Tag: texas insurance department

Hurricane insurance tips offered to Texas homeowners

Julie Campbell
Hurricane insurance Isaac 2012

The season for these massive tropical storm reaches its official start on June 1, so preparations should be underway. As the official summer storm season gets going on June 1, hurricane insurance tips are now being issued to homeowners in Texas in order to help them to ensure that they have the coverage that they need and that they will be properly prepared to protect themselves and their families. The Insurance Department has issued a checklist to make sure that appropriate coverage is in place. On the checklist, some of…

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91% of Texans to be insured by 2014, thanks to the Affordable Care Act

Marc

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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Texas consumers eligible for health insurance rebates may see a lower amount than originally thought

In Texas, some 690,000 consumers may receive approximately $160 million in insurance rebates in August. The money comes as part of the medical loss ratio provision of the Affordable Care Act, which dictates that insurers must pay at least 80% of the money they collect from premiums on medical care and if they cannot meet this standard they must return the money to policyholders. This may be good news for consumers, but state regulators are looking to cut the amount of rebates by three quarters. The state’s Insurance Department is…

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Farmers Insurance and State Farm look to raise rates on home insurance in Texas

S.Vagus

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…

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Texas 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…

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