Comaltex Insurance Blog

All You Ever Wanted to Know About Insurance

Facebook doesn't always have ALL the info...

Sometimes information on Facebook is not necessarily the whole story.  It is our opinion that the information currently on Facebook about the need to file claims before 9-1-17 is not the whole story. Below are the statements from State Sen. Kelly Hancock, the author of HB 1774 as stated to TLR (Texans for Lawsuit Reform):

"First and foremost, our prayers are with each Texas family affected by the storm,” Hancock said. “I am closely monitoring the local, state and federal response and want to echo the clear message of our statewide officials that this disaster is ongoing, and our focus must continue to be saving lives and meeting the critical needs of those in harm's way.

"Sadly, while the storm is still raging and acts of heroism abound, a select few bad actors have circulated misinformation regarding insurance claims to scare property owners, all for the sake of profit.”

The senator’s statement says the facts are:

- In the wake of a significant natural disaster, homeowners should be on alert for storm-chasers. File insurance claims directly with your insurance company. Do not provide up-front payment to individuals who may be blanketing your neighborhood promising faster repairs or larger payouts;

- HB 1774 has no impact on the insurance claims process, it only affects lawsuits. The narrative that the claims process changes on Sept. 1 is false. There is no need to rush to file a claim. Put your safety first. Do not return to seriously-damaged property unless you are informed that it is safe;

- Under HB 1774, if an insurance company acts in bad faith, property owners maintain the option to sue and are encouraged to report their insurer to the Texas Department of Insurance Consumer Help Line at 1-800-252-3439; and

- In the event that a lawsuit becomes necessary, HB 1774 limits lawyer's fees so that more awarded damages stay in the pockets of the rightful recipient, the property owner. In addition, prompt pay penalties awarded through a lawsuit will now be calculated on a floating basis tied to interest rates, with a 20 percent ceiling, rather than a static 18 percent penalty.  (Note:  underline emphasis belongs to Comaltex)  Read the entire article here:  https://www.tortreform.com/new...

Please contact us here at Comaltex if you have any questions.  We don't claim to have all the answers, but we will share the answers we do have with you.  #TexasStrong



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