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Sat Mar 2, 2013, 01:33 AM

Proposed law would replace Texas Windstorm Insurance Association

CORPUS CHRISTI The private insurance market as soon as 2015 could be required to again provide wind and hailstorm coverage to coastal homeowners under legislation proposed by an influential member of the Texas Senate.

John Carona, R-Dallas, chairman of the powerful Senate Finance Committee, on Tuesday filed Senate Bill 18, the first of several legislative efforts expected this session related to the struggling Texas Windstorm Insurance Association.

The legislation effectively would abolish the windstorm association and the Texas Fair Plan Association in favor of a state-managed pool in which private insurers would be forced to pick up wind and hailstorm policies covered by the association.

Carona said he is hopeful the legislation will lead to only modest increases on insurance policies for homes in the highest risk areas of the coastal zone, a backhanded reference to a territorial rating program proposed and later withdrawn last year by Insurance Commissioner Eleanor Kitzman.

More at http://www.caller.com/news/2013/mar/01/proposed-law-would-replace-texas-windstorm/ .

[font color=green]This bill is getting mixed reviews because it will most likely result in premium increases statewide.

The bill also would allow for surcharges on property and automobile policies that are issued or renewed on or after Jan. 1, 2014. Coastal policy holders would pay a 5 percent surcharge on their premiums; inland policyholders would pay a 1 percent surcharge.[/font]

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Reply Proposed law would replace Texas Windstorm Insurance Association (Original post)
TexasTowelie Mar 2013 OP
northoftheborder Mar 2013 #1

Response to TexasTowelie (Original post)

Sat Mar 2, 2013, 12:36 PM

1. So..... all us land bound Texans will help pay insurance for all the vacation homes on the Gulf?

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