February 24, 2021

Insurance

People now filing insurance claims, looking for contractors for winter storm damage

WICHITA FALLS (KFDX/KJTL) — As many people around the state recover from the winter storm, some homeowners have the difficult choice of choosing a contractor and filing insurance claims.

For some Texans, water and electricity remain an issue on the heels of the winter storm, but for others, the road to recovery has already begun.

Busted water pipes have caused damage to many homes throughout the state and insurance claims are already being filed.

“We’ve heard from about 18,900 customers across the state reporting damage, and the vast majority of that is because of frozen and broken water pipes. And

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Did you evacuate your home due to the Texas winter storms? Your insurance, or FEMA, might cover your costs

It’s important to call your insurance agent and check what your policy does and doesn’t cover. If it’s not covered by insurance, the federal government could help.

Thousands of Texans fled to hotels or outside of the region to escape the days-long power outages, water issues and other problems that cascaded across the state as winter storms rolled through the area. 

Now, many are trying to recover. 

If you or your family had to evacuate your home due to storm damage, and you have insurance, your policy might cover your costs, officials with the Texas Department of Insurance say.

Most

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Climate change is increasing flood risk around the country. Insurance rates are not keeping pace, report finds

Currently, there are nearly 4.3 million residential properties around the country with a substantial risk of financial loss due to flooding. The report defines “substantial risk” as carrying a 1% chance of flooding in any year.

Some, but not all, of those homeowners have insurance through the federal government’s National Flood Insurance Program (NFIP), which provides more than 90% of the flood insurance policies in the US.
But the report finds that those homes face losses each year which dwarf the costs of their NFIP premiums. The average NFIP premium cost today for those properties is around $981,
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FEMA flood insurance rates could spike for some, new study shows

With a major overhaul of the nation’s flood insurance program just months away, new data released Monday by the First Street Foundation suggests hundreds of thousands of homeowners in the riskiest locations across America could face massive rate hikes starting in October.

The Brooklyn, New York-based research group estimates the average rate needs to more than quadruple on the nation’s most flood-prone homes under the ongoing effort to make the federal flood insurance program solvent and ensure homeowners most at risk are paying their fair share.

First Street data projects that the majority of homeowners won’t see big rate changes,

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Are frozen pipes covered by homeowners or renters insurance?

We know a lot of you are dealing with problems from busted pipes. Here’s what to know about insurance.

HOUSTON — As we continue to thaw out after last week’s freeze, a lot of you are dealing with damage to your home from pipes that have burst. Below is what you need to know about insurance. 

Our sister station, KENS5 in San Antonio got the following answers from Bankrate on Texas insurance when it comes to busted pipes for homeowners. And under the Q and A, KHOU 11 reporter David Gonzalez reports on the rights that renters have.  

While these

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Climate Threats Could Mean Big Jumps in Insurance Costs This Year

Previous efforts to increase flood insurance rates have been delayed or rolled back in the face of public pressure. In 2012, Congress passed a law that would have brought rates in line with the full risk people faced; two years later, lawmakers backed down, replacing those changes with more modest increases.

FEMA’s new flood insurance system has prompted similar concerns. The new rates were initially supposed to take effect last October, but members of Congress warned FEMA about the effect that increases would have on their constituents. The Trump administration delayed the new rates until this year,

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