The U.S. has been hit by an unusual number of severe thunderstorms this summer. For example, on Aug. 11, a hailstorm tore through Billings, Montana, shattering windows and punching holes in roofs. This sort of damage can cost hundreds or even thousands of dollars to repair, forcing many homeowners to file an insurance claim to recover their losses. Fortunately, there are several things they can do to make the claims process go more smoothly.
Get help with insurance claims and maintenance after a storm
It was a beautiful, sunny day, but you noticed that clouds were starting to form. Just a few hours later, the sky was dark and the winds were picking up. Hail fell, heavy winds tore through the neighborhood and your properties were left damaged. Fortunately, they were still standing.
LEGAL SUPPORT FOR REAL ESTATE PROFESSIONALS
Realtors and other real estate professionals play an important role in assisting buyers and sellers in transactions involving homeowners associations ("HOAs"). Smith Jadin Johnson is here to help professionals ensure that their clients have all of the information they need to make an educated decision about their particular situation, and to make sure their transaction goes as smoothly as possible.
Texas is top state for hail damage insurance claims
Texas leads the nation in hail damage insurance claims, according to an analysis released by the National Insurance Crime Bureau (NICB). The analysis looked at claims data from Jan. 1, 2016 through Dec. 31, 2018.
Association Insurance Deductibles
Insurance claims can create financial burdens for homeowner association who have to pay often-substantial deductibles under their master insurance policies. While every insurance policy is different, many HOA insurance policies now have separate deductibles for wind and hail claims that can be as much as 1%, 2%, or even 5% of the total insured value of the property. For example, a condominium building valued at $15,000,000 with a 2% deductible for wind and hail claims would have a $300,000 deductible for insurance claims involving wind or hail damage. Most associations cannot easily cover this deductible.
