Wind insurance board files 5% rate increase
A 5% increase for residential and commercial policies from the Texas Windstorm Insurance Association could go into effect for coastal residences by the beginning of next year.
TWIA’s Board of Directors on Tuesday approved the rate increase for its required annual filing after receiving a recommendation from its Actuarial and Underwriting Committee. The association said that the 5% increase would amount to about $85 more a year for the average residential policyholder.
The filing has been submitted to the Texas Department of Insurance, which has until Aug. 15 to accept or reject the increase.
TDI in December rejected a similar filing after administration ruled TWIA had not provided the public enough time to review a rate analysis from an independent firm contracted by the Actuarial and Underwriting Committee
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