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, Agosto, Aziz & Stogner 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 713-222-7211 for your free consultation.