Have You Really Received All The Money You Are Entitled to for Your Hurricane Ike Wind or Flood Claim?

Eight Common Misconceptions About Hurricane and Flood Insurance Settlements

The insurance company or TWIA only owes me my actual damages and maybe my attorney fees for my damages.

Wrong. Texas law provides MANDATORY penalty damages against insurance companies and TWIA for not timely paying your claims. They have about 60 days to pay you from the date you provide them all the information they need to evaluate the claim. If they do not pay you in time they are required to pay you 18% interest on those damages. Texas law also provides for 6% pre-judgment interest. So, for example, if the carrier or TWIA failed to pay you $15,000.00 for your roof, they now owe you $15,000.00 plus $3,600 (24% interest on $15,000.00) plus attorney fees. If you can prove that the insurance company acted knowingly then you can receive up to three (3) times your actual damages under the Texas Deceptive Trade Practices Act.

1. Once I have received a settlement from my insurance company I cannot re-open the claim.
   
   
2. On my flood claim I have to take what they offer me because it is FEMA and lawyers don’t want flood claims.
   
   
3. The insurance company or TWIA only owes me my actual damages and maybe my attorney fees for my damages.
   
   
4. I hired a public adjuster and he got me all the money I am going to get.
   
   
5. If I hire a lawyer to handle my windstorm claim he will take a fee and take some of the money that I need to fix my house.
   
   
6. I had a beach house on the Bolivar Peninsula that got blown away. TWIA has some report from experts that says that the storm surge came ashore first and destroyed my beach house and the high winds only did about 11% of the damage to my home. I guess 11% of the cost to replace the house is all I can get.
   
   
7. I had broken windows and rain coming in through my roof. You can see water stains on my ceiling. But I also had flood water in my house and the insurance company or TWIA is saying that the flood caused most or all of my damage.
   
   
8. I am only entitled to what it cost me to fix my house, but some of the work was done by me or friends or church groups and volunteers so I cannot get paid for that.