insurance council of texas Archives

Moody’s expects Winter Storm Uri to result in billions in insured losses

February 26, 2021February 25, 2021 H. Cutner

The massive freeze and snowfall were particularly hard on Texas, though it struck much of the South. The powerful cold weather nicknamed Winter Storm Uri, smashed across the middle and Southern United States last week, leaving Texas especially devastated. According to Moody’s Investor Services, the insured losses from the weather will be in the billions. Winter Storm Uri, brought “snow, ice and some of the coldest temperatures in decades, particularly in Texas and across the Southern U.S.,” said the Moody’s report. This was particularly true on Valentine’s Day and through…

Insurance groups offer Texas storm preparedness tips for homeowners

April 2, 2019March 29, 2019 H. Cutner

Texas storm preparedness - storm destruction - homes

As the spring storm season gets fired up, insurers are hoping home insurance customers are ready. Texas storm preparedness can help to make a big difference in the risk of damage throughout the spring season. This year, insurance groups are offering policyholders added advice to help protect themselves against rains, winds and other severe weather risks. These helpful recommendations will reduce the risk of damage and make the claims process easier. The right Texas storm preparedness can make it possible for homeowners and vehicle owners to keep their property safe.…

New law in Texas makes changes to auto insurance requirements

January 8, 2016January 7, 2016 S.Vagus

New law targets ride-share companies, requiring them to have more insurance coverage A new law in Texas will require drivers for both Lyft and Uber to have more auto insurance coverage. The law also applies to all Transportation Network Companies and is meant to address concerns regarding a gap in auto insurance for drivers. Previous to the law, drivers were required to have a minimum of $30,000 per person injured in an accident, $60,000 per accident, and $25,000 in property damage per accident. Typically, this degree of coverage was enough…

Homeowners insurance premiums may grow in Texas due to natural disasters

January 4, 2016January 3, 2016 S.Vagus

2015 has been filled with natural disasters, placing pressure on Texas insurers This has been a troublesome year for many homeowners in the United States when it comes to natural disasters. In Texas, powerful storms have left many homeowners with damaged properties and the storms may have a significant impact on homeowners insurance overall. Insurers are expected to experience financial losses due to the high number of claims that have received as a result of the storms in Texas and this may lead to higher insurance premiums in 2016. Hail…

Concerns ignited over Uber’s auto insurance issues

July 29, 2014July 26, 2014 S.Vagus

Uber catches the attention of insurance regulators in Texas Uber, a personal transportation company that is growing at an astonishing rate, is beginning to attract the attention of state regulators in Texas. The Insurance Council of Texas has voiced its concerns about Uber, noting that 20 other states throughout the U.S. are beginning to look into issues regarding auto insurance coverage and the company’s services. Gaps in auto insurance coverage could create dangerous situations for consumers that make use of Uber’s services. There are concerns regarding Uber’s policies on auto…

Texas homeowners insurance rates no longer highest

December 26, 2013December 21, 2013 H. Cutner

The state may no longer be at the top of this costly list but this is great news for residents. According to recent statistics regarding Texas homeowners insurance rates – when compared with those in the other states across the country – are no longer the most expensive. This is a list that Texans are glad to hear that they are no longer leading. In fact, Texas homeowners insurance rates have dropped down to third place on the national list. This, according to the annual state rankings that have been…

Insurance news from fertilizer plant explosion includes high initial estimates

April 27, 2013April 25, 2013 G. Turner

The most recent figures say that the damages in West could be worth up to $100 million. According to the latest insurance news estimates from an industry group, the damage that resulted from the fertilizer plant explosion in West, Texas, could reach as high as $100 million. This estimate includes not only the damage to the plant, itself, but also to the nearby homes. According to the insurance news release from a spokesperson for the Insurance Council of Texas, Mark Hanna, there were approximately 140 homes that were destroyed in…