Thames believes TWIA rate increase will hurt local economy

Thames believes TWIA rate increase will hurt local economy

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.

(1) comment

Coastal Landman

I agree, this increase coupled with past TWIA increases and school bonds raising property taxes put those on fixed incomes in jeopardy and makes owning a home more difficult for those working hard to purchase their first home. Not to mention inflation in the Real Estate market.

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