While many families and businesses continue to struggle to recover from Hurricane Harvey, the Texas Department of Insurance reports that Insurance Companies are currently holding almost $4 billion in estimated payments on existing claims. In Jefferson County, 42,000 Harvey claims have been filed with over 45% closed with “no” payment at all. Unfortunately, those denied insurance benefits will have to contend with a new law favoring insurance companies that was passed by the Texas Legislature in September of 2017. HB (House Bill) 1774 requires additional notice and inspection procedures that can substantially reduce an insured individual’s ability to be made whole for his loss. The bill also slashed the interest rate penalty for an insurance company that is delaying payment by almost half (18% interest to 10%). These new protections were given to insurance companies despite record profits and their refusal to provide coverage to many individuals living along the Gulf Coast. Learn more about insurance disputes here.
Learn more about Texans that are still fighting their insurance companies for recovery funds. Visit texaswatch.org to learn more.