The Texas Legislature recently enacted HB 1774, a first party insurance bill that lessens penalties for insurers when denying, delaying, or underpaying valid insurance claims from Texas individuals and businesses. This will easily prolong the rebuilding process for Texas communities, while forcing residents to wait to receive the insurance benefits they diligently pay for.
This bill is set to take effect on September 1, 2017.
The provisions in this bill will significantly impact rights and remedies for property owners under the Texas Insurance Code and will be more restrictive than the restrictions already contained in current legislation.
Given the current severe storm system and its timing, Texas homeowners should be on alert and where possible, attempt to turn in claims to their insurance carriers, in writing, before September 1st. Best practice is to date the claim and keep a copy of what is turned in and if possible, maintain some kind of proof of the date of notice.
Chaiken & Chaiken is committed to holding insurance companies accountable while protecting your rights as a property owner. Contact us if you have additional questions on how HB 1774 may affect you.