x
Breaking News
More () »

Corpus Christi's Leading Local News: Weather, Traffic, Sports and more | Corpus Christi, Texas | kiiitv.com

Committee to recommend 5-percent rate increase to Texas Windstorm Insurance Association

The proposed rate increase will be presented to the TWIA Board at its regularly scheduled quarterly meeting on Dec. 10 in Corpus Christi.

CORPUS CHRISTI, Texas — A Texas Windstorm Insurance Association committee met Tuesday and voted to recommend to their board a proposed rate filing for a five-percent increase for both commercial and residential risks with the Texas Department of Insurance.

TWIA's Actuarial & Underwriting Committee met to discuss written comments submitted by TWIA staff as well as written and in-person comments from the public on the Association’s rate adequacy analysis. Following that, they voted to recommend the five-percent rate increase to the TWIA Board.

The proposed rate increase will be presented to the TWIA Board at its regularly scheduled quarterly meeting on Dec. 10 in Corpus Christi.

It was just last month when Coastal Bend leaders traveled to TWIA's headquarters in Austin to battle proposed rate increases. At that time, the board was unable to get enough votes to secure a rate hike.

In 2018, TWIA proposed increasing the rate by 10-percent; however, it was denied by the Texas Governor because South Texas was still recovering from Hurricane Harvey.

More from 3News on KIIITV.com: