HOUSTON (Houston Chronicle) – The Texas Department of Insurance (TDI) has denied a 10 percent rate increase requested by the Texas Windstorm Insurance Association (TWIA).
According to TDI, the state-backed windstorm insurer’s current rates should cover its projected costs and the costs of financing bonds it would need to issue following a catastrophic storm.
The association last raised windstorm rates in February. Rates jumped 12.3 percent for homeowners and 15.6 percent for commercial property owners.
TWIA had 228,000 policyholders as of Sept. 30. About 2,800 of those are in Harris County, and roughly 64,900 are in Galveston County.