The Texas Department of Insurance will hold two public meetings in September on the Texas Windstorm Insurance Association’s annual rate filing increase of 10% for residential and commercial properties.
TDI will host a meeting on Monday, Sept. 23 in Galveston at 9 a.m. at the Moody Gardens Galveston Island. The second meeting will be held Sept. 27 in Corpus Christi at 9 a.m at the Embassy Suites Corpus Christi.
The meetings will give coastal residents a chance to provide comments on the rate filing increase before Texas Insurance Commissioner Cassie Brown is required to approve or disapprove of the filing. The deadline for the commissioner’s decision is Oct. 15.
The TWIA Board of Directors met on Aug. 6 and voted 6-3 in favor of a rate increase of 10%. If approved, the new rates would go into effect for policies issued or renewed starting Jan. 1, 2025.
TWIA’s 2024 Rate Adequacy Analysis found that the association’s current rates are inadequate by 38% on residential and 45% on commercial properties.
Topics Trends Pricing Trends
Was this article valuable?
Here are more articles you may enjoy.
Extreme Rain Is a Growing Climate Threat to the Northeastern US 
Michigan Golf Club Pays $440K Settlement for Alleged Fraudulent Pandemic Loan 
Houses of Worship and the State of Insurance 
US P/C Insurance Industry Posts First H1 Underwriting Profit Since 2021 
