Texas Windstorm Insurance Association price hike debated

Rate increase will be discussed at TWIA's Dec. 7 meeting
TWIA rate hike will go into effect on Jan. 1
Posted at 5:39 AM, Dec 03, 2021
and last updated 2021-12-07 07:50:26-05

COPRUS CHRISTI, Texas — Those who live in the 14 coastal counties insured by the Texas Windstorm Insurance Association can voice their concerns today leading up to the organizations meeting next week. This comes after a decision to increase policy rates.

Texas Windstorm Insurance Association Policy holders have until noon on Friday to comment on the rate hike that is scheduled to take effect on Jan. 1.

Any comments should be maede before the TWIA meeting scheduled for Dec.7.

Public record shows in August, the actuarial committee that is responsible for examining rates recommended the TWIA Board of Directors vote to increase rates by 5 percent for residential and commercial policies.

Jennifer Armstrong with the Texas Windstorm Insurance Association says this is the first rate increase since 2018. Policy holders should have already been notified about the new rates.

"They’ll weigh the public comments, the input from the legislature, the long-term planning paying capacity of the organization," Armstrong said. "Frankly, it’s a really tough call."

The Port of Corpus of Corpus Christi released aresolution opposing the rate increase saying: "Our Coastal Bend community is experiencing economic distress. Therefore, prospective industry investment to the region will be affected by increased costs and an increase in individual policy premiums."

That's because of factors including the amount of insurance coverage and deductible amount selected, changes made to the property since the last renewal and any optional additional coverage.

Everyone is encouraged to attend the Dec. 7 meeting at the Omni Corpus Christi Hotel, Ballroom A.

Members of the public are invited to provide verbal comments to the TWIA Board during the designated public comment portion of the meeting. Those wishing to make public comment during the meeting must attend the meeting in person at the hotel or by registering and logging into the meeting via Zoom on a computer, tablet, smartphone or telephone.

Click here to access the meeting agenda.

Click here to register for the Zoom meeting.