Homeowners could face increase in windstorm insurance rates

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“Right now is a terrible time to raise rates on coastal communities,” Representative Todd Hunter said.

BEAUMONT, Texas — Amid a potential price hike in windstorm insurance, there is still hope for Texas homeowners.

On Monday, The Texas Windstorm Insurance Agency met to decide whether insurance costs should increase.

The TWIA decided it would not recommend raising windstorm insurance rates after hearing from the public. However, the recommendation does not make it a done deal.

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Every year, the TWIA must create a rate adequacy analysis. A rate adequacy analysis is a professional estimate that tries to determine if the rates people pay will cover the association’s operating expenses and its expected losses.

The report for 2022 found that rates should be raised. However, many people who attended Monday’s meeting spoke out against a rate increase.

“We can not sit back and watch as an essential coastal workforce that supports these industries are priced out of their homes due to increasingly unaffordable windstorm insurance,” Sally Bakko, director of policy and government relations for the City of Galveston, said.

Two state representatives were among those speaking against the increase.

“Right now is a terrible time to raise rates on coastal communities,” Representative Todd Hunter said.

Those who opposed the hike mentioned rates have already gone up this year.

The TWIA will meet again on August 2, 2002 and will vote on a final decision.

Also on 12NewsNow.com …

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