Hurricanes and Insurance Premiums

Hurricane Irma and Harvey have come and gone but we are now dealing with the residual effects, including higher property insurance premiums.

Large Scale Catastrophes
According to projections, a majority of property and auto insurance rates will rise in order for insurance companies to mitigate risks. The extensive and expensive damages caused by these large scale catastrophes may also effect states across the gulf and east coast.

Retaliation
Will insurance companies raise the rates of a policy holder as a result of filing a claim? This question is certainly a concern for our clients as well as the public. Absolutely not! If there is irrefutable evidence that this is the case, the insurance company is breaking the law and should be reported to the Texas Department of Insurance at
​1-877-281-1431.

Every policy holder has the right to file a claim in order to be indemnified (made whole) and restore the property to the way it was prior to the covered loss, regardless of how long the policy has been in place.

Coverage
Double check your insurance coverage! Many policy holders experience sticker shock at the price of the deductible when filing a claim, which is sometimes a direct correlation between the cost of their premiums and the amount of coverage.

For example, if a policyholder would like ample coverage for a sizable home but desires a smaller premium, then a larger deductible will likely be required when filing a claim. Vice versa, if a policyholder pays a larger premium for the same coverage, then the deductible will likely be smaller when filing a claim. Every insurance policy is different, however, and must be evaluated based on individual content and the needs of the policyholder. Always consult with your insurance company or broker regarding the contents of your policy to be aware of coverage and cost.
Our team of Texas licensed public adjusters are qualified to provide professional service!

Call Morgan Elite Specialist Services today for additional information or questions regarding your personal situation at 855-455-3404.

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