Having insurance is a fundamental aspect of daily life in Texas. That includes health insurance, automobile insurance, home insurance and more. For those who do not have insurance or try to file a claim only to see it denied, it is imperative to be aware of their rights to get the coverage and compensation they are entitled to. Often, insurers will use fine print or clauses that the policyholder was unaware of and try to avoid paying or make lowball offers. A new law for renters has gone into effect and if people are not aware of it, they could be confronted with challenges in the aftermath.
New law in place to protect renters from floods
With the new year underway, a law has gone into effect requiring landlords to inform tenants that there is a flood risk prior to them signing a lease. There are basic rules that should be known regarding this law. There is a relevant Federal Emergency Management Agency (FEMA) flood line.
For properties below that line, if it flooded once in the previous five years or is in the 100-year floodplain in which there is a high risk of a flood, there must be written notification that there is a chance the property could face this problem. In general, renters are not covered for flood damage. If a person is moving to areas in Texas where this could happen, they must prepare accordingly.
Weather events have been at the forefront of insurance disputes in the Long Star State in recent years. In the past year, there was the historic ice storm. In addition, hurricanes have done significant damage, destroyed property and left people waiting for their coverage to reimburse them for their losses. For homeowners and renters, knowing the law and how it changes the landscape for flood insurance is essential.
Holding insurance companies accountable may require assistance
While insurance companies are friendly and caring when they are trying to sell a policy, collecting for losses can be the foundation for extended dispute and the company doing whatever it can to reduce the payments or not pay at all. Assessing the policy and the law is vital to reaching a positive resolution. With this or any other situation when there are delayed or denied insurance claims, it is important to seek professional legal help immediately to force insurance companies to abide by the agreement.