Texas Windstorm Insurance board approves 5 percent rate increase
AUSTIN — Some property owners in Texas' coastal areas will see a 5 percent increase on their insurance bills next year.
The Texas Windstorm Insurance Association's board of directors approved the increase Tuesday. The board also delayed a decision on whether to enact an additional increase that would depend on how far a property is from the shore. That decision will be discussed at an Aug. 7 meeting in Galveston.
The 5 percent increase for residential and commercial properties insured under the association is set to take effect Jan. 1, 2013. The association is a quasi-government agency that is the primary property insurer for residents and businesses in 14 coastal counties and parts of Harris County.
Many property owners in those areas cannot get regular insurance, so the state requires insurance companies in Texas to contribute to the windstorm association, which then writes the policies.
http://www.caller.com/news/2012/may/17/texas-windstorm-insurance-board-approves-5-percent/