TEXAS, USA — With nearly 95-percent of our news focused on COVID-19, you may have forgot that we are in the middle of hurricane season. It started on June 1 and runs through November 30.
It's also that time of year again when the Texas Windstorm Insurance Board of Directors may try to raise insurance rates again.
There is a TWIA Legislative and External Affairs Committee meeting coming up on July 13. That’s followed by the TWIA Board of Directors meeting on August 4. Both will be held online. On the annual meeting August 4, the Board of Directors can propose a rate hike.
"There will be a lot of activity in the mid to late July to keep those rates down and not have them go up at all," Hunter said.
TWIA has hired Willis Towers Watson to do an independent study on the rates TWIA charges. It will also use the hurricane modeling information TWIA has to estimate potential losses and it’s rate-setting process.
TWIA last raised its rates in 2018 by 5-percent on residential and commercial properties. TWIA also said its rates would need to increase by somewhere between 40-percent 50-percent to adequately cover residential and commercial policies.
For the latest updates on coronavirus in the Coastal Bend, click here.
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