Industry News

State Farm drops insurance for coastal Texas homes

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State Farm Insurance has said it won't renew coverage for 6,000 personal and commercial policyholders in coastal areas of Texas next year, according to media reports. The insurance company has said it won't renew policies for properties that are within 2,500 feet of coastal waters or bays, on barriers islands or peninsulas, the Associated Press reported. The AP reported that other companies are cutting back or dropping windstorm coverage along the coast. State Farm said it will continue coverage for homes located more than one mile inland, but those homeowners will need to get a building code certificate from the Texas Windstorm Insurance Association, according to the AP report. The company will not sell new policies for homes that are between the 2,500-foot mark and one mile inland, but said it will renew policies for homes in these areas. Other companies that have cut back or dropped windstorm coverage altogether include American National Property and Casualty, Texas Farm Bureau In...