If you’ve paid any attention to the news over the last few years, then you understand that Texas has a weather problem. A serious weather problem. Last year they were absolutely walloped by the worst hurricane season we’ve ever seen. However, hurricanes may not be what most residents need to worry about. Texas has a huge hail problem, and it doesn’t seem to be getting any better.
On June 6, 2018 North Texas got hammered by a massive hail storm, that racked up an estimated billion dollars in insured losses, according to Karen Clark & Co. The Insurance Council of Texas estimated that that storm damaged approximately 20,000 structures and 25,000 vehicles.
For many, that June storm brought up memories of the record-breaking hailstorm that hit Texas back in 2016. That April, 2016 storm racked up $1.6 billion in damages in Texas alone–meaning that it still holds the record for the costliest hail storm seen in Texas. In fact, during 2016 Texas and Colorado alone made up 48 percent of the total catastrophe losses in the U.S. during that year.
Unfortunately, it’s actually incredibly difficult to accurately predict whether a specific area is going to get hit by a big hail storm. The Insurance Journal spoke with George Hosfield, senior director, Home Insurance Solutions, at LexisNexis Risk Solutions, about this very issue. According to Mr. Hosfield:
“We can’t predict in any given year in any given location how bad the hail is going to be. But certainly, if we look at historical losses in that area, in that neighborhood, in that zip code, we can see that there is a pattern. It may go up one year and down the next but if we price to the middle, then we can actually get a much better view of that by looking at large data sets of historical loss data,”.
The reality is Texas has a hail problem, and it’s not going anywhere. So, if you live in Texas, make sure your car insurance and homeowners policies are up to date! The staff at TGS Insurance are always willing to help you find the right policy, at the right price. Visit www.tgsinsurance.com to learn more.