Texas Storm Insurance Claims Could Reach $1B

Damages from hailstorms, tornadoes and record floods in the month of May could total over $1 billion in Texas storm insurance claims, according to the Insurance Council of Texas. Mark Hanna, a spokesman for the state insurance council, estimated that auto-related Texas storm insurance claims alone could exceed $250 million. While state and federal authorities are still calculating the effects of the Memorial Day flooding that swept through the state, several cities and counties are recording millions in damages from bridges, roads and infrastructure destroyed by the storms.

Memorial Day Storms Spike Texas Storm Insurance Claims

Thousands of new Texas storm insurance claims came as a result of heavy rains during the Memorial Day holiday weekend. More than 11 inches of rain fell in the southwest Houston suburb of Sugar Land, while nearly 17 inches fell near the Dallas/Fort Worth International Airport. Another rash of storms ran from Amarillo to Galveston on Saturday night, stalling recovery efforts across the state. The rainfall from these systems will undoubtedly increase the number and dollar amount for Texas storm insurance claims in the coming weeks.

Counties List Texas Storm Insurance Claims Damages

Texas Governor Greg Abbott has already declared more than 30 counties as disaster areas. Some of these counties have already listed damages suffered as part of their eventual Texas storm insurance claims. A Kaufman County official stated that it would need $2 million to repair roads and bridges damaged by the storm. A Hays County spokesperson estimated that losses for the county government would exceed $38 million. Harris County officials told local news outlets that their Texas storm insurance claims would total at least $45 million, with most of that attributed to infrastructure damage.

Response to Texas Storm Insurance Claims

Several industries across the state will be affected by the record number of Texas storm insurance claims. Insurance adjusters with the major carriers are reportedly assessing damage, answering questions and cutting Texas storm insurance claims checks for victims. Despite the high number of auto insurance claims, auto repair centers are reporting slowdowns in their business, as most drivers have filed total loss claims for their flooded vehicles. The home building industry will see a significant decrease due to storm damage, according to Ted Wilson, a housing analyst for Dallas-based Residential Strategies.

Texas Storm Insurance Claims and Flood Insurance

Many residents who file Texas storm insurance claims will do so through the National Flood Insurance Program, an insurance program administered by the Federal Emergency Management Agency. Since most private insurers no longer provide flood insurance to residents in flood-prone areas, the NFIP allows them to get flood insurance coverage. More than 600,000 Texas residents have policies with the NFIP, but the agency has yet to release any estimates on how many policy holders will file Texas storm insurance claims.

Source: Dallas Morning News

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