For a state that has weathered its share of storms, Texas was unprepared for the record-setting deep freeze that hit in mid-February and the ensuing $50 billion in damages.
“They’re calling this the largest insurance claim event in history,” public insurance adjuster Scott Friedson, CEO of Insurance Claim Recovery Support (ICRS).
REDNews connected with Friedson while he was making the trek to Houston, where he was slated to inspect more than 35 different properties that week.
“There is no insurance risk model that accounts for a catastrophic loss to an entire state, especially the state of Texas,” he says.
Hurricanes, Friedson explains, typically cause damage along the coast. Even a hail storm or tornado has limited exposure. The freeze, on the other hand, stretched from the westernmost point of Texas to its easternmost point.
“Many property owners are juggling pipe repairs, water damage mitigation, satiating tenant demands and dealing with their insurance claims simultaneously,” says Friedson, who exclusively represents commercial and multifamily owners, as well as management companies. “The carriers adjusters are coming as quickly as they can as policyholders are grappling with understanding their policy as well as their contractual obligations in order to ensure a fair and prompt settlement.”
Typical policy language requires policyholders to, “Take all reasonable steps to protect the Covered Property from further damage, and keep a record of your expenses necessary to protect the Covered Property, for consideration in the settlement of the claim.”