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Texas Gov. Signs Bill To Aid Storm Insurance Fund

The Associated Press

AUSTIN, Texas (AP) — Texas Gov. Rick Perry has signed into law a bill restructuring the state's windstorm insurance fund, the only property insurer for homeowners and business in 14 coastal counties.

The Texas Windstorm Insurance Association was depleted after hurricanes Ike and Dolly lashed the coast last year. For thousands of coastal Texans, it became the only wind damage property insurer after private companies decided to pull out of the region following Hurricanes Katrina and Rita in 2005.

Perry's office said the changes he signed into law Friday will allow coverage of up to $2.5 billion in losses and ease funding method restrictions.