Tag: wind damage insurance

Wind insurance program in South Carolina watches homeowners exit

G. Turner
wind insurance

This pool which is a coverage option of last resort, has been seeing its participants dwindle for 3 years. According to the South Carolina Wind and Hail Underwriting Association, the number of homeowners who have been leaving the state’s last resort wind insurance pool has been continuing over the last three years. The program is meant for homeowners who can’t obtain this coverage anywhere else. For some time, the special wind insurance pool program was the only option that many homeowners had available to them. However, this state backed coastal…

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Windstorm Insurance Association in Texas may run out of cash if a big storm hits

Windstorm Insurance

Estimates show that funds could run very short if certain areas are struck with damage. According to official estimates, the Texas Windstorm Insurance Association may find itself facing considerable shortages of funds if a hurricane strike Brownsville, Corpus Christi, or Galveston. This association is the insurer of last resort for tornado, hail, hurricane and other wind damage. The Texas Windstorm Insurance Association current provides coverage for over 267,000 owners of residential and commercial properties. Approximately 90 percent of its policies are for residential coverage. Also known as the coverage pool,…

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Lawmakers convene to discuss Texas Windstorm Insurance Association

Nordstrom
Insurance News Chartered Health Plan

Texas Windstorm Insurance Association subject to examination Lawmakers met in Austin, Texas, this week to discuss the issues that are plaguing the Texas Windstorm Insurance Association. The state-run insurance provider has long been the best location for consumers to find affordable and comprehensive wind insurance policies. Coverage for wind damage is often not included in homeowner’s insurance policies in Texas, leaving many consumers without protection in the event of a powerful wind storm. Insurance Commissioner Eleanor Kitzman was present during the meeting to provide insight on the problems facing the…

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Tornado insurance changes to be implemented in Missouri

Joplin Tornado Damage Statistics

Following the disaster in Joplin, new regulations will soon be put into place. There will be some significant changes to be made for tornado insurance in Missouri following the lessons that were learned through the destruction in Joplin. The Missouri insurance department has announced that these rules will start next year. The department has stated that the mutual tornado insurance companies will face new regulations, with the purpose of preventing the type of drain on the finances that was seen a short time following the deadly Joplin twister. New state…

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Citizens to take another look at its policies for Florida wind mitigation

Hurricane Shutters

The company is having another look at the way it offers this coverage, though higher rates are likely. The state backed insurer, Citizens Property Insurance Corp., has stated that in response to the calls that have been made to match the premiums to the risk, it will be reexamining its Florida wind mitigation, which was first established ten years ago. This will mean that many customers will see an increase in the rates they pay. The company intends to look into the residential policies of 209,000 people before the end…

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