TX| The Texas Department of Insurance Bulletin B-0015-25 announces the Texas FAIR Plan Association as a vital safety net for residents who are unable to secure property insurance through conventional means. The document explains the eligibility process, including required attempts to obtain voluntary coverage before applying, and details the variety of policies and perils covered by the plan. Governed by a dedicated committee and overseen by the Texas Department of Insurance, the program’s funding and compliance are enforced in cooperation with member insurers across Texas, ensuring essential property insurance access for vulnerable homeowners and renters.
Key Points:
- The Texas FAIR Plan primarily targets individuals or businesses unable to obtain residential property insurance on the private market, outlining clear eligibility rules and required efforts to secure voluntary insurance before applying.
- The plan specifies covered perils, limits, and exclusions, and provides both homeowners and dwelling policies, along with protocols for claims, renewals, and premium calculations.
- Operational oversight is handled by a governing committee, with regulatory compliance ensured by the Texas Department of Insurance, and funding provisions involving member insurance companies across the state.