in Texas like so many were here in Florida. Consumers beware !! Don’t sign AOB and watch out for unlicensed contractors
Most of that lawsuit abuse was centered in the valley. I am sure the lawyers will move right on up to Houston to ply their trade and sue agents for not selling Flood.
No it wasn’t, it got started in the Houston area after Ike. Once those claims were done, they moved to the valley after the McAllen hail storm. Get your facts straight, you’re posting wrong information yet again.
And, here come the plaintiff attorneys.
Harvey is not a person which can be sued.
How are things in your neck of the woods, Agent?
Do you think we will see any insolvency?
Maybe for some of the smaller carriers, but most with a large footprint (1) would have reinsurance coverage to protect them from large scale events such as this but, more importantly from an exposure standpoint, (2) the majority of damage reports I’m seeing so far are solely due to flood which is normally excluded under standard Home policies.
Lawyers have posted on Facebook that victims need to “file insurance claims before the law changes September 1st or risk losing money”.
Texas passed a law to limit lawsuit abuse by storm chasers which caused property insurance rates to increase.
Funny how it is the LAWYERS saying to file before the law changes – the law that will LIMIT lawsuit abuse. Sounds like the lawyers are the ones worried about losing money. They have been making thousands and thousands of dollars from these type of lawsuits all at the expense of the consumer. Fraud and abuse cost all of us money in increased premiums and limited availability of insurance options. Hope people aren’t taken advantage of in Texas like so many were here in Florida. Consumers beware !! Don’t sign AOB and watch out for unlicensed contractors
We don’t have AOB here in Texas at all. The insurance company pays the insured and it’s up to the insured to repair their damage.
Most of that lawsuit abuse was centered in the valley. I am sure the lawyers will move right on up to Houston to ply their trade and sue agents for not selling Flood.
No it wasn’t, it got started in the Houston area after Ike. Once those claims were done, they moved to the valley after the McAllen hail storm. Get your facts straight, you’re posting wrong information yet again.
lawyers complaining about stopping lawsuit abuse – hmmmm