As we start spring, construction projects are likely to increase now that the winter months have come to an end. Unfortunately, spring is also the season of storms, so it is extremely important to have the right builder’s insurance set in place in preparation for a bad situation.
The purpose of construction insurance is to protect construction projects while they are taking place. So in the case of an incident that leads to damage, construction companies and project owners are protected against any potential financial losses.
The reliable bad faith insurance attorneys of Millin & Millin want to provide you in-depth information on what construction companies should know about Texas Builder’s Risk Insurance this spring season.
Each year, storms, fires, and other disasters rock Texas, causing billions of dollars worth of damage to buildings and houses, including those that are still under construction. In a region that is susceptible to unforgivable spring weather, there is no question that builder’s risk insurance is essential as the likelihood of being impacted by a spring storm is greater than in other areas.
If this type of damage isn’t covered by your traditional builder’s insurance, it could drastically postpone a project, or result in them failing, if the financial loss is large enough.
Builder’s risk insurance can offer protection for delays, market loss, faulty workmanship, and other indirect incidents that result in losses. While not all builder’s risk policies are identical, the vast majority cover all-risk basis. Basically, it’ll take care of all causes of loss except for those not mentioned in the policy.
Generally, builder’s risk insurance policies cover:
Coverage may be consolidated for the builder’s risk for extra costs that occur because of a construction delay. These construction costs include, but are not limited to:
It is worth noting that builder’s risk policies typically cover new construction expenses, meaning your insurance might just cover the recently renovated or fixed parts of the building if you’re working on an existing structure. The policy might only address the new construction costs’ value and dismiss any damages to the current structure.
While insurance companies hold the right to deny certain coverage outside of your policy, some will reject perfectly worthy claims. Bad faith insurance acts are used to convince you that your insurer’s rejection is within their rights. A common tactic used is to say that your filed claim isn’t part of your policy - even when it is.
Exclusions are losses that aren’t mentioned in your policy. Your insurance provider may declare that your damages are excluded from the policy to get out of covering them. They may intentionally misinterpret your claim so they can completely decline it.
In some cases, your insurance may state that the damages already existed, that you didn’t notice the damage as pre-existing, or they might even accuse you of insurance fraud.
Even if your claim may have been denied, you don’t have to give up on seeking coverage. If you think your insurance provider acted deceitfully, then you may be eligible to file a bad faith claim. An insurance company acts in bad faith when they fail to demonstrate their expected responsibility as an insurer. You may be able to file a claim against your insurance company and receive compensation for any losses you experienced because of the denial.
Insurance law is very complicated, so it is imperative to seek the right representation and resources to challenge an insurance company. Most insurers already have legal teams ready, so it’s especially crucial to prepare yourself for what’s to come.
Depending on any and all losses you faced because of your insurer’s acts, you may receive compensation for:
Completing a construction project is already a challenge on its own. When your insurance company doesn’t support you, it can cause you to feel overwhelmed. If you believe your claim was denied without a valid or legal reason, then do not wait to contact the insurance attorneys at Millin & Millin.
Our legal team is well-versed in bad faith insurance claims and construction accident litigation. Let us assist you through this process so you can finally get the compensation you deserve.
When you have suffered a personal injury accident, it’s logical that the first step you will want to take is to call your insurance company. Naturally, you’ll want to start the process of having your insurer take care of you - and that makes total sense.
The problem is, your insurance company may start to act in bad faith, failing to provide you the benefits you are owed or pressuring you to agree to a settlement for less than you deserve.
Suffering an accident is hard enough, but having to deal with an insurance company on top of that can be completely overwhelming. Thankfully, you don’t have to go at it alone.
An insurance attorney can make sure your insurance provider isn’t trying to take advantage of you and can negotiate on your behalf. If you’re feeling overwhelmed after a personal injury accident, contact Millin & Millin today.
Even when insurance companies don’t outwardly act in bad faith, they still may try to have you agree to a settlement for less than you deserve. Insurance companies stay in business by keeping payouts low, so they may challenge your description of the incident or ask you to jump through hoops in order to frustrate you into taking whatever settlement they offer. At times, insurance companies and their adjusters may make unreasonable demands on information to provide them in an attempt to stretch out the duration of your claim, causing you to pass the statute of limitations to complete your claim.
A trustworthy insurance claim lawyer, on the other hand, will always keep your needs first. An attorney familiar with the process of making insurance claims can make sure that everything in your case goes smoothly, providing you the legal guidance you need to avoid any pitfalls.
Insurance companies like to rush claimants into settling quickly in order to keep settlements low. If you sign legally binding documents right away, only to later discover that you were more seriously injured than you thought, you will likely be unable to recover any additional money for medical bills and other costs associated with treatment.
It can also be hard to tell exactly what you’re agreeing to. Insurance companies may try to convince you to sign a full release when you think you’re signing a property damage release. Insurance companies may pressure you into signing medical release forms.
In general, it’s best to check with an attorney before you sign anything from an insurance company.
Speaking of full releases, property damage releases, settlements, negligence, liability, fault — insurance talk can be downright confusing. If you attempt to negotiate with an insurance company on your own, they will use your lack of experience against you.
At times, insurance adjusters will take advantage of the situation and utilize their experience to make the process as intimidating as possible. But a dependable attorney will fight and make sure the insurance company gives you the compensation you deserve.
In most cases, insurance companies record conversations with their clients. Even if you feel you’re having a friendly conversation and feel safe confiding in the adjuster, it’s important to remember that your adjuster works for a billion-dollar company trying to be as profitable as possible.
Just telling the truth can reveal facts that your insurance company has no right to know and no right to ask for. Your best bet is to wait until you have legal guidance on how best to approach the situation or a lawyer who can adequately negotiate on your behalf.
The bottom line is, insurance companies can leave you out to dry if you don’t have legal representation. The insurance process is anything but intuitive, and it should be taken very seriously- especially when it comes to your physical and financial well-being.
While your case may seem simple to you, the reality is that many factors can come into play, affecting your ability to secure the benefits that are rightfully yours. On the other hand, if there are other complicating factors you don’t know about, hiring an attorney can mean the difference between getting the compensation you need and not having enough for your medical bills or other financial needs.
Insurance companies may not always act in good faith because they are too concerned with their bottom line.
Your lawyer’s job is to protect you, not a billion-dollar company. The dedicated attorneys at Millin & Millin will do everything in their power to make sure you get the settlement you and your family deserve.
At the beginning of the new year, many people often make resolutions to better themselves. From eating healthier to exercising more, saving money to completing a project, we all make goals for the year.
In 2020, resolve to better protect yourself and your loved ones by performing an annual insurance review. This simple act can save you from a ton of problems should you have to file an insurance claim down the road. By knowing exactly what coverage you have and - perhaps more importantly - what you are missing, you’ll be able to make the right decisions about your insurance needs.
Your insurance claim lawyers at Millin & Millin highly recommend you review your policy at the start of every year with your insurance agent. Here’s why.
If you have coverage for any of your property - including a home or other valuables - you may find that you are actually underinsured because of how property value increases. For instance, if the property value of your home is greater than the cost of when you first bought it, then you may not have enough coverage to rebuild in the event of a catastrophe.
For example, if you paid $150K for your home but over the years its value has increased to $250K, then a lack of coverage could leave you footing the bill on any damages suffered.
When reviewing your insurance policy, you may find the means by which to save yourself a bit on insurance costs, including taking advantage of discounts you weren’t aware of, adding extra coverage at no extra costs, or even taking coverage off of property you no longer have, such as a vehicle you recently sold.
Depending on your insurance provider, you may even be able to lower your premium if you have improved your credit score over the past year, decided to pay an annual premium versus monthly installments, or simply been with the company for a significant amount of time.
Businesses in the United States are expected to have certain policies in place in order to protect employees and clients. Failure to update your coverage can lead to substantial penalties, or even bigger issues, like being sued by another party.
It is much better to be proactive when it comes to your business and seek out adequate coverage so you can protect your business and yourself from financial hardship.
When performing an annual insurance review, there are several questions you will want to ask your insurance agent in order to ensure that you have the protection you need to keep yourself, your family, and your valuables safe.
Start the decade off on the right foot by reviewing your insurance policies. If it’s been some time since you last examined them, you’ll have the opportunity to make adjustments before disaster strikes. This can prove to be absolutely pivotal when making an insurance claim.
Unfortunately, even with the right coverage in place, insurance companies may still act in bad faith. If you are dealing with an insurer who does not want to pay out the coverage that is rightfully owed to you, then do not hesitate to contact the dependable and trustworthy insurance claim lawyers at Millin & Millin. We have the skill, knowledge, and compassion necessary to get you the results you need.
While insurance companies are obligated to compensate victims of drunk driving accidents, there have been instances where they attempt to avoid paying out by placing blame solely on the driver.
For instance, one agency attempted to classify a drunk driving accident as intentional in order to avoid paying the verdict. The insurer argued that because the driver chose to drink and drive, it was as if they were acting intentionally, which is not covered in their policy and thus they were not liable for damages.
The victim of the accident was forced to sue the insurance company as a result. Thankfully, the court ridiculed the logic of the insurance company and forced them to pay out to the victim.
This case was of great value to Texas drivers who have been injured in auto accidents caused by drunk drivers and who are having issues with the negligent party’s insurance company. You DO NOT have to deal with insurance company’s acting in bad faith when you have suffered a severe personal injury as the result of another party’s carelessness. Let the insurance claim lawyers of Millin & Millin help right the wrongs done against you.
In order to recover compensation for the damages and injuries you have suffered, you will need to file a claim against the drunk driver’s insurance provider. Unfortunately, this is often easier said than done.
Insurance companies - especially those acting in bad faith - may attempt to delay your claim in order to either frustrate you into taking a minimized settlement or in order to stretch the claim out until it has passed the statute of limitations.
In the State of Texas, individuals have two (2) years from the date they were injured in order to file a personal injury claim against the responsible party.
This means that you should seek out quality legal counseling immediately after you have suffered your catastrophe. Not only is it necessary so that you can file your claim within the proper time frame, but also so that you can also fight back against insurance company who is unlawfully denying or slowing down the claims process.
Whether you are misinformed by the negligent party’s insurance provider or if you simply do not know your rights, please be aware that the drunk driver does not have to be charged or found guilty of criminal activity in order for you to file a civil claim.
Whether or not the driver is found guilty of a DWI charge, you can still pursue a personal injury claim. Your attorney will need to provide evidence, however, that the driver was responsible for the accident - and simply using the DWI charge is not valid enough. Instead, your attorney will have to rely on the facts of the situation and focus on the exact cause, such as speeding or running a red light, in order to prove that the driver was responsible for your injuries.
A dependable attorney will thoroughly investigate the claim in order to recover compensation for your damages.
What Will the Insurance Company Cover After a Drunk Driving Accident?
Depending on the specific circumstances of your accident and the amount of coverage the liable driver has available, then you may be able to receive compensation to help cover but not limited to:
It is important to note that (1) if the driver only has minimum coverage then you may need to seek restitution through another manner and (2) you will only be able to receive compensation up to the policy limits of the insurance company.
Is the insurance company of the responsible driver trying to deny your claim or place liability strictly on the driver? This is known as bad faith and you have the right to seek justice against this type of illegal business tactics.
Suffering from a serious accident and having to make an insurance claim can be scary and frustrating. Sadly, many insurance companies will not make it any easier on you and may make you jump through hoops just to receive the coverage that is rightfully yours.
Do NOT accept this type of behavior.
Have you had a terrible experience with your insurance company acting in bad faith or offering you a disappointing settlement? In addition to consulting with the insurance claim lawyers at Millin & Millin, you also have the option of filing a complaint with the Texas government agency responsible for protecting consumers against bad faith insurance settlements.
The Texas Department of Insurance (TDI) regulates and investigates the handling of insurance claims in the state of Texas. If you believe that your insurance claim has been mishandled, the TDI can help hold the insurance company responsible and reverse or adjust your settlement, though a private insurance lawyer may be a better option in some cases.
Before we discuss the advantages of hiring a private insurance lawyer, here is some basic information on how to file a complaint with the Texas Department of Insurance.
Insurance companies are looking out for their own best interests when they settle an insurance claim, but consumers also have policy rights that must be protected.
Some of these rights include a prompt settlement process, fairness in negotiation and ultimately, a “good faith” settlement that is appropriate to the claim being made, whether it is home, auto or another type of insurance.
According to the TDI website, the department can help you with your insurance complaint against the following companies, agents and adjusters:
Disputing an insurance settlement can be a long process that may require detailed documentation and mediation between the parties involved. The process itself starts simple enough with downloading and submitting a complaint form from the TDI website, but before doing so you should speak with the insurance company’s customer service department to try and settle the dispute.
In other words, you should think twice before filing a complaint because it can be a long process and the result may not be what you expected. It is important to know clearly from the outset what is the nature of your complaint, what results you want to achieve and what are the chances of achieving those results.
Our insurance law attorneys at Millin & Millin can help you think through these questions.
Unfortunately, in the State of Texas, the department of insurance is not able to make findings on who is at fault in an accident. This is something you would have to take up with a personal insurance lawyer. Also, due to tort reform, the TDI is limited in what it can do in cases of personal injury claims.
An example of what the TDI can help you with is when an insurance company refuses to make auto repairs. In this case, you will want to keep all repair receipts to show the TDI and also make sure an adjuster inspects the vehicle damage before repairs are made.
By following the right process from the beginning (documentation, prompt communication, etc.), you can make sure that no insurance company will get away with a bad faith settlement.
There are many cases when hiring an experienced insurance lawyer is preferable to disputing a claim through the TDI or other state insurance department. Unlike the TDI, lawyers are working directly for their clients and are not dealing with thousands of public cases at a time.
The difference between a state insurance department and a private insurance lawyer can be somewhat like the difference between a public defendant and a personal lawyer in a criminal case. With a private attorney, you can be sure that you are getting the personal attention you deserve and that the lawyer will try to find every avenue to pursue what is rightfully yours.
The TDI is a good option in many general cases such as auto repairs, but other types of complaints (for example, personal injury) can be complex and a private attorney can uncover options beyond what you originally expected.
Even if you decide to file a complaint with the Texas Department of Insurance, by contacting the insurance claim lawyers at Millin & Millin you can discuss all your options and make the most informed decision for your insurance claim.
Is your insurance company acting in bad faith? Millin & Millin can help to right the wrongs done against you!
Contact us today at (956) 631-5600 for a FREE case evaluation.
The past few years have seen a few devastating hurricanes cause massive amounts of damage to Texas’ coastal region. While we here in the Rio Grande Valley have been fortunate to avoid any catastrophes, the reality is that a major storm can eventually hit our region.
That’s why being prepared this hurricane season is so important.
You not only want to have a plan in order to protect yourself and your loved ones, but you also want to make sure that you have the right insurance coverages in place so that you don’t have to handle the costs of hurricane damages all on your own.
Let the dedicated bad faith insurance claim attorneys of Millin & Millin provide you some tips that can help to minimize any storm damages while also giving you insight into additional insurance policies you may need to purchase.
Before a hurricane or tropical storm hit, you’ll want to take the proper steps to protect your home and property.
a. Inspect your roof for any damages such as leaks, loose or missing shingles, cracks, or other signs of roof damage that could become a major issue should a hurricane strike. Get it fixed as soon as possible.
b. Double check that your windows and doors are properly sealed with caulking.
c. Check your home’s gutters and drains for any damages that can lead to water leaking into your home.
d. Clean up your yard including trimming loose branches and placing loose objects into a storage room or home.
If a storm is definitely going to hit the region, you’ll want to protect your windows by using plywood or having storm shutters installed if possible.
Alongside physically preparing your home for a storm, you’ll want to make sure you have the right insurance coverage.
Many homeowners do not know exactly what their insurance covers and this can lead to a world of financial trouble if they aren’t careful.
Generally speaking, home insurance policies typically do not cover flooding and certain other damages that can occur if you live in an area prone to hurricanes, tropical depressions, or floodings. To ensure you are fully protected, start investigating as to whether or not you will need:
While we hope that our region will be able to avoid any major storms this hurricane season, we also want to ensure that the people of the Rio Grande Valley are fully prepared. Should your home suffer severe damage caused by a storm and you cannot secure the coverage to you, do NOT hesitate to contact the experienced insurance claim attorneys of Millin & Millin.
Whenever you sign up for insurance, either life, home, or auto, you do so under the belief that you will be protected should you or your property suffer some sort of damage. Insurance companies claim that they have all the resources and knowledge needed to help you successfully settle your claim - and that you won’t have to worry about a thing.
While they know how to sell to the consumer, do they actually know how to take care of them? The answer might be a bit startling.
The American Association for Justice (AAJ) did extensive research to compile a list of “The Ten Worst Insurance Companies.”
The organization dug through thousands of court documents (including those from the SEC and FBI), investigations, complaints, news pieces and testimonials from former agents and adjusters. The organization wanted to uncover which agencies were most prone to acting in bad faith. This refers to an intentional dishonest act by not fulfilling legal or contractual obligations, misleading another, entering into an agreement without the intention or means to fulfill it, or violating basic standards of honesty in dealing with others.
The organization found the following 10 companies were the worse culprits of conducting bad faith insurance.
There is a sense of irony when Allstate’s motto is “You’re in Good Hands” and end up being the worst offender. Based on the claims by the AAJ, the reason Allstate was at the top of their list was because of the company’s focus on increasing profits for shareholders rather than actually focusing on delivering quality customer care.
The company utilized deceitful tactics to essentially “lowball” their customers into taking minimal settlements. If the customers did not comply, the insurance would deny the claim.
The others are equally guilty as charged. The reports found that they all play by their own rules, meaning they’ll do whatever they can in order to save the company money while increasing profits. These insurance companies sadly put profits over the policyholders, and because of this, the insurance industry makes $30 billion a year in profits, on top of the $1 trillion they obtain off premiums.
Luckily, if you have experienced bad faith by your insurance, there is hope.
If you need a bad faith lawyer that can defend your rights and help you secure the recovery you so rightfully deserve, then contact the insurance claim attorneys of Millin & Millin. We have the skill, knowledge, and compassion necessary to achieve a favorable outcome you.
Whether your home is involved in a fire, suffers water damage from flooding, or has mold, there are steps you can follow to reduce the anxiety and financial worries concerning your situation.
In an emergency situation, it can be puzzling to know who to seek help from. There may be many questions you may have, including:
In the case that you do wish to file a claim on these damages, the bad faith insurance attorneys at Millin & Millin can guide you along the journey towards obtaining compensation.
One of the first steps you might want to take is to reach out to a Disaster Relief agencies and there are many reasons why.
A disaster relief agency is an organization that is trained to assess the damages caused by a variety of incidents. These organizations can assist you in dealing with your insurance company to help restore your home.
Individuals working for disaster relief agencies can answer many of the questions that may be on your mind. Additionally, they can aid you in cleaning up the mess, help you to gather evidence for your claim, create an estimate for restoration of damages, and help you to deal appropriately with your insurance adjuster.
Some agencies even render the aid themselves and can help to rebuild your home.
The first step to dealing with a disaster is to make sure all of the home occupants are safe. If trouble does arise, contact emergency responders such as the fire department in case of a blaze.
Next, you will need to assess the damages yourself. Consider if the home is safe to remain in or if it is best to evacuate and seek shelter. If the home is safe enough to enter, assess the damage and take pictures as well as video to document the damages.
DO NOT, by any means move, rearrange, or try and clean up the damages. If you need to file a claim with your insurance company, they will need documented proof of the damages caused by the disaster. If you attempt to clean up the damages yourself, your insurance company may attempt to place fault on you.
Should a natural disaster or accident cause substantial damage to your home, you’ll want to take the necessary steps to ensure that you get a fair settlement. Take the following actions when filing your insurance claim to get your damage repaired properly and efficiently:
Keep in mind that the value of your compensation depends on many variables. Here are some things that may decide if you get compensated and at what value:
Get on the path of rebuilding your home by calling the legal experts at Millin & Millin today at (956) 631-5600.
Being rushed to the emergency room can be a nightmare scenario for everyone involved. The stress and worry over the well-being of a loved one and costly medical services can put a lot of pressure on individuals.
Now imagine if your insurance denies coverage for this visit.
Alarmingly, it could even be deemed that your injury wasn’t really an emergency, leaving you to foot the entire bill.
Your insurance bad faith lawyers at Millin & Millin have the experience and legal know-how to accurately and successfully represent you in a court of law against bad faith insurance companies looking to shuck away responsibility to you.
Consider the following information about insurance denials of emergency room visits.
Recently, Anthem, the second-largest insurance company in the country, along with its subsidiary Blue Cross and Blue Shield of Georgia, informed their clients that they would no longer be paying out for trips to the ER if they determined that the visit was not an actual emergency.
A decision based on their own standards, leaving sick patients with big worries and even bigger bills.
It would do you well to be on the lookout if you or someone you love has recently been admitted into the emergency room and is insured by this company. In many cases, patients have received large bills in surprise after their ER visits and are expected to pay the entire costs on their own.
Anthem’s new policy on whether or not to pay an ER bill is based on a doctor’s diagnosis, not the reason the patient went to the hospital. The insurance giant defines what constitutes as an “appropriate” visit to the emergency room as anywhere “a prudent layperson, possessing an average knowledge of medicine and health” truly believes that immediate treatment is needed.
But what a “prudent layperson” and “average knowledge” is essentially left to the insurance companies imagination.
The Affordable Care Act provided a definition of a “prudent layperson” in order to protect patients from predatory insurance practices. Its original intention required that insurers based their claim payments on what an average person would consider an emergency. Now, the meaning has been twisted.
The insurer can go back after the visit and review the doctor’s diagnosis after and deem whether your trip was considered an emergency or not based on those results. For instance, an individual may visit the ER with immense chest pains only to find out that they are suffering from a severe case of heartburn.
Anthem would not consider this an actual emergency, leaving the patient to fend for themselves. Unfortunately, this may stop individuals who actually need help to shy away from visiting the ER when they actually need it.
Of course, insurance companies may claim that the goal of this policy is to decrease the costs of healthcare. Health care experts, however, state that this is more of the same bad faith insurance practices looking to squeeze out more profits from patients.
Attorneys like our insurance bad faith attorneys at Millin & Millin say that this new policy is a violation to the “prudent layperson standard” guideline, and if you have been affected, we want to help you get your voice heard.
The problem is that many “minor” symptoms can warrant a trip to the emergency room. A 2016 research paper published in the Journal of the American Medical Association (JAMA) concluded that six out of the top 10 reasons for “unnecessary ER visits” included symptoms like:
Coincidentally, these symptoms are also apart of the top 10 symptoms experienced that are correlated to real emergencies.
While this policy may have been arranged with good intentions to cut down on the costs of healthcare, it leaves patients in a precarious situation where the insurance company can deny your claim because they feel it wasn’t an emergency.
At Millin & Millin, we fight tooth and nail for our clients, not only to give them excellent representation but to fight for the compensation they deserve. Our years of experience in battling bad faith insurance companies is to your advantage. Claim what is rightfully yours.
To set up your free legal consultation, contact us today at (956) 631-5600.
Insurance companies are struggling with financial burdens of their own and their attempts to level out their own issues look to fall heavily on the shoulders - and wallets - of policyholders. Significant increases in insurance premiums will be very costly to consumers and perhaps leave many without protection against destructive weather.
Your insurance claim lawyers at Millin & Millin want to protect your family against the actions of bad faith insurance companies and insurance premiums. Mother Nature is unpredictable, but your home and safety should not be compromised because of greed.
We promise to help alleviate the financial problems caused by failed protection of the insurance policies you put your trust and money towards.
The Austin American Statesman recently reported that the Texas Windstorm Insurance Association plans to hike up policy prices by 10 percent. If the Texas Department of Insurance does approve these proposed adjustments, then the new rates will become effective by January 2019.
Windstorm insurance is currently available to 14 counties along the Texas coast. It is meant to cover property damages caused by the high-speed winds, hail, and tornadoes that can occur during destructive weather events such as strong storms and hurricanes. The insurance is meant to be a protective measure for Texans in these high-risk areas, but the rising prices are causing a dent in consumer’s wallets without the protection promised.
The last increase in insurance premiums in Texas was in 2017, prior to Hurricane Harvey’s arrival. It led to a $79 annual policy increase on the average premium of $1,600 for the year of 2018. With the current trend of increasing rates, the dollar increase of windstorm insurance premiums will reach an additional $160 per year by 2019.
Windstorm insurance is just one of the many insurance policies that are taking a toll on homeowners. Flood insurance premiums are on the rise as well. Industry forecasts predict a staggering 15 to 20 percent hike in flood insurance policies by 2019. This is no small adjustment from the 8 percent increase during 2018. That increase alone caused the average premium of flood insurance to rise to $1000 per year.
It is evident that the insurance industry does not have its customers’ best interests in mind.
The National Flood Insurance Program (NFIP) is suffering bad financial circumstances. The program’s inability to bring in as much as they pay out has left them in a $20 billion dollar debt. This is after $16 billion dollars worth of debt was recently forgiven. The unwavering amount of debt means that attempts to level out will require companies to charge policyholders more for protection.
An evident flaw of the NFIP is their inability to price premiums based on risk analysis. Instead, they charge according to the history of storms and flood maps of locations. Not to mention that high-risk areas are not always protected. For example, less than half of Florida has flood insurance.
The flawed pricing methods and the lack of coverage in high-risk areas results in debts that fall upon the policyholders.
The life-altering circumstances that result from drastic weather conditions are enough to worry about. Consumers should not bear the burden of insurance companies’ attempts to recover from their mistakes. You deserve the protection that you pay for without the worry of premium increases that break your bank.
Our experienced team of attorneys wants to help get you the protection you deserve. Don’t let bad faith of insurance companies unlawfully deny your claim or underpay you. You should always feel protected and financially secure.
Don’t weather the storm alone. Call the reliable attorneys at Millin & Millin today at (956) 631-5600 for a free consultation.
