The Texas Medicaid Director, Billy Millwee, spoke to the House Public Health and Insurance committees this week regarding the Affordable Care Act. The director has been tracking the trends and effects that the federal health care law has birthed in the state and has come to a promising conclusion. Currently, 74% of the state’s residents have some form of health insurance coverage. Millwee claims that when the Affordable Care Act is fully enacted in 2014, this will jump to 91%. By that time, only 2.3 million Texans will have no…
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Farmers Insurance and State Farm look to raise rates on home insurance in Texas
Farmers Insurance Group, one of the largest insurers in the U.S., has unveiled plans to raise rates on homeowner’s insurance policies in Texas. The new rates, if approved by state regulators, will take effect next year. The company cites the growing number of high cost claims that has been streaming in since 2008 as reason for higher premiums. The proposal for higher rates from Farmers Insurance comes on the heels of a similar proposal from State Farm that would have the same effect on homeowner’s policies. The insurer is seeking…
Read MoreTexas windstorm insurance legislation inches closer to becoming law
Texas lawmakers have been toiling over changes to the state’s insurance program, the Texas Windstorm Insurance Association. The program provides affordable coverage to coastal residences and is one of the few organizations through which homeowners can obtain protections from wind damage. Legislators have been debating over the necessity of the program and whether or not the state should continue to support it. A definitive decision had not been made before the end of the legislative session, but Senators were unwilling to let the issue slide into obscurity. After calling for…
Read MoreThe fate of the Texas state run wind pool still undecided
Texas lawmakers will be convening in a special session of Senate after they were unable to determine the fate of the state’s Windstorm Insurance Association. The state-run insurance program provides coverage to homeowners in coastal areas that are prone to hurricanes. A bill to reform the program was before the state Senate last months, but legislators were unable to reach a compromise regarding the provisions of the bill. Now, the Legislature will be in session until a verdict can be reached. One of the provisions of the bill to reform…
Read MoreCurrent slab claim process under review in Texas
Texas lawmakers approved revisions to the state’s windstorm fund this week. The Texas Windstorm Insurance Association, a pseudo-government agency in charge of providing insurance coverage to coastal properties prone to hurricane damage, has been the subject of debate amongst legislators for some time now. Senate approved reform will address several issues, including new methods to determine whether damage is caused by wind or water. The reform bill, House Bill 272, was passed unanimously by the Senate. One of the issues to be addressed by the system reform is how the…
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