The Texas Windstorm Insurance Association (TWIA) reports that new maximum limits of liability will go into effect Jan. 1, 2010. The new limits are higher than those currently in place for 2009.
TWIA recommends that all interested insurance agency personnel be made aware of the following new limits that are effective Jan. 1:
- Dwellings and Individually Owned Townhouses and Corporeal Movable Property – $1,773,000
- Individually Owned Corporeal Moveable Property in Apartments, Condominiums, or Townhouses – $374,000
- Commercial Buildings and Corporeal Moveable Property – $4,424,000
- Governmental Buildings and Corporeal Moveable Property – $4,424,000
Applications for policies to be delivered, issued for delivery, or renewed on or after Jan. 1 may be submitted using limits of liability up to the new maximums shown for each category above. As an example, contents coverage for condominium unit owners can be written up to a maximum amount of $374,000 in 2010.
The revised limits effective Jan. 1will be available for use on the TWIA E-quote system on or about Dec 14.
By law TWIA must submit a rate filing each year to the Texas Department of Insurance to be effective the following year. Currently the TWIA board of directors is reviewing its options relative to a rate change for 2010. A subsequent agent bulletin advising of a rate change and its effective date will be published if one is approved.
Source: TWIA, www.twia.org
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