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Insurance Premiums Expected to Go up After Hurricane Harvey and Irma

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The hurricanes that struck Texas and Florida are already estimated at billions of dollars. Thousands of small businesses, even those with insurance coverage, face a long process of claims and rebuilding that could take years. Insurance companies are set to pay out large claims, however many experts say that this is an opportunity for insurance companies to raise premiums.

Insurance companies cover businesses and individual homeowners when disasters strike. But in the past few years there have been fewer big disasters. When there are fewer disasters people start questioning the value of having insurance. According to industry experts demand has stagnated and so premiums have been flat. Competitors have entered the field offering discounted rates. All of this has contributed to profit challenges for existing insurers.

People living in the areas slammed by the hurricanes are most at risk for auto and homeowners rate increases. But because insurance is handled by each state individually, people elsewhere in Texas and Florida could also see an increase. Drivers in states adjacent to those Harvey and Irma hammered also may face rate hikes, because some insurers calculate car insurance rates regionally. Residents of Texas, Florida, and surrounding areas should brace for premium increases.

If you or someone you know has been harmed in an accident, it is important to find a skilled law firm with experience handling these cases. The law firm of Abraham, Watkins, Nichols, Sorrels, Agosto & Aziz is the oldest personal injury firm in Texas, and our attorneys are standing by to assist with your claim. Call us today at 713-222-7211 or 1-800-870-9584 for your free consultation.

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  • 2016-2017 Equal Access to Justice Champion

    The Equal Access to Justice Champions Program was started by the Houston Bar Association in 2006, to help ensure placement of Houston Volunteer Lawyers cases with pro bono volunteers. Originally, firms were tiered according to size, and firms within each tier committed to accept a certain number of pro bono cases from HVL each year for five years.

  • The National Trial Lawyers | Top 100 Trial Lawyers

    The National Trial Lawyers: Top 100 is an invitation-only organization composed of the premier trial lawyers from each state or region who meet stringent qualifications as civil plaintiff and/or criminal defense trial lawyers. Selection is based on a thorough multi-phase objective and uniformly applied process which includes peer nominations combined with third-party research.

  • Million Dollar Advocates Forum

    Established in 1993, the Million Dollar Advocates Forum (which includes the Multi-Million Dollar Advocates Forum) is one of the most prestigious groups of trial lawyers in the United States. Membership is limited to attorneys who have won million and multi-million dollar verdicts and settlements. There are over 4000 members throughout the country. Fewer than 1% of U.S. lawyers are members.

  • Recognized by Best Lawyers America | Abraham, Watkins, Nichols, Sorrels, Agosto & Aziz | 2017

    Recognition by Best Lawyers is based entirely on peer review. Their methodology is designed to capture, as accurately as possible, the consensus opinion of leading lawyers about the professional abilities of their colleagues within the same geographical area and legal practice area.

  • Lead Counsel Rated

    In order to earn the Lead Counsel Rating, an attorney must not only demonstrate significant legal experience, but must also receive multiple peer recommendations advocating his or her ability. This is a key component in the screening process.

  • Texas Super Lawyers | Texas Monthly

    Each year, Super Lawyers recognizes the top lawyers in Texas via a patented multiphase selection process involving peer nomination, independent research and peer evaluation. The Texas lawyers who receive the highest point totals during this selection process are further recognized in Texas Super Lawyers Top Lists.

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  • $50+ Million Personal Injury Fire and Explosion

    The firm successfully represented nearly 100 victims who suffered personal injuries and damages to property from a large fire and explosion resulting in a settlement of more than $50 million. The firm served as lead lawyers on the steering committee in this litigation.

  • $80 Million Personal Injury Large Plant Explosion

    The firm successfully represented 270 plaintiffs', taking a lead role in the plaintiffs' steering committee, who suffered injuries in a large plant explosion resulting in a settlement of nearly $80 million.

  • $50+ Million Personal Injury Plant Fire and Explosion

    The firm successfully represented 45 personal injury victims in a plant fire and explosion, serving on the plaintiffs' steering committee, concluding with a settlement of more than $50 million.

  • $22+ Million Personal Injury Work Site Accident

    The firm prevailed in a personal injury trial for a worksite injury client with the jury returning a verdict and resulting in a judgment of over $22 million for the firm's client.

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    The firm successfully achieved a $12 million settlement for the family of a man who died in an 18 wheeler collision.

  • $30 Million Personal Injury Burn Victims

    The firm prevailed on behalf of three burn victims with settlements totaling nearly $30 million.

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