$18 Billion In Estimated Damages

With billions of dollars in damage expected from the historic Texas winter storm, a state regulator plans to collect data from property insurers to assess costs stemming from a crippled electrical grid, roofing collapses, broken pipes, and other problems, a spokesman said on Friday, February 19th.

Texas insurers expect “…hundreds of thousands of claims…” said Camille Garcia, Insurance Council of Texas spokeswoman on Thursday.

Bitter cold weather and snow have paralyzed Texas since Sunday, February 14th, shutting down much of the state’s electricity grid and freezing pipes and waterways, leaving communities across the state either without water altogether or forced to boil it for safety.

“We expect this to be a large event, but we just don’t know how large it will be,” said Texas Department of Insurance spokesman Ben Gonzalez, noting that the data inquiry mirrors the regulator’s process after other major storms, such as hurricanes.

The process, set to begin in the coming weeks, comes as one firm that models catastrophe risk estimated at an $18 billion tab for property insurers.

Do you have additional questions on filing a claim? Ready to get started? Reach out to ICRS for more information today!

Feb 21, 2021 (PRLog via COMTEX) — Policyholders Survival Report for “Largest Insurance Claim Event In History”

AUSTIN, Texas – Feb. 20, 2021 – PRLog — As Texas thaws from severe winter weather, including snow, ice and freezing temperatures, insurers are facing hundreds of thousands of claims filed for significant property damage to homes and commercial properties. In 2019, the Insurance Information Institute reported $2.1 billion in insured losses caused by winter storms, 2021 will likely exceed $19 billion.

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The good news is that most insurance policies cover damage caused by snow and ice. However, understanding your policy and avoiding disputes between insurance carriers and policyholders concerning what an insurance policy covers and what is excluded can be complex.

“Our advice,” says Insurance Claim Recovery Support CEO, Scott Friedson, “is to review your insurance policy to determine your specific coverage. Some areas of damages often covered by residential or commercial property insurance policies due to snow and freezing ice conditions may include water damage, pipe bursts, business interruption, building or roof collapse, and ice dams.”

Virtually every region of Texas has been hit which could make this storm the most expensive in U.S. history. “The honest truth about insurance claims,” said Public Insurance Adjuster Friedson, with over a decade of experience settling large loss insurance claims, “is that Policyholders bear the burden of proving their claim while insurers have a duty to indemnify the insured in good faith. You can hope or you can plan but either way, if you have a claim, your insurance company’s representatives will adjust your claim, ‘their way'”.

Engaging a trustworthy Public Insurance Adjuster at the beginning of the claim process can make a big difference. Click here for more information on what you need to know about coverage and exclusions on your Winter Storm Damage Insurance claims.

Pipe Burst, Collapse, Snow & Ice Insurance Claims

The U.S. experienced unprecedented severe winter weather, including snow, ice, and freezing temperatures causing significant property damage to homes and commercial properties. Texas was colder than Alaska breaking record cold temperatures throughout the state. In 2019, the Insurance Information Institute reported $2.1 billion in insured losses caused by winter storms, 2021 will likely exceed $19B.

The good news is that most insurance policies cover damage caused by snow and ice. However, understanding your policy and avoiding disputes between insurance carriers and their policyholders concerning what an insurance policy covers and what is excluded can be complex.

“Our advice,” say Insurance Claim Recovery Support CEO, Scott Friedson, “is review your insurance policy to determine your specific coverage. Some areas of damages often covered by residential or commercial property insurance policies due to snow and freezing ice conditions may include water damage, pipe bursts, business interruption, building or roof collapse and ice dams.”

Virtually every region of Texas has been hit which could make this storm the most expensive in U.S. history. “The honest truth about insurance claims,” say Public Insurance Adjuster Friedson, with over a decade of experience settling large loss insurance claims, “is that Policyholders bear the burden of proving their claim while Insurer’s have a duty to indemnify the insured in good faith.  You can hope or you can plan but either way, if you have a claim, your insurance company’s representatives will adjust your claim, ‘their way'”.  Engaging ICRS at the beginning of the claim process can make a big difference.

To learn about what you REALLY need to know about your Winter Storm Damage Insurance Claim, CLICK HERE.

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