Tag: Texas hail claims

Hail Claims Impact on Texas Home Insurance

Over the last 8 weeks, Texas has been struck by four major hail storms, three in the Dallas / Fort Worth area and one in San Antonio. As I mentioned a couple of weeks ago, initial estimates for the two hail storms that struck north Texas were a combined $1.3 billion in damages to homes, vehicles, and businesses. The estimated total number of vehicles struck by hail in those two storms alone was 80,000. The storm that hit in early April should push the damage totals for all three north Texas storms close to $2 billion.

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Hail, Roofs, and Texas Home Insurance Changes

The Bob Dylan song, The Times They Are A-Changing, has never been more appropriate than now when it comes to Texas home insurance. This is especially true with insurance companies and how they are grappling with home insurance rates, hail claims, and how to cover roofs.

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The Top 4 Home Insurance Claims for Texas

Texas home insurance rates continue to climb and remain the highest in the country. The two reasons most insurance companies give for Texas having the highest rates are weather and the cost of claims. The top four types of home insurance claims as reported in a Texas Department of Insurance study are hail, water damage, hurricane winds, and fire. The combined total insurance companies paid out in claims was over $25 billion. Individually, hail claims accounted for $7.6 billion, water damage was $7.3 billion, hurricane winds was $6.2 billion and the amount paid for fire claims was $4.3 billion.

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