The Texas Department of Insurance has moved the effective date of approved rate changes for the state’s FAIR Plan from May 1, 2020, to Aug. 1, 2020.
TDI said the date change was due to the impact of the coronavirus pandemic.
Changes to FAIR Plan’s rates for new business and renewals of homeowners, dwelling, condominium, and renters policies were approved in late March.
TDI also has approved changes to the Texas Windstorm Insurance Association’s (TWIA’s) dwelling and commercial policy forms. The changes specifically allow supplemental claim payments and add a notice describing the process and deadlines to ask for the payments.
The changes are due to new laws passed during last year’s legislative session. The changes will begin appearing in policies on July 1, 2020.
Source: TDI
Topics Catastrophe Texas Natural Disasters Carriers Windstorm
Was this article valuable?
Here are more articles you may enjoy.
American Family to Acquire Bowhead Specialty in $1.2B Cash Deal 
Brown & Brown Estimates Cost of Howden-Driven Talent War Could Hit $60M in 2026 
As US Residential Solar Industry Craters, Florida Bucks Trend 
Record-Low Danube Water Levels Leave Boats Beached, Reveal Decades-Old Shipwrecks 
