We don't want to be the bearer of bad news.
But the Texas Department of Insurance released a report about Hurricane Harvey claims that confirms much of what we've been reporting on our blog:
Insurance companies are dragging their feet and delaying the recovery of South Texas.
According to the report, only 26 percent of residential claims ended with the homeowner receiving a check. The number of claims that ended with homeowners receiving nothing made up 60 percent of total claims filed (as of October 2017). That means homeowners are twice as likely to get nothing for their claim as they are to get anything at all.
Insurance Companies Holding Back
The percentage of homes receiving money says nothing about how much they're receiving. The same report found that the average payout was about $10,000—far less than what the average homeowner needs to rebuild their home post-Harvey.
This is consistent with what investigators have realized about the nation's largest insurance companies: the claims that get paid fastestare the ones where homeowners settled for the insurer's first offer. This first offer, by the way, is often at least 30 percent less than what claimants are entitled to.
Some Good News for the Coastal Bend
For residents in Corpus Christi, Rockport, Port Aransas, and other cities in the Coastal Bend, the ratio of paid claims to unpaid claims is far more favorable. Roughly 50 percent of closed claims filed in the Coastal Bend resulted in payment, while 25 percent resulted in no payment.
Give Your Future a Fighting Chance
The people of Texas are itching to rebuild...but they're stuck in a holding pattern until their insurance companies come through. That's why our team is helping numerous Harvey survivors with their claims: to help them get their lives back to normal.
Arnold & Itkin has spent our entire careers preparing for an event like Harvey. We've taken on the largest insurers in the industry, claiming billions for our clients when they needed it most. Give yourself an edge with your insurance company—let us file your claim and fight for your home and for your future.