Hail Coverage For Your Texas Business
Let's face it. Hail falls from the sky in Texas for what seems like twelve months a year. We have lived here most of our lives and thunderstorms, hurricanes, and general weather craziness never seems to disappear. I guess that you could say that Mother Nature has as much of an independent streak as the rest of us that live here. The downside to this never ending view of funnel clouds, shelf clouds, and super cells is that it has made insurance companies lose their minds. Over the last decade, insurance premiums have skyrocketed and coverage keeps disappearing. And that is not conducive to running an efficient and profitable business from a risk planning standpoint! So what can you do?
After watching the chaos of the commercial insurance marketplace, Insurance For Texans has decided it is important to make sure that you can have an easy place to find answers to the weather related questions for business insurance in this great state. We know it's not easy to always understand what is going on and want to provide you with concise and actionable solutions to your problems. What you will find below is a list of the most common issues that Texas business owners are facing with respect to how their insurance handles weather related issues.
Hail Seasons?
Yes, we said hail seasons! Truth of the matter is that Texas does in fact have two seasons where hail is prominent. And that is causing all kinds of issues here in this great state. Every Texan is aware of what spring thunderstorms do in this state. But the fall also produces some BIG hail as well.
Learn more about what that means for your business and how to prepare.
Dropping Hail Coverage Completely?
As the insurance companies have gotten their butts handed to them by hailstorm after hailstorm, some have begun to remove wind and hail coverage from their policies in an attempt to salvage their business. Normally when you think about this kind of activity, you expect it to be with small companies that you may not have heard of before. But that is just not the case.
Learn more about what you can do if your insurance company removes hail coverage from your policy.
Forced Deductible Increases?
One other risk mitigation technique that the insurance companies have been taking is to raise the minimum wind and hail deductible on your commercial policy. Gone are the days of a $500 deductible. In many cases it is now as much as 3% or 5% of your property value. That's a lot of money on a building worth $1,000,000 or more. What can be done?
Learn more about how to overcome a large hail deductible here.
Losing Replacement Cost Value?
The final mechanism that insurance companies are forcing on Texas businesses to reign in hail claims on property is to shift from a replacement cost value policy for hail claims to an actual cash value settlement. This can be incredible bummer when you realize that the roof replacement that costs $100,000 is only covered for $30,0000.
Learn more about how to deal with actual cash value policies here.
But What If I Rent My Space?
When we talk to businesses that rent their space rather than own it, they often tell us that they aren't worried about hail coverage on their policy. Even if it is taken away from them. In the words of Lee Corso, "not so fast my friend". Even people who rent their space need to consider what they have at risk with no hail coverage.
Learn more about why all business owners need to consider hail coverage on their policy.
How Can I Fix This?
The great news is that Insurance For Texans lives, works, and plays in this great state that we call home. We are also business owners ourselves and understand not only what it's like to own a business in Texas, but also what the effects of big weather have on our businesses. We've worked with countless businesses to make sure that they have not only the proper hail coverage, but also the proper coverage for their entire operation. If you haven't reviewed your policies in ages or even talked to your insurance agent in longer, then we need to discuss your business. Our comprehensive look at your operations will make sure that you are covered rain or shine.
While our headquarters are just west of DFW airport deep in the heart of the Dallas-Ft Worth metroplex, we also offer great service in the following Texas cities and beyond:
If you are ready to get a handle on your business' insurance, call us at 469.789.0220 or click the button below!