According to the Texas Department of Insurance, 30,000 people lost their home insurance following the insolvency of a Florida-based company. A Florida court has ordered Weston Property and Casualty Insurance to liquidate and cease operations by September 7.
According to TDI, 23,000 Weston, Texas customers live in the “designated disaster zone” along the coast. This area includes all 14 counties and part of Harris County, which includes Houston.
“After learning that thousands of Texans in coastal areas could be without necessary insurance coverage through no fault of their own, we released this emergency rule. Without TDI’s emergency rule, many policyholders in Weston could not purchase wind or hail insurance for this hurricane season,” TDI Commissioner Cassie Brown wrote in a statement.
The contingency rule allows eligible Weston policyholders to apply for coverage with the Texas Windstorm Insurance Association, which offers wind and hail policies. People would have a $0 premium for the first three months and could purchase a policy until November 6.
TDI says people can buy policies even if a storm is already in the Gulf of Mexico. Details are available here.
The Texas Property and Casualty Insurance Guaranty Association says Weston customers in the state will receive a refund of their premiums that would have applied to their policies after Sept. 7.
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