Last year was one for the real estate history books. The pandemic helped usher in a buying frenzy that caused home prices to soar nationwide by a record 19.9% between August 2020 and August 2021
Somewhat Reassuring News On Harvey Insurance Claims
Dated: August 31 2017
According to a recent blog by the Texas Association of Realtors, here are some things to keep in mind about House Bill 1774, taking effect September 1, 2017:
What does the new law do?
HB 1774 only deals with the process when a property owner sues an insurance company (or its agent) over a claim-related dispute (i.e., when the property owner believes they are owed more money than the insurance company offers).
But this situation is rare. According to the Texas Department of Insurance, only about 2% of claims each year result in this type of litigation.
While homeowners should always file claims as soon as possible, the new law will not change the claims process, no matter whether claims are filed before or after September 1.
Here are four key points to remember about the new law:
The legislation does not change the process for filing a property insurance claim, whether a claim is filed before or after September 1.
This legislation deals with how lawsuits arising from disputed claims are handled in court.
Claims relating to the National Flood Insurance Program (NFIP) are governed by federal law.
Claims relating to Texas Windstorm Insurance Association (TWIA) policies are not subject to the provisions of this bill.
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