Texans worry about increasing flood insurance rates

Posted on Wednesday, April 2nd, 2014 at 3:40 pm    

Many homeowners and small businesses in Texas are troubled by the upcoming flood insurance rate increases. Rates are spiking because of the government’s attempt to revamp the National Flood Insurance Program.

Though President Barack Obama approved a rate relief bill to reduce high insurance rates on March 21, second homes and businesses are still facing an annual 25 percent increase in their insurance. Over 61,000 policy holders in Texas will be affected by the rate hike. Aggressively revamping the federal insurance program from its $24 billion debt could negatively affect businesses and homeowners.

As many homeowners and businesses are being threatened by flood insurance rate increase, many policyholders are also facing difficulties collecting compensation for property damage. The lawyers at Smith Kendall, PLLC, help people in Dallas who are being hassled by insurance companies. Learn how we can represent you today by calling (214) 361-6124.