Hail damage causes major damage to homes, businesses, cars, crops and other property every year. Hail storms and their related damage are more common today in the United States than it used to be and scientist and meteorologist do not know why. Storms that cause hail damage are becoming more and more frequent. The hail storms are striking with more intensity. And, the hail storms are causing greater amounts of damage to homes. As a result, hail damage repairs are costing Texas homeowners and companies more money each year. According to the National Insurance Crime Bureau, the number of hail damage insurance claims filed between 2010 and 2012 in the U.S. has increased eighty-four percent to approximately two million hail claims. Three particular states, Missouri, Kansas, and Texas saw the largest amount of hail damage claims filed over the last three years, with Texas residents filing over 300,000 hail claims. If you believe that your home insurance company is denying your hail claim or underpaying your hail claim, and you need San Antonio Hail Damage Legal Help, contact us today at 1-888-724-HAIL (4245) so we can discuss your legal rights.
Due to the huge increase in hail damage claims, some home insurance companies have responded in an effort to save money. For example, some home insurance companies have taken hail damage out of the list of “covered events” under the standard Texas property insurance policy. Some insurance companies have responded this way because when many homeowners and businesses who are affected by hail go and file hail damage claims all at once, then the home insurance companies must come up with the cash money all at once as well. This large cash demand on insurance companies puts a very large strain on them and can even put them out of business. This potential scenario is not only detrimental to home insurance companies, but it is also detrimental to homeowners too because they will not get their hail claims covered due to the insurance company’s failure.
Another response insurance companies have come up with to combat the issue of increased hail damage claims without substantially raising the price of the standard homeowners’ insurance policy, is to offer separate extended coverage policies that will cover hail damage. By offering a separate extended policy to cover hail damage, the insurance company gives homeowners and businesses the option to pay extra to ensure that hail damage will be covered. As a result, not every homeowner or business will choose to purchase the additional hail coverage, so then the insurance companies will not be hit as hard when a hail storm causes extensive damage to many businesses and homes. Also, the extra hail coverage policy generates extra capital for the insurance company, which can then be used to cover hail claims filed by those homeowners and businesses that paid for the additional hail coverage.
However, there are some drawbacks in offering separate hail coverage policies to businesses and homeowners, the obvious drawback being that it is more expensive for a homeowner or a business owner to protect themselves and cover all of the possible weather events, including hail damage. So, if the home or business owner chooses to roll the dice and not purchase the extended hail damage coverage, the owners run the risk of having to pay all the hail damage expenses out of pocket and this can ruin bankrupt a business or a homeowner.
Hail damage to your home can be costly, especially if your home insurance company claims your policy does not cover the hail damage. If you believe your insurance company has wrongfully denied your claim or offered an unacceptable payout, please contact us today at 1-888-724-HAIL (4245) for San Antonio Hail Damage Legal Help.
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