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How Recent Hail and Tornados Impact Home Insurance

2015 ended with a bang as tornados swept across north Texas damaging or destroying over 1,000 homes and damaging vehicles and commercial properties. Spring of 2016 was not to be outdone either. Last March and April, north Texas was struck by 3 hail storms and San Antonio suffered the worst hail storm in Texas history. The four hail storms combined claims totaled about $1.3 billion in damages to cars, homes, and businesses. Let’s examine how home insurance is being impacted this year.

How Car Insurance Losses Impact Consumers

State Farm reported a loss on car insurance of $7 billion in 2016. It’s a staggering number, and they aren’t alone either. Allstate, Geico, The Hartford, and Travelers also experienced losses last year. One of my carriers shared with me for every $1.00 they took in for car insurance premium, they paid out $!.10 in claim losses, and that didn’t include the catastrophic car losses caused by our recent tornadoes and hail storms.

How Home Insurance Can Impact a Home Purchase

The spring buying season started early this year. February felt as busy as any April, May, or June, I’ve ever experienced, and it should only grow as we move into the prime spring buying season. I believe it’s a perfect time to look at how home insurance can impact home buyers when purchasing a new home.

Small Business Insurance

Small business is alive and well! I’m working with three new business owners who’ve decided to go out on their own and know they need business insurance to help protect their dream. The new owners include a therapist, a civil engineer, and a new retail store which will sell mattresses. I can’t imagine three more diverse businesses, but surprisingly, there are common themes about their needs. There are many different types of business insurance, however, most small businesses will benefit from two broad categories – general liability and professional liability.

Do You Have Enough Home Insurance?

I received an email Monday from Kathy O’Brien, a realtor with Dave Perry-Miller’s Intown office. She asked a very interesting question concerning the post I wrote two weeks ago on the impact rising home prices have on home insurance (see https://wiseinsurancegroup.com/impact-rising-home-prices-home-insurance/). The post I wrote approached the topic from a home buyer, however, Kathy’s question was directed from the point of view of a north Texas homeowner. Her question was, “With home values increasing significantly over the past few years, what, if anything, can home owners/consumers do to ensure their property is sufficiently covered?”

Leasing, Parts, and Car Insurance

I had an interesting conversation with a new client the other day. She leases her car and wanted to confirm whether the car insurance policy covers manufacturer parts, also known as original equipment manufacturer or OEM parts, or would they insist on using third-party parts to repair her car if she files a car insurance claim? No client or prospective client has ever asked that question and it told me she’d either experienced or seen a claim go sideways.

How Recent Hail and Tornados Impact Home Insurance

How Car Insurance Losses Impact Consumers

How Home Insurance Can Impact a Home Purchase

Small Business Insurance

Do You Have Enough Home Insurance?

Leasing, Parts, and Car Insurance

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Professional Liability

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