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Almost two years after Hurricane Ike nearly wiped out the town of Galveston, Texas, the Texas Windstorm Insurance Association has agreed to pay an estimated $189 million to policyholders whose homes were destroyed by the storm.

TWIA announced it had reached a settlement with lawyers representing about 2,400 Galveston County property owners covered by TWIA policies. The state-created windstorm insurer has faced lawsuits since the hurricane hit in September 2008 after homeowners realized they did not have sufficient coverage to cover their losses.

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