Proposed bill could increase wind insurance by 60 percent
Fri, 20 Mar 2009 13:42:27 GMT —
A South Texas lawmaker said Thursday he is concerned over proposed legislation that would increase windstorm insurance by 60 percent.
If the legislature passes the bill, Representative Solomon Ortiz said it would devastate coastal counties.
The bill would require the Texas Windstorm Insurance Association to assess rates based on geography.
Inland property owners would not be affected.
Coverage on residential, commercial and government property would be capped at much less than what it is now.
"Just imagine a 60 percent increase on what you pay now," explained Rep. Ortiz. "It's going to have a huge economic impact and obviously a pocket book impact for many homeowners and business owners."
Property owners would not be able to get coverage for condominiums, apartments, multi-family units, rent houses or vacation homes.
This story comes from our media partner, the Rio Grande Guardian.
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