Coastal Property Owners in Limbo as the State Resolves Texas Windstorm Issues

By
Services for Real Estate Pros with Paula Smith Insurance

Well, the issue has made the deadline and both House and Senate versions of the Texas Windstorm Bill are in Committee for a resolution.

Governor Rick Perry has warned that this issue could warrant as special congressional sessions if not resolved.

Apparently, the restriction that only owner occupied residences would be eligible for windstorm coverage has been removed.  That's a relief since a large portion of property is secondary, vacation or rental property.

The $250,000 cap on dwelling coverage was still in the bill on all blogs and legislative watches that I can find.  That would be a huge problem.

Rate changes for windstorm from 10% to 40% have been tossed around.  We know the pool is under funded for the risk but 40%? 

 I liked this quote because it's spoken like a true Texan:

"If you're helping the coastal people too much, the inland people start squawking," state Sen. Troy Fraser, R-Horseshoe Bay, said. "If you charge the insurance companies too much, then there are people who say you are hurting the viability of the insurance market."

I'll continue to watch it over the weekend, but looks like by Monday we will either have a Windstorm bill or a special session.

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