The Texas Windstorm Insurance Association Board of Directors voted to direct staff to file a rate increase of 5% for residential and commercial policies in its required annual filing with the Texas Department of Insurance (TDI). The filing must be made by Aug. 15 and may be subject to review by TDI in some circumstances. The new rates are expected to go into effect for policies issued or renewed starting Jan. 1, 2022.
The vote followed the Board receiving a recommendation for a 5% increase from TWIA’s Actuarial & Underwriting Committee. The Board also heard public comments from stakeholders including elected officials and other coastal community members. TWIA’s 2021 Rate Adequacy Analysis, pre-pared by the Association’s actuarial staff, indicates that TWIA’s current rates are inadequate by 39 percent for residential coverage and 46 percent for commercial coverage.