AUSTIN (Houston Chronicle) – The Texas Windstorm Insurance Association (TWIA), which sells wind coverage to customers in hurricane-vulnerable areas who can’t buy it elsewhere, has asked state regulators to approve a 5 percent rate increase.
If approved, the rate increase would take effect in January.
The commissioner has 30 days to review planned rate increases of 5 percent or less. If he takes no action during that time, the increase automatically can take effect.
TWIA residential policies average around $1,220 per year, according to the association. A 5 percent increase would add $61.
As of July 31, the insurer covered about 225,000 residences and 14,000 businesses.
