All buyers of older properties (“pre-FIRM”) will see a premium rate reduction under the Homeowner Flood Insurance Affordability Act of 2014. Instead of jumping to “full cost” for flood insurance, buyers will assume the seller’s Oct-2013 rate for a pre-FIRM property.FEMA also extended the rate relief so all pre-FIRM properties (including second homes and businesses) will begin … [Read more...] about FEMA New Flood Insurance Manual
Insurance
Lawmakers Review Texas Windstorm Insurance Association
Better times could be on the horizon the Texas Windstorm Insurance Association. The Texas Windstorm Insurance Association, or TWIA, has been in a precarious position since Hurricane Ike, but $500 million in bonds could help the organization’s balances. Lawmakers recently held a hearing to better ascertain the financial stability of the TWIA, but reactions were mixed. Though … [Read more...] about Lawmakers Review Texas Windstorm Insurance Association
Hunter bill to curb state insurance agency powers
By Gina Keating Texas Rep. Todd Hunter on Thursday said he will introduce legislation to sharply curb the powers of the Texas Department of Insurance to hike rates on coastal Texans and to force the agency to disclose potential collusion between its commissioners and the insurance industry. Hunter disclosed details of the bill at a lunchtime meeting with business leaders on … [Read more...] about Hunter bill to curb state insurance agency powers
U.S. Senate approves curbs to flood insurance rate hikes
The U.S. Senate recently approved bipartisan legislation to curtail flood insurance rate increases that property owners are facing across the country. The Homeowner Flood Insurance Affordability Act repeals the Federal Emergency Management Agency’s authority to increase premium rates at time of sale or new flood map, and refunds the excessive premium to those who bought a … [Read more...] about U.S. Senate approves curbs to flood insurance rate hikes
Texas windstorm insurance association names Port Aransas native as new board chair
The Texas windstorm insurance association (TWIA) board last week appointed Georgia Neblett, a longtime Port Aransas native. “I’m very honored to have been chosen and wouldn’t dream of undertaking this role were it not for the very competent board and staff we have at TWIA,” Neblett said Wednesday. Neblett has lived in Port Aransas for more than 30 years. She was mayor there … [Read more...] about Texas windstorm insurance association names Port Aransas native as new board chair