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Hundreds of thousands of insurance claims predicted in Texas in coming weeks

The Insurance Council of Texas expects hundreds of thousands of claims for broken pipes and water damage as a result of the Texas winter storm.

The impact of Texas’ winter storm is continuing to come to light as the sun comes out and the weather warms up.

The Insurance Council of Texas (ICT) predicts busted pipes and water damage at homes and businesses across the state could result in hundreds of thousands of insurance claims.

“ICT is gathering information to more accurately project the industry losses and claims costs in the state,” the organization stated on Monday, Feb. 22.

This could even be the costliest storm Texas has experienced, the ICT added.

Last year across Texas, residents filed 75 reports of busted pipes due to the cold weather with State Farm. In 2021 to date, nearly 29,000 claims have been made as a result of last week’s storm — the vast majority of those water-related.

“As the thawing happened and water was able to escape pipes, more homeowners may have experienced damage,” said Chris Pilicic, a State Farm spokesperson.

Anyone impacted by the storm should file a claim with their insurance company.

The Federal Emergency Management Agency (FEMA) is also stepping in to provide financial assistance to areas declared a major disaster. That includes more than 100 Texas counties so far. Here’s what you need to know before you apply for FEMA money.

Disaster assistance can be used to help pay for temporary housing and home repairs, but individuals have to file with their own insurance prior to reaching out to FEMA.

Under the Stafford Act, FEMA can issue up to $34,900 to individuals seeking assistance.

Other than direct money, disaster assistance can also lead to low-interest loans for things not insured.

Learn more about FEMA assistance here.

Source: www.kvue.com

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