Everyone has to pay windstorm insurance, if they have their homes mortgaged through a lender. This will effect the economic future cultural growth on the Coastal Bend Gulf Coast. And it is a fact, that it is “Republican-led.”
I spoke to an agent for area state representative, Republican-Todd Hunter, and he said, there is a proposed 20 percent rate increase, based on actuary sound; but it was more like a 19 percent rate increase.
Texas House, Republican-Larry Taylor of Friendswood sits on the insurance committee and helped draft the new Texas Windstorm Insurance Association Legislation. Also he made $300,000 from the sale of (TWIA) policies.
Texas Senator, Republican-John Smithee of Amarillo Chairs the “House Insurance Committee” and was the lead author of the new bill.
Texas Senator Rublican-Mike Jackson, is a key player in negotiating the new (TWIA) bill.
Under the Texas Public information Act Chap. 552 Tex.Gov.Code Senate Bill #3 Texas Windstorm Insurance Association, can be found at the Texas Attorney General’s office for anyone who wants to know more about the outrageous Texas Windstorm Insurance rate hike if Republican-Texas Governor, Rick Perry signs it into law!
Banks Colluding with Insurers to Rip Off Homeowners, Lawsuit Alleges
"A class-action lawsuit in Florida that moved forward this week highlights a little-appreciated aspect of the housing market — the cozy relationship between banks and insurance companies that often results in overpriced home insurance for already struggling borrowers.
As American Banker reported, a federal judge in Miami on Tuesday opened the door to a class action against Wells Fargo. More than 20,000 Florida homeowners can now sue Wells Fargo and an insurance company, QBE, for allegedly overcharging for insurance. More than $50 million in insurance premiums are at issue, according to American Banker.
The suit itself, filed last year, is sealed, but the judge, Robert Scola, laid out the allegations against Wells Fargo. The judge didn’t rule on the case but allowed it to go forward as a class action. In his decision, the judge cited the plaintiffs' claims that Wells Fargo and QBE “colluded in a scheme to artificially inflate the premiums charged to homeowners.”
The judge also said Wells Fargo has actually threatened to retaliate against homeowners who join the suit."
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"The case sheds light on the world of force-priced insurance, an industry that has grown in the years since the housing crisis. Among all the suits and scandals related to the crisis, troubles with force-placed insurance have flown largely under the radar. Here’s some background on the lawsuit and why there might be more of suits to come.
Force-placed insurance is just what it sounds like — insurance you are forced to buy.
This insurance is meant to protect mortgage lenders against damage to homes. If the homeowner doesn’t have insurance on a house, or has let it lapse, most mortgage contracts allow the lender to buy the insurance and pass on the cost to the borrower.
Some homeowners, though, have complained of sudden and excessive penalties, as well as policies that seem to be added unnecessarily — and sometimes retroactively — to their bills. What’s more, the cost of force-placed insurance can be 10 times that of a regular policy, adding to the homeowner’s burden and increasing the chance of default, which is bad for both homeowners and investors in the mortgage market."
http://www.opednews.com/populum/linkframe.php?linkid=146115
Can you give us the facts on fire insurance too since you have experience with fires? Democrats must be very proud of you. Why don't you run for office?