In a recent Galveston campaign stop, Greg Abbott said: “The Texas Windstorm Insurance Association is broken. It is underfunded and lawyers have taken too much.”
Wayne Faircloth’s campaign literature says “the TWIA has been ravished by lawsuits” and “needs a complete overhaul.”
Both were using deceptive talking points furnished to them by the special interest insurance industry.
TWIA is to provide windstorm insurance coverage for coastal homeowners. Since inception, the insurance industry has opposed its very existence. That industry’s legislative goals are to shed all obligations to fund the program and to weaken the ability of homeowners to recover for hurricane damages.
The true reason TWIA is underfunded is because the insurance industry has failed to meet its legal obligation to provide proper funding. That industry owes TWIA $400 million.
Both Republican campaigns are heavily funded by insurance industry PACs. Of the two, Faircloth is the more vulnerable. He derives his family income from insurance. His campaign has received $25,000 so far from insurance special interests.
With the election of Abbott or Faircloth, local property owners would literally have the “foxes guarding their chicken coops.”