What to Know About Texas Winter Storm Uri Insurance Claims

AUSTIN, Texas - March 9, 2021 - PRLog -- According to the Insurance Council of Texas (ICT), Winter Storm Uri was an "unprecedented storm for the industry." In fact, ICT expects more than 750,000 insurance claims and at least $18 billion in insured losses as a result of the storm. These will include auto insurance claims, business interruption claims, home insurance claims, and other property losses. While the full record of storm-related damage is incomplete, insurance industry professionals have drawn comparisons to other massive damage events in recent years.

For example, in 2017, Hurricane Harvey caused $19 billion in insured damage and $125 billion total damage in Texas. The last time the state saw a devastating winter event was in 2015, with $4.3 billion in damage, as well as in 1993, with $4.9 billion in damage ($9.1 billion today). On average, 40% of losses were covered by insurance.

Here are a few more facts about the Texas winter storm losses:

• State Farm handled 75 homeowners' claims in 2020, and the average claim amount was $10,300;
• After Winter Storm Uri, State Farm received thousands of claims during the week of Winter Storm Uri alone; and
• Home and property losses consist mostly of collapsed roofs and bursting pipes.

When evaluating your winter storm damage, check your insurance policy and see which types of losses are covered. Know your rights as a policyholder.

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