Senate OKs windstorm insurance plan
Tuesday, June 2nd 2009, 12:10 pm
By: News 9
AUSTIN, Texas (AP) -- The Texas Senate has signed off on a plan to restructure the Texas Windstorm Insurance Association that covers coastal property in case of a hurricane.
The Senate voted unanimously Monday to approve a House-Senate compromise for TWIA, sending it on to the governor. House members approved the plan Sunday.
The plan relies in large part on 10-year bonding to replenish the windstorm account after a major hurricane.
The state-chartered windstorm association is the only property insurer for residents and businesses in 14 coastal counties and part of Harris County. It was depleted after last year's hurricanes Dolly and Ike slammed the coast, resulting in large numbers of claims.