Sticker shock on renewal rates
Many people are experiencing sticker shock when they open up their insurance renewals for their home or auto. The last few years have been extremely hard on the insurance industry across the nation as well as right here in Texas. In the last few years alone in Texas we have had: Bastrop fires, Eagle Mountain Lake fires, massive hail storm in excess of $1 Billion in Dallas in 2012, record setting tornados last year in North Central Texas. The hail storm that hit Grand Prairie and Dallas was so severe it damaged more than 70,000 autos and damaged roofs that had survived the previous 80+ years storms.
Late last year the US also experienced one of the worst hurricanes on record when Hurricane Sandy hit the northeast. According to Independent Agent magazine’s February 2013 issue Hurricane Sandy caused somewhere between 10 and 25 billion dollars in damages. If the damages reach $18.8 Billion, this storm would only follow 5 other disasters in GLOBAL insurance history by private insured losses:
Hurricane Katrina, Gulf Coast, 2005 $48.7B
Japan earthquake and tsunami, 2011 $38.6B
Hurrican Andrew, Florida and Lousiana, 1992 $25.6B
9/11 attacks, New York, 2001 $24.6B
Northridge earthquake, Los Angeles, 1994 $23.9B
If you experience sticker shock be sure to contact Lone Star Insurance Agency. As an independent agent we are proud to offer our clients numerous choices of companies, coverages and costs to help meet their specific insurance needs.