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Texas insurance claims at record high due to wildfiresPosted On Thu, September 15, 2011
The recent wildfires that have ravaged Texas have set insurance claims records across the state, according to the Houston Chronicle.
It was predicted that the fires caused approximately $250 million in losses. The number could still increase, as Bastrop County, one of the worst areas, does not yet have all of its figures in, the news source reported. This year's fires more than doubled the previous claim record of $115 million in losses, which occurred in 2009.
While insurance rates may not be raised due to the fires, it may have an effect as time goes on, according to the news source.
"If it's going to be the case that Texas is going to be drier and hotter and wildfires will be more frequent, that will impact the cost," Robert Hartwig, president of the Insurance Information Institute, told the news source. "It affects those areas that are prone to risk, just like somebody in El Paso isn't paying for hurricane risk."
More losses can also be expected if more people move into areas where wildfires are more common, Hartwig added.
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