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House Bill 998 |
House Author: Paul |
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Effective: 9-1-23 |
Senate Sponsor: Middleton |
House Bill 998 amends the Insurance Code to provide for property owners' association insurance coverage under the FAIR Plan for the common areas and facilities of a homeowners' association and the common elements of a condominium owners' association that are located in an underserved area, as designated by the commissioner of insurance, that is not more than 10 miles beyond the Texas Windstorm Insurance Association catastrophe area. If the commissioner determines that property owners' association insurance is not reasonably available in any part of the designated area in the voluntary market to a substantial number of insurable risks, the bill requires the FAIR Plan Association to make the insurance available to each insurable applicant in an underserved area of the designated area who is unable to obtain that insurance through the voluntary market.