According to a recent article from Insurance Journal, preliminary estimates of insured losses from recent winter storms, throughout the state of Texas, now range between $51 million and $100 million statewide.
Southwestern Insurance Information Service (SIIS) further explained the estimation, saying that, preliminary statewide losses from high winds and freezing temperatures during the first few days of February had already reached $51 million. The SIIS also cautioned brokers and residents that this initial figure is likely to rise.
The Insurance Council of Texas anticipates that insured losses from 15,000 claims, so far statewide, will easily exceed $100 million.
Thanks to the recent winter weather that pushed through Texas last Tuesday, February 1st, the storm brought with it damaging winds to areas of the state as well snow, ice and frigid temperatures statewide.
“Most of the damage will be the result of roof damage from strong winds and bursting pipes resulting in water entering a home or business. There will be some claims for vehicle damage but the majority of the claims will be to homes and businesses,” said Jerry Johns, president of SIIS.
According to Mark Hanna from the Insurance Council of Texas, there have already been roughly, 1,000 wind-related homeowners insurance claims reported in the Texas Hill Country and in the El Paso, which was unexpectedly hit the hardest thus far, residents experienced a record-breaking low of zero degrees Fahrenheit.
Johns also stressed that the current “loss estimates are only the beginning point in a long process of determining the final financial implications for insurers in Texas.”
Make sure you and your family are efficiently prepared this winter, with the unpredictable winter weather our state has been seeing, you may want to re-evaluate your Texas home insurance policy. At Dagley Insurance we’d be happy to thoroughly review your current homeowner’s policy as well as provide you with a free TX home insurance quote! So don’t wait for the next batch of brutal winter weather to head our way, ensure that you have the protection you need and deserve right now!