Texas’ New Property Insurance Law That Could Affect Your Flood-related Claims from Hurricane Harvey
What is this new property insurance law?
The House Bill 1774, which becomes a law in the state of Texas on September 1st 2017, will make it more difficult for home and business owners to seek payouts from private insurance companies after hailstorms, floods, and hurricanes.
One big change is that the bill will significantly reduce the penalty interest rate that insurance companies face for late payments if the policyholders files a lawsuit from 18 percent to 10 percent of the claim.
Who will be affected?
The law will impact policyholders in Texas that are under private property insurance companies. Even though flood insurance is generally provided by the federal government, it is important to check whether the property owner is under a private property insurance company.
When should I file the claim?
Before September 1st 2017.
What should I do?
If you are a policyholder under a private property insurance company, take the following steps necessary: