At its Board of Directors meeting in Austin on Aug. 25 and 26, the Texas Insurance Professionals (PIA Texas) discussed the current situation facing the Texas insurance market as it relates to the Texas Windstorm Insurance Association, and concurred that the wind pool is inadequately funded to handle a major storm.
Noting that during the past year little or nothing has been done by the Texas Legislature or the Texas Department of Insurance to respond to the underfunded TWIA, the association is once again calling upon the Texas Legislature to renew their efforts to address the needs of those who live and work on the coast for adequate coverage and for the rest of Texas policy holders to have equitable rates. Realizing that this is a complicated issue, the PIA asks that action be taken now so that when the Legislature convenes in January they can take immediate action to resolve this pressing issue.
The Texas Joint Committee on Windstorm Coverage and Budgetary Impact meets in Corpus Christi for a hearing on Aug. 30.
In the interim the PIA encourages those along the coast to review their home insurance policies and to seek the advice of their agents as to the coverage they have and if they are not properly coverage to increase the coverage to the adequately protect their home.
Source: PIA Texas
Topics Catastrophe Natural Disasters Texas Agencies Legislation Windstorm
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