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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Texas homeowners insurance program could see surplus this year
Homeowners insurance organization may soon overcome challenges The Texas Windstorm Insurance Association (TWIA) has been struggling with some severe financial and management challenges in recent years. The state-run, non-profit organization provides some homeowners insurance protections to properties in coastal regions of the state. The organization is typically the only place where homeowners can find protection against wind damage along the coast. Despite past struggles, TWIA officials expect that 2013 will be a good year for the organization. TWIA manages to settle numerous lawsuits TWIA has been in debt since early…
Read MoreReinsurance industry may win subsidies in Florida
Lawmakers consider new subsidies for the reinsurance industry This year, the Florida Legislature will be considering several proposals that could have a major impact on windstorm insurance throughout the state. Lawmakers continue to grapple with a problematic insurance market, where many insurance companies are either looking to raise rates exponentially or abandon certain sectors entirely. Given the ongoing problems with the state’s Citizens Property Insurance organization, lawmakers are eager to address any issues that insurance companies may have, and may be turning to the reinsurance industry to do just that.…
Read MoreWindstorm Insurance Association in Texas may run out of cash if a big storm hits
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,…
Read MoreTexas Windstorm Insurance Association may find new allies
Texas Windstorm Insurance Association attracting global attention The Texas Windstorm Insurance Association, a state-run insurance group that provide coverage for wind damage primarily to properties in coastal areas of the state, has been experiencing financial troubles recently. Financial challenges are nothing new to state-run insurance groups, as many of them offer coverage that is much more affordable than that offered by private insurance companies. Texas Insurance Commissioner Eleanor Kitzman, who is in charge of the state-run insurance group, has been traveling around the world in order to address the issues…
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