Right now, the number stands at $250 million. According to the Insurance Council of Texas, that is the amount of insured damage caused by the multiple tornadoes that moved across North Texas on the May 15.
It’s the time of year when North Texas starts to see tornadoes, wildfires and other weather related catastrophes. Now is also the time to consider the chance your property insurance won’t cover the cost of losing everything in your home.
So far, the record drought, heat wave and wildfires across the state have caused an estimated $10 billion in damages. So, as insurance companies pay claims they will need to generate more revenue — and they’ll get it from you!
A state judge has upheld an order by the state insurance commissioner that State Farm Insurance refund customers $350 million for excessive premiums.
Some Texas homeowners will be paying more for coverage in 2011. Allstate Insurance has notified the Texas Department of Insurance that it will increase homeowner rates statewide.