Some home flood insurance rates could spike this year
Flood insurance rates across America inreasing
FOX 26 Consumer Reporter Heather Sullivan explains some of the changes coming to flood insurance plans and how FEMA s flood risk information is being used.
HOUSTON - A research group says homeowners in flood-prone areas could see much higher flood insurance rates starting later this year.
FEMA also just launched a new tool to help determine a home s true risk of flooding and will release new flood maps later this year.
A report by research group First Street Foundation suggests hundreds of thousands of U.S. homeowners could face major rate hikes, phased in over time, including in greater Houston.
Texas Senate Passes Commercial Auto Tort Reform Bill
A bill that proponents say will help control abusive lawsuits against commercial motor vehicle operators following accidents has passed the Texas Senate.
House Bill 19 would have a big impact on the commercial auto insurance market, as it aims to limit lawsuits following commercial vehicle crashes its supporters say. The insurance industry-supported measure by Rep. Jeff Leach would, among other things, require a two-part trial in civil actions involving a commercial motor vehicle if requested in a motion by the defendant.
In the bifurcated trial system, the driver of the vehicle subject to the civil action must be found “negligent in operating an employer defendant’s commercial motor vehicle” before the lawsuit can proceed to the second phase, which involves a claim against the driver’s employer, according to a House summary of the bill.
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Insurance Bills Begin to Move in Texas Legislature May 5, 2021
Numerous insurance-related bills have been filed during the current Texas legislative session and many of them have begun moving in the Texas House and Senate.
Among those bills that have recently been acted on and are of interest to the insurance industry include legislation addressing commercial vehicle accident lawsuits, COVID-19 lawsuit protections for businesses, and policyholder/insurer cooperation in resolving auto insurance claims.
HB19
One of the most high-profile bills, if passed and signed by the governor, would have a big impact on the commercial auto insurance market, as it aims to limit lawsuits following commercial vehicle crashes. The insurance industry-supported House Bill 19, by Rep. Jeff Leach, among other things, would require a two-part trial in civil actions involving a commercial motor vehicle if requested in a motion by the defendant.