Property damage High costs of Hurricane Ike - Amy Witherite

2008-10-22 23:24:44 (GMT) (JusticeNewsFlash.com - Press Release, Texas, Top Stories)

Dallas Property damage lawyer, Amy Witherite, states Texas has the highest home insurance rates in the U.S. Now, even more homes will now be uninsured as companies refuse to pay for Ike’s damages.

Concerned insurance litigation attorney, Witherite with Eberstein and Witherite, LLP, indicates the high costs after Hurricane Ike and the cold shoulder the citizens are receiving from large insurance companies. Witherite comments, “The situation is similar to what happened in 2001 and 2002 when insurance company’s investments took a hard hit, therefore residents see a natural refusal to pay claims because the company’s investments are down.” Witherite continues to note, “With high numbers of uninsured residents and company’s refusal to pay, homeowners are forced to enter the Texas Wind Pool, which is already under- funded. All the while the insurance industry continues to have record profits.”

The report by the Harris County Housing Authority indicates that Ike will far surpasses other Houston-area storms in terms of costs. Reports found the residential damage assessment will cost about $771,000 and the county expects the Federal Emergency Management Agency to reimburse it for the entire cost.

Property damage lawyer, Amy Witherite explores the damages caused:

• Hurricane Ike caused about $8.5 billion in damage to Harris County houses, apartments and mobile homes
• Total residential and commercial damage from Hurricane Alicia in 1983 was estimated at $2 billion — about $4.11 billion adjusted for inflation
• Tropical Storm Allison in 2001 caused an estimated $1.76 billion in residential damage, about $2.1 billion adjusted for inflation.

The Dallas Texas property damage litigation firm of Eberstein and Witherite, LLP, recommends homeowners contact a property damage lawyer to assess damages incurred after the storm. Especially when Dallas, Galveston and Houston officials believe the total damage estimates are always higher than insured loss estimates because some property is uninsured or underinsured, and most homeowners’ policies don’t cover damage from storm surges.

Contributor: Amy K. Witherite, leading Dallas property damage attorney experienced in the practice areas of property damage and insurance claims, personal injury lawsuits and negligence cases.

Law Office of Eberstein & Witherite
3100 Monticello, Suite 500
Dallas, Texas 75205
Toll Free: (888) 407-6669