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TWIA board unanimously votes 'no' to rate hike

Posted at 12:22 PM, Dec 10, 2019
and last updated 2019-12-10 20:15:38-05

CORPUS CHRISTI, TEXAS — UPDATE: Texas Windstorm Insurance Association Board has unanimously voted "no" to a rate increase Tuesday afternoon.

More than one hundred people packed house at the Omni Hotel Tuesday morning.

That's where the Texas Windstorm Insurance Association Board is meeting to discuss a possible five percent rate hike.

Many residents showed up to voice their concerns about the proposed rate hike with signs.

It was a standing room only until leaders eventually made more space for everyone by opening up the room next door.

Elected officials and dozens of Coastal Bend residents were there to voice opposition to the proposed rate hike.

TWIA funding has long been a question. Some argue policy premiums are inadequate to meet significant storm strikes in back-to-back years. Others say TWIA policies are already too expensive.

One person traveled from Port Lavaca to take part in the conversation about the five percent rate increased proposed by the TWIA board.

It would affect 14 counties along the coast. Some are calling it coastal discrimination, and not it appears not one person who made public comment was in favor of the proposed rate hike.

A concerned resident said, "It should've been prepared for. there's overwhelming presence outside that's not been able to come in. there are also people leaving already and left who have not been able to come in."

It was back in October that the Nueces County commissioners joined other local officials in opposing a possible rate hike by the Texas Windstorm Insurance Association.

This is a developing story and we update this story if the proposed increase is approved or not.