Windstorm rates won’t riseFree Access

Rates won’t increase for 2023 Texas Windstorm Insurance Association (TWIA) windstorm policies, the association’s board of directors decided today (Tuesday, Aug. 2).

The board reportedly voted 8-1 not to hike rates.

State legislators from Texas’ coastal counties had opposed the idea of raising rates.

The coastal legislative delegation wrote a letter to Chandra Franklin-Womack, chairman of the TWIA Board of Directors on Thursday, July 28.

The letter was signed by 24 legislators.

The TWIA board met at the Moody Gardens Hotel in Galveston.

One response to “Windstorm rates won’t rise”

  1. Richard Edgecomb says:

    Good news? Or, bad news?
    If the actuaries say the TWIA has sufficient reserves to pay 100% of losses in storms like Ike and Harvey, it is good news.
    If the reserves are not sufficient it could be very bad news when a storm rolls through the area.
    Rising costs in these times are a burden on us all, but how big a burden would not having your claim paid (or, only a percentage of it paid) in the aftermath of a disaster.
    Hopefully, the local Legislators and TWIA Board acted upon sound mathematical advice.

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