H.B. No. 1576 establishes a new grant program aimed at hurricane and windstorm loss mitigation for single-family residential properties in Texas. The bill introduces Chapter 1813 to the Insurance Code, which outlines the creation of a hurricane and windstorm loss prevention grant program. This program will provide grants to eligible property owners to retrofit their homes to better withstand hurricane and windstorm damage. The bill specifies eligibility criteria for applicants, including that the property must be a single-family home or HUD-code manufactured home and that the owner must meet additional requirements set by the commissioner. The commissioner is also granted the authority to adopt necessary rules for the program's implementation.

Additionally, the bill mandates that insurers offering residential property insurance must provide a premium discount or rate reduction for properties certified as compliant with the grant program's eligibility standards. This requirement will take effect only if the legislature appropriates funds for the grant program, and it will apply to insurance policies issued or renewed on or after September 1, 2026. The bill also establishes a dedicated hurricane and windstorm mitigation account within the general revenue fund to support the program, which can be funded through various sources, including donations and legislative appropriations. The act is set to take effect on September 1, 2025.

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