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Coastal Windstorm Insurance
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Important Windstorm Insurance
Information from the Texas Windstorm Insurance Association
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| No new or increased coverage
applications will be accepted on the day (beginning at 12:01 A.M.) or
after a windstorm designated as a hurricane
by the United States Weather Bureau is in the Gulf of Mexico or within
the boundaries of 80 degrees west longitude and 20 degrees north
latitude until the General Manager determines that the storm no longer
threatens property within the designated catastrophe area of the Texas
Windstorm Insurance Association. |
The National Weather Service classifies tropical storms as low pressure
systems forming over tropical areas, with winds of a minimum of 40 mph.
Hurricanes
are classified by using the Saffir/Simpson intensity scale which
measures atmospheric pressure in terms of millibars (mb) or inches of
mercury, along with wind speeds, storm surge and damage:
THE
SAFFIR/SIMPSON CLASSIFICATION SYSTEM FOR HURRICANES
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Category
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Wind
speeds
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Pressures
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Storm
surge
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Damage
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1
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74-95 mph
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Greater than
980mb
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4-5 ft.
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Light
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2
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96-110 mph
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965-979 mb
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6-8 ft.
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Moderate
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3
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111-130 mph
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945-964 mb
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9-12 ft.
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Extensive
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4
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131-155 mph
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920-944 mb
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13-18 ft.
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Extreme
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5
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More than
155 mph
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Less than
920 mb
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Greater
than 18 ft.
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Catastrophic
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The
Texas Windstorm Insurance Association
TWIA's
purpose is to provide Texas citizens adequate wind and hail coverage
when it is not available in the insurance
marketplace; and pay insured's claims when losses occur.
The
Texas Windstorm Insurance Association is a ‘pool’
of all property and casualty (P&C) insurance companies
authorized to write coverage in Texas.
2007 Maximum Limits
• Effective 1/1/2007 Texas Windstorm Insurance Association (T.W.I.A.) maximum limits of liability will be as follows:
Effective 1/1/2007:
Dwellings and Individually Owned Townhouses and Corporeal Movable Property: $1,597,000
Individually Owned Corporeal Moveable Property in Apartments, Condominiums,or Townhouses $173,000
Commercial Buildings and Corporeal Moveable Property:
$3,206,000
Governmental Buildings and Corporeal Moveable Property:
$3,206,000
New
business and renewal applications with effective dates of coverage of
January 1, 2007 or after may now be submitted using limits of liability
up to the new maximums shown for each category above.
As an example: Contents coverage for condominium unit owners can be written up to a maximum amount of
$173,000 for policies effective in 2007.
How
do I secure coverage through Texas Windstorm Insurance Association?
An
application for windstorm and hail coverage through Texas Windstorm
Insurance Association must be submitted by a licensed property and
casualty agent. The application must be on forms prescribed by the
Association, and include premium payment and a current photograph
(taken within the past 90 days) of each building item and each building
containing property to be insured.
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