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16
Sep

Progressive Halts Home Insurance in Texas: What You Need to Know

 

In a significant move affecting Texas homeowners, Progressive Insurance has announced a temporary suspension of offering new homeowners insurance policies in the state. This decision comes on the heels of Hurricane Beryl’s devastation across Houston and raises concerns about the stability of the homeowners insurance market in Texas.

At Chad T. Wilson Law Firm, we understand the challenges that homeowners face when navigating insurance claims, especially during times of crisis. This article aims to provide a comprehensive overview of the situation and offer guidance to those affected.

Progressive’s Decision and Its Implications

Temporary Restriction on New Policies

In a recent letter to shareholders, Progressive Insurance CEO Tricia Griffith stated that the company is “temporarily restricting new homeowners’ business” in Texas. The move is part of a strategic effort to reduce the impact of weather-related volatility on the company’s portfolio.

Focus on Weather-Related Risks

Griffith emphasized the importance of shifting the company’s geographic mix, focusing on growing in states with lower weather risks while reducing exposure in areas more susceptible to catastrophic events like hurricanes and hailstorms.

Impact on Existing Policyholders

While the suspension currently affects new policies, there is concern among existing policyholders about potential non-renewals or premium increases. In Florida, Progressive previously dropped 115,000 policyholders due to similar concerns over natural disasters.

Wind Damage Claims Lawyer

Rising Insurance Costs for Texas Homeowners

Homeowners across Texas are experiencing significant hikes in insurance premiums. Some residents have reported increases from $2,600 to $8,800 within a year, making it increasingly difficult to maintain adequate coverage.

Comparison with National Averages

According to Bankrate, Texas homeowners pay an average of $3,898 for $300,000 in dwelling coverage—72% more than the national average of $2,270. These escalating costs highlight the growing financial strain on Texas residents.

What Is an Insurance Appraiser and What Do They Do?

Other Insurers Following Suit

Progressive is not alone in this trend. Foremost Insurance, a subsidiary of Farmers Insurance, ceased writing and renewing new policies shortly before Hurricane Beryl struck. In communications to customers, the company cited a reassessment of risks related to natural and catastrophic losses.

Potential for a Widening Crisis

The withdrawal of major insurers from the Texas market could exacerbate the homeowners insurance crisis, limiting options for residents and potentially leading to higher rates due to decreased competition.

tornado damaged house with a blue tarpaulin on the roof

Options for Texas Homeowners

Texas Fair Plan Association

For those struggling to obtain coverage, the Texas Fair Plan Association (TFPA) offers a lifeline. Established by the Texas Legislature in 1995, TFPA provides basic property insurance for eligible Texas homeowners who are unable to secure coverage through the voluntary market.

Considerations

While TFPA can be a valuable resource, policies may come with limitations and higher premiums. Homeowners should carefully assess their coverage needs and explore all available options.

Insurance Adjusters

Legal Recourse and Support

Understanding Your Rights

If your insurance policy has been non-renewed or you are facing exorbitant premium increases, it’s crucial to understand your legal rights. Insurance companies are obligated to follow state regulations when making such decisions.

How Chad T. Wilson Law Firm Can Help

Our firm specializes in representing policyholders in disputes with insurance companies. We offer:

  • Free Consultation: Assess your situation with no obligation.
  • Expert Representation: Navigate the complexities of insurance law with seasoned professionals.
  • Contingency Basis: No fees unless we secure a recovery on your behalf.

Steps to Take if Affected

  1. Review Your Current Policy: Understand the terms, coverage limits, and any notices of changes or non-renewal.
  2. Explore Alternative Insurance Options: Seek quotes from other reputable insurers still operating in Texas.
  3. Consult with an Attorney: If you believe your rights are being infringed upon, legal advice can provide clarity and direction.
  4. Stay Informed: Monitor communications from your insurer and stay updated on industry developments.

Conclusion

The decision by Progressive Insurance to halt new homeowners policies in Texas underscores the challenges facing the state’s insurance market. As natural disasters become more frequent and severe, homeowners must be proactive in securing adequate coverage and advocating for their rights.

At Chad T. Wilson Law Firm, we are committed to assisting Texas homeowners during these uncertain times. If you have concerns about your insurance coverage or need legal assistance, please reach out to us.

Contact Us Today

Stay Protected. Stay Informed. We’re Here to Help.

 

07
Jan

Why It’s Important To Take Your Time When Purchasing Property Insurance

Take Your Time When Purchasing Property Insurance
Why It’s Important To Take Your Time When Purchasing Property Insurance

When you see a doctor, you expect that they will take their time to do their job and understand the need for your visit. When investing money in a business opportunity, you would want to review all available information to make the best decision for your money. The same may be said when taking your car into the shop. When purchasing a service, the reason for your visit is more important than how fast you get the service. Learn how to make your property insurance purchase a smooth transaction.

More insurance carriers are making it easier for first-time homeowners to get home insurance. Obtaining property insurance expeditiously is important. Larger insurance companies can move quickly when it comes to purchasing insurance and smaller insurance companies are following the trend. What is the best insurance and what can you do to avoid making a mistake when purchasing it?

Choosing the Right Coverage

The most important thing in any business is to provide excellent customer service. This includes ensuring that the policyholder has all necessary coverages and not just encouraging them with products they will never use or be able to afford.

When an insurance provider rushes through the purchasing process without thoroughly understanding their customer’s needs, they’re harming not only themselves but also other parties involved in this transaction. By focusing on profits instead of getting to know your clientele and what coverages are needed for them – you hurt everyone who has been relying upon these policies!

A company should never sacrifice its morals just because it wants more customers or greater profit margins; doing so will only come back around at some point anyway with negative consequences that could’ve easily been avoided by taking care beforehand.

Homeowner’s insurance or any type of insurance for that matter is a serious subject. Inadequate coverage can result in financial catastrophe. Insurance companies are in the business of making money, they cannot increase their profits if they roll over and pay every insurance claim. Viewing insurance as a simple means to make money is wrong. People need insurance. People need to be protected.

Choosing the right coverage goes hand in hand with finding the right agent for you and your needs. Insurance can be a confusing topic for the average person, but there are ways to find affordable coverage. Your agent is someone you should contact if anything happens with your policy – they’re in the know and will help make sure that nothing gets left uncovered or unpaid!

Filing a Claim

When filing a claim, customers want to know that their insurer will be able to provide tangible evidence of coverage. We need this assurance before putting any money at risk and without it, we feel uncertain about what kind or how much help is available for an event that has occurred while using their product/service.

If you do not have the right insurance, you could find yourself in a significant financial hole. A thoughtful conversation with an insurance agent can help you avoid these errors.

Take Your Time to Find the Right Agent

Good Insurance agents often face a challenging environment where they must balance the needs of their customers with those companies. Insurance leaders who put profit ahead of customer service will struggle in this competitive market, as knowledgeable and trustworthy professionals like insurance brokers can provide better quality products for clients.

Insurance agents are often expected to spend very little time with their customers, but the best ones understand that every second counts. They know it’s not just about making sales or finding new clients; they need customer input and guidance so insurance products can be tailored specifically for them – which is why we find this situation ironic!

The bottom line is you need to take this important purchase seriously and find an agent that takes the time to find YOU out what you need.

If your property insurance claim has been denied, delayed, or underpaid, contact the expert insurance attorneys with the Chad T. Wilson Law Firm at (833)942-0678 or email us at [email protected].

05
Jan

Missouri City Homeowners Sue Allstate for Policy Benefits

Homeowners sue Allstate

Two Missouri City homeowners are suing Allstate Vehicle and Property Insurance for fraud, negligent hiring and other claims. Our clients’ home suffered severe damage after a brutal storm. Allstate and its adjuster responded to their insurance claim with a substandard and improper inspection of the property, grossly undervaluing the cost of repairs and deliberately yielding an unrealistic amount to underpay coverage.

June 18, 2016 Storm

On June 18, 2016, a severe wind and hailstorm bombarded Fort Bend County, Texas, tearing through neighborhoods and destroying homes as it went. Our clients’ home suffered severe damage to the roof and exterior, as well as some rooms of the interior. After the storm, the homeowners quickly submitted a claim to Allstate, hoping their insurance company would help them get their life back in order.

Allstate Vehicle and Property Insurance Company Home Insurance Claim

Allstate assigned one of its adjusters to inspect the property and adjust the claim. The adjuster knowingly conducted a subpar investigation, refusing full coverage and estimating damages to total about $950. This ludicrous low-balling left our clients with no recovery to make repairs to their home.

The third-party expert hired after the insurance company’s fraudulent inspection found a litany of damages that were either conveniently absent or undervalued in Allstate’s estimate. The damage to our clients’ property is currently estimated at nearly $35,800.

Allstate’s adjuster intentionally undervalued our clients’ claims in order to maintain his job, misrepresenting the amount of damage in the hopes that our clients would simply rely on his expertise and fraudulent estimate as a true representation of the property’s damages.

Because of Allstate Vehicle and Property Insurance Company’s fraud, our clients were unable to complete any meaningful repairs to their home, which resulted in even more damage. They were forced to retain an attorney to pursue their claim for insurance benefits. On January 5, 2017, the Chad T. Wilson Law Firm filed suit, on behalf of our clients, against Allstate Vehicle and Property Insurance Company for fraud, breach of contract, negligence, gross negligence, negligent hiring and violations of the Texas Insurance Code and the Texas DTPA.

Texas Property Insurance Lawyers

If your homeowner insurance carrier has denied your insurance claim, we can help. The experienced property insurance attorneys at Chad T. Wilson Law Firm have represented more than 1,000 clients in cases against insurance companies and aggressively protect the rights of insurance policyholders. Our consultations are free, and you owe us nothing until your case is won. Contact us today to see how we can help.

01
Dec

MetLife Denies Hailstorm Damage

MetLife Denies Hailstorm Damage

MetLife Denies Hailstorm Damage

Our client recently filed a lawsuit against Metropolitan Lloyds Insurance Company and its adjusters. The man’s home was seriously damaged in a hailstorm that bombarded Montgomery County, Texas, in May 2016. MetLife and its adjusters conducted a substandard and improper inspection of our client’s property, grossly undervaluing the cost of repairs and deliberately yielding an unrealistic amount to underpay coverage.

May 29, 2016 Storm

On May 29, 2016, a severe hailstorm tore through Montgomery, pelting our client’s home with hail and heavy rain. His house suffered severe damage to the roof and exterior, as well as several rooms inside the home. After the hailstorm, our client quickly submitted a claim to MetLife, hoping his insurance company would help him get his life back in order.

MetLife Insurance Company Home Insurance Claim

MetLife assigned one of its adjusters to inspect the property and adjust the claim. The adjuster knowingly conducted a subpar investigation, refusing full coverage and estimating damages to total about $1,400. After the deductible, this left our client without the necessary recovery to make repairs to his home.

Unsatisfied with the denial, our client requested a re-inspection. MetLife’s second adjuster arbitrarily added a few more items to the first damage list, estimating damages to total $3,100. Again, this left our client with little recovery after the deductible.

Both adjusters’ assessments of the damages swayed heavily to favor MetLife. They found no damage to the roof, but they did find interior damages. These covered damages were determined to be the result of conveniently uncovered damages to the roof.

The third-party expert hired after the insurance company’s fraudulent inspection found a litany of damages that were either conveniently absent or undervalued in MetLife’s estimate.

The damage to our client’s property is currently estimated at $50,400.

MetLife’s adjusters intentionally undervalued our client’s claims in order to maintain their jobs. They misrepresented the amount of damage hoping our client would simply rely on their expertise and fraudulent estimate as a true representation of the property’s damages.

Because of MetLife’s fraud, our client could not complete any meaningful repairs to his home, resulting in even more damage. MetLife’s inadequacies forced him to retain an attorney to pursue his claim for insurance benefits. On December 1, 2016, the Chad T. Wilson Law Firm filed suit, on behalf of our client, against Metropolitan Lloyds Insurance Company for fraud, breach of contract, negligence, gross negligence, negligent hiring and violations of the Texas Insurance Code and the Texas DTPA.

Texas Property Insurance Lawyers

If your homeowner insurance carrier has denied your insurance claim, then we can help. The experienced attorneys at Chad T. Wilson Law Firm have represented more than 1,000 clients in cases against insurance companies. Our property insurance lawyers aggressively protect the rights of insurance policyholders. Our consultations are free, and you owe us nothing until your case is won. Contact us today to see how we can help.

01
Sep

Suit Filed Against Standard Casualty Company

Chad-T.-Wilson-Law-Firm-Files-Suit-Against-Standard-Casualty-Company-on-Behalf-of-Montgomery-Resident-min

Suit Filed Against Standard Casualty Company

Our client, a woman whose home was damaged during a severe storm, was forced to file a lawsuit against Standard Casualty Company and its adjuster after they conducted a substandard and improper inspection of our client’s property, grossly undervaluing the cost of repairs and deliberately yielding an unrealistic amount to underpay coverage.

May 26, 2016 Hailstorm

On May 26, 2016, a severe hail- and windstorm swept across Montgomery, Texas, destroying homes and lives as it went. Our client was no exception. Her home suffered significant damage, including damage to the roof, windows, master bathroom, dining room, living room, hallway, laundry room, and second bathroom, among other damages. After the storm, the woman hastily submitted a claim to Standard, hoping to mend her home quickly so she could start living again.

Standard Casualty Company Home Insurance Claim

Standard assigned one of its adjusters to inspect the property and adjust the claim. The adjuster knowingly conducted a subpar investigation, refusing full coverage and estimating damages to total only $2,000, leaving our client without the recovery needed to repair her home.

The third-party expert hired after the insurance company’s negligent inspection found a myriad of damages — that were conveniently absent from Standard’s inspection — totaling more than $33,000.

Standard’s adjuster intentionally undervalued our client’s claims in order to maintain his job, misrepresenting the amount of damage in the hopes that our client would simply rely on his expertise and fraudulent estimate as a true representation of the property’s damages.

Because of Standard Casualty Company’s gross negligence and fraud, our client was unable to complete any substantive repairs to her home, which resulted in even more damage. She was forced to retain an attorney to prosecute her claim for insurance benefits. On September 1, 2016, the Chad T. Wilson Law Firm filed suit, on behalf of our client, against Standard Casualty Company for fraud, breach of contract, negligence, gross negligence, negligent hiring, and violations of the Texas Insurance Code and the Texas DTPA.

Texas Property Insurance Lawyers

If your homeowner insurance carrier has denied your insurance claim, we can help. The experienced property insurance attorneys at Chad T. Wilson Law Firm have represented more than 1,000 clients in cases against insurance companies and aggressively protect the rights of insurance policyholders. Our consultations are free, and you owe us nothing until your case is won. Contact us today to see how we can help.

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