Funding in place for Valley if hurricane hits area.
POSTED: Thursday, September 17, 2009 - 9:23am
UPDATED: Thursday, February 25, 2010 - 12:34pm
If another hurricane hits Texas, State Senators say communities in the Valley will now be ready.
Senator Eddie Lucio Jr. addressed a group of people on the passage of legislation ensures money will be available to repair damage and steps are in place to make sure that if another hurricane hit, repairs won't be so costly. New legislation prevents rate increases from going beyond 10% a year in a no storm year. The Texas Department of Insurance will implement the legislation passed and establish more funds if a hurricane should hit our area.
The fund is now at $50 million dollars and plans are in place to increase that to $2.5 billion dollars.