5 Common Types of Property Claims in Texas
Texas’ tumultuous weather can cause a fair amount of homeowner headaches — and an influx of all different types of property insurance claims. From hurricane-induced flooding to thunderstorm-spun hail, weather woes can have a massive impact on your home and personal well-being.
Insurance can play a critical role in a family’s financial health and overall security, especially as natural disasters become more frequent. In 2019, 97.2% of homeowners’ claims were related to property damage, according to the Insurance Information Institute.
Here are five common types of property claims in Texas and what policy is needed for each claim.
1. Fire Damage
Policy Type: Property Insurance
There were nearly 350,000 home structure fires a year in the U.S. between 2015 and 2019, according to the National Fire Protection Association. Typically, property insurance helps cover home repairs and personal belongings damaged by fire, up to the limits of the policy. For additional protection, homeowners could consider increasing their coverage limit or adding an inland marine policy for select valuables.
2. Flood Damage
Policy Type: Flood Insurance
Heavy rains and hurricanes can bring water to your doorstep — literally. Sandbags aren’t always enough to keep rising water out of your home. If you’re not careful, water damage can lead to mold, which ushers in a whole new homeowner headache. Because of regulation, flood insurance steps in where regular homeowners or renters policies do not. Keep in mind: It takes 30 days after your first payment for your flood insurance to go into effect.
3. Hail Damage
Policy Type: Auto Insurance
April showers bring May flowers — and sometimes hailstorms. This is especially true for those living in Texas’ Tornado Alley. Texas accounted for a quarter (more than 1.5 million) of all U.S. properties affected by hail, according to a 2021 report from Verisk. Your property most at risk from hail? Your vehicles. There are some preparations you can take to protect your vehicles and home from a hailstorm, but chances are you’ll be impacted by hail at some point if you live in Texas.
4. Roof Damage
Policy Type: Property Insurance, Flood Insurance, or Windstorm Insurance
Roof damage has numerous culprits: sun exposure, heavy rains, hail, flooding, and high winds, to name a few. Texans across the state can experience these on any given day. (Plus, Texas is no stranger to tornados.) If these weather events cause significant damage to your home, it’s important to file a claim as soon as possible. Leaving a damaged roof as is could lead to an insurance gray area. Should you need to file a claim for a leaky roof down the line, untreated damage can be viewed as neglecting proper maintenance, which a homeowners policy typically won’t pay for.
Keep in mind: If you live near the coast, you might be required to purchase a windstorm insurance policy issued by the Texas Windstorm Insurance Association (TWIA) to cover wind damage. Also depending on your home’s location, you may need a flood insurance policy administered by the Federal Emergency Management Association (FEMA). All damage from windstorms and flooding will be adjudicated through these policies and not through your typical property insurance. Your Texas Farm Bureau Insurance Agent can help you determine whether you need these policies.
5. Water Damage
Policy Type: Property Insurance
As we saw in February 2021, winter weather can turn from calm to chaos in a matter of hours. Pipes can freeze and burst, damaging a home’s floors and interior walls. The longer the water lingers, the more damage it can do. When unexpected water damage from plumbing issues such as burst pipes occurs, the right property insurance coverage is key.
Should I File a Claim?
Sometimes, knowing when to file a claim is half the battle. It depends on the extent of the damage and the amount of your deductible. For example, if your property insurance deductible is $1,500 but the damage can be fixed for less than that, you might not want to file a claim. Your Texas Farm Bureau Insurance Agent can help you determine which type of property claim you should file, if at all.
You can’t predict when or how property damage will occur, but you can protect your home with consistent maintenance and the right coverage. Contact your Agent to talk about your property insurance coverage before Texas’ next great weather event.
Coverage and discounts are subject to qualification and policy terms and may vary by situation. © 2022 Texas Farm Bureau Insurance
