Insurance Policies and Texas Freeze: What Policyholders Need To Know To Survive “Largest Insurance Claim Event In History”
Insurance Policies, Pipe Burst, Collapse, Snow & Ice
The U.S. experienced unprecedented severe winter weather, including snow, ice, and freezing temperatures causing significant water damage to multifamily and commercial properties. The insured losses caused by winter storms, 2021 will likely exceed $50B. Read below to see what you need to know about insurance policies.
The good news is that most insurance policies cover damage caused by water, snow and ice. However, understanding your policy and avoiding disputes between insurance carriers and their policyholders concerning what a 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 multifamily or commercial property 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 losses,” 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 the public adjusting firm ICRS at the beginning of the claim process can make a big difference.
Before and after a winter storm, it is essential to know what to do should you run into any damage, emergencies or freezing. To learn about everything you need to know about your insurance policies and winter storm damage insurance claim, CLICK HERE.
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