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Texas wildfires: up to $250M in insured losses

Texas wildfires: up to $250M in insured losses

POSTED: Tuesday, September 13, 2011 - 10:33am

UPDATED: Tuesday, September 13, 2011 - 3:45pm

An industry group says insured losses from a week of Texas wildfires could reach $250 million. The Insurance Council of Texas on Monday offered the estimate for more than 180 wildfires reported statewide since Labor Day weekend.

The nonprofit organization says insured losses from fires in Bastrop County could reach $150 million. A wildfires disaster recovery center, where residents can seek government assistance, opens Tuesday in Bastrop and replaces a mobile facility. Wildfire evacuees north of Houston also have more resources available for housing.

The nonprofit Texas Disaster Relief Fund on Monday night announced money is available for hotel vouchers for displaced residents of Grimes, Montgomery and Waller counties. Volunteers from Brazos County Community Action Agency Inc. began accepting applications Tuesday.

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Insurance is basically a bet that bad things won't happen. Now we're going to bail out the insurance companies for making a bad bet?

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