Texas Delays FAIR Plan Rate Changes; OKs Windstorm Insurer Policy Forms

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