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Five percent rate hike recommended for Texas Windstorm Insurance
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A year after Hurricane Harvey changed the landscape of the coast, residents and business owners rallied against a ten percent windstorm rate hike. Rachel Denny Clow, Corpus Christi Caller-Times
Windstorm insurance for South Texas residents’ homes could increase by 5% in less than a month.
State Rep. Todd Hunter, R-Corpus Christi, said Coastal Bend residents often tell him their windstorm insurance costs are higher than their property taxes.
“TWIA has acted incorrectly, and they need to not be raising rates on the coastal taxpayers,” he said.
The Actuarial and Underwriting Committee of the Texas Windstorm Insurance Association met Tuesday and voted to recommend a 5% rate hike.
They’re recommending to the TWIA Board that the association make a proposed rate filing for a 5 percent increase for both commercial and residential risks with the Texas Department of Insurance, according to a news release.
The association’s board will take a vote on the recommendation at the next TWIA board meeting Dec. 10 at the Omni Hotel Bayfront in Corpus Christi.
Corpus Christi’s City Council also voted to pass a resolution on Tuesday opposing any rate increase.
The resolution states that the city “encourages TWIA Board of Directors to show restraint and allow the will of the Legislature to be fully implemented before TWIA votes for a rate increase that could significantly stifle rebuilding and rehabilitating homes, businesses,and lives along the Texas coast.”
Hunter is urging that all concerned coastal residents and consumers attend the board meeting and voice their opposition during the public comment portion.
The state representative and several Coastal Bend cities and chambers have continued to oppose any rate hikes.
When the TWIA board met in August, members didn’t vote to increase rates. Members also didn’t recommend a rate increase when the underwriting committee met in October.
“TWIA needs to keep their promise to the public because they voted 0 percent, and they filed 0 percent with the Texas Department of Insurance,” Hunter said.
Eighteen state legislators signed a letter sent to the committee before its meeting asking committee members to make no recommendation regarding rates.
“The TWIA committee ignored our request, ignored the legislators’ letter and increased rates,” Hunter said. “(That’s) very, very disrespectful to the Texas legislators.”
Hunter said these legislators are “extremely bothered” by the committee’s recommendation to raise rates by 5% , and will be sending another letter to TWIA within a few days.
“It seems to me they should have waited and reviewed everything before they just steamrolled over the consumer to increase rates,” Hunter said.
Kathryn Cargo follows business openings and developments while reporting on impacts of the city government’s decisions. Help support local journalism with a digital subscription to the Caller-Times.
Related coverage
More: Coastal Bend chambers protest potential Texas Windstorm Insurance Association rate hike
More: TWIA board of directors votes to keep insurance rates unchanged for now
More: Coastal Bend opposing TWIA rate hike in ‘David vs. Goliath’ movement
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