Hurricane Harvey Damage
Hurricane Harvey has devastated Texas, including the Houston area. The storm will result in many Hurricane Harvey – Insurance Claims.
Roads have been covered in water. Businesses and houses have been flooded. People have been forced to evacuate their houses and take shelter. But people are strong and resilient. The stories of rescues occurring and people helping others has been amazing and inspiring.
Hurricane Harvey – Insurance Claims
After the water recedes, people will be able to return to their homes. At that point, they will be able to assess the damage to their homes. Many insurance claims will be made as a result of Hurricane Harvey.
A new law was recently signed in Texas that will go into effect on September 1, 2017. The new law, House Bill 1774, will reduce the penalties that insurance companies will face if they don’t pay enough and decrease the chances they will have to pay attorney’s fees. Many attorneys are encouraging homeowners to send written notices of their Hurricane Harvey – Insurance Claims before Friday, September 1, 2017.
Property owners will still be able to file claims after September 1, 2017. However, if the claim is filed after September 1, 2017, then the property owner will likely fall under the new law. The new law reduces the interest rate insurance companies have to pay as a penalty for not timely paying a claim. Under the new law, the interest rate will likely be around 10%. Under the current law, the interest rate is 18%. The lower interest rate could amount to thousands of dollars on a major claim.
The new law only applies to private insurance companies. Flood insurance is generally provided by the government.