Homeowners typically pay $2,300 a year for a Texas Windstorm Insurance Association policy. The rate increase would bump premiums by 10%.
Fallen tree branches obscure a house on July 12 in Houston's Fifth Ward. Hurricane Beryl caused multi-day long outages in the area.We’re testing using AI-powered tools to provide an audio version of this story. While this audio recording is machine-generated, the story was written by human journalists.
Homeowners typically pay $2,300 a year for a TWIA policy. The proposed rate increase would bump their annual insurance premium by $230. Texas lawmakers created TWIA in 1971 to provide insurance to coastal property owners who can’t find coverage through private insurers. The not-for-profit association is essentially a pool of private property and casualty insurers that provide wind and hail insurance to properties in the state’s 14 coastal counties as well as a portion of Harris County, the state’s most populous urban county.
TWIA’s current rates don’t generate enough revenue to cover the association’s “operating expenses and its expected losses from claims,”. Rates are “less adequate than a year ago” owing to the association’s growing policyholder base as well as higher construction and labor costs to repair damage from storms, the association said. TWIA last raised rates in 2022.
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