Governor Rick Perry has made the call - there will be no legislative fix coming anytime soon for the deeply troubled Texas Windstorm Association
The high risk, insurer of last resort has less than a half billion dollars with which to pay claims on property valued at $82 Billion dollars.
That means during this hurricane season more than 60 percent of home owners on the Texas coast will be forced to roll the dice.
"The only time we are going to see any resolution of the Texas Windstorm Insurance debacle or disaster is after an actual disaster, that is, at that point we will see some reforms, but that's when it's going to be too little, too late," said Mark Jones, Chairman of Political Science at Rice University.
University of Houston Law Center insurance expert Seth Chandler says if the coast were hit by an Ike like hurricane this summer Texas Windstorm has only enough resources to pay claims on less than fifty percent of the anticipated total damage.
Chandler believes that's going to have an impact on the ability of people in communities like Galveston to buy and sell homes.
"Banks are going to start taking a hard look at do we want to lend money where our security, our real estate could be wiped out by a storm and the insurance company would only be able to pay forty or fifty cents on the dollar," said Chandler.
Asked how he would advise banks Chandler said, "I would tell them not to lend money on any property that is insured by the Texas Windstorm Association."
Some observers contend that while TWIA is short on cash it has the capacity to borrow enough money to cover the claims involved with a substantial storm.