My TWIA policy alone is $3,655 on a dwelling amount of $450,000
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The Texas Windstorm Insurance Association's Actuarial and Underwriting Committee voted July 11 to recommend the TWIA Board of Directors approve a rate filing to increase rates by 5 percent for 2024 residential policies and 8 percent for commercial policies.
The recommendation, on a 3 to 1 vote, came after the committee reviewed the 2023 Rate Adequacy Analysis that indicated TWIA rates are inadequate by 20 percent for residential coverage and 22 percent for commercial coverage, a news release from the agency states.
The committee also heard public comment from stakeholders, including elected officials and other coastal community members. The TWIA board will consider the committee's recommendation, the rate adequacy analysis and stakeholder feedback during its Aug. 8 meeting before making its annual required rate filing with the Texas Department of Insurance. Two-thirds of the board of directors must vote to approve a filing for a rate increase, and any rate increase is subject to approval by the Texas Insurance commissioner. TWIA is considered the "Insurance of Last Resort" for homeowners unable to obtain windstorm insurance through the private market.