TDI to hold two public hearings on TWIA’s filing of 10% rate increase

The Texas Department of Insurance will hold two public meetings in September regarding the Texas Windstorm Association’s annual 10 percent filing rate increase for commercial and residential properties.

TDI will host a meeting on Monday, September 23rd in Galveston at 9am at Moody Gardens Galveston Island. The second meeting will be held on September 27th in Corpus Christi at 9am at the Embassy Suites Corpus Christi.

The meetings will give coastal residents a chance to offer comments on the filing rate increase before Texas Insurance Commissioner Cassie Brown is required to approve or disapprove the filing. The deadline for the commissioner’s decision is October 15.

The TWIA Board of Directors met on August 6 and voted 6-3 in favor of a 10% rate increase. If approved, the new rates would take effect for policies issued or renewed on or after January 1, 2025.

TWIA’s 2024 Rate Adequacy Review found the association’s current rates are 38 percent inadequate for residential properties and 45 percent for commercial properties.

TOPICS
Trends Prices Trends