By COLE AVERY
San Benito News
Residents up and down the Texas coast are preparing for possible higher rates and surcharges from the Texas Windstorm Insurance Association. Though San Benito is inland, local officials say its residents would be subject to the same charges as coastal Cameron County.
A plan has emerged from the Texas Department of Insurance that could cause higher windstorm insurance rates and surcharges on all property insurance. Known as the loss funding rule, the plan would replenish funds used to pay for damage caused by windstorms, including catastrophes like hurricanes.
TWIA pays for wind damage in all 14 coastal counties. To get a loan or mortgage, residents in those counties are all but required to purchase a policy, including inland residents like those in San Benito. Should a storm hit, policy holders are expected to foot the bill.
For more on this story, pick up a copy of the July 15 edition of the San Benito News. Or view our E-Edition by clicking here.
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