The bill, S.B. No. 2924, establishes a new grant program aimed at hurricane and windstorm loss mitigation for single-family residential properties in Texas. It introduces Chapter 1813 to the Insurance Code, which outlines the program's definition, eligibility criteria, and the process for awarding grants. Property owners can apply for grants to retrofit their homes to meet specific hurricane resistance standards, such as those set by the Institute for Business and Home Safety. The bill also stipulates that the program does not create an entitlement for property owners and allows the commissioner to adopt necessary rules for implementation.

Additionally, the bill establishes a dedicated Hurricane and Windstorm Mitigation Account within the general revenue fund, which will be used exclusively for the program's purposes. The account will be funded through various sources, including gifts, grants, and legislative appropriations. The commissioner is authorized to provide grants to nonprofit organizations for retrofitting eligible properties, ensuring that these organizations adhere to the same administrative requirements as the program itself. The act is set to take effect on September 1, 2025.

Statutes affected:
Introduced: ()