Texas’ property insurer of last resort in coastal counties has issued a reminder to agents that while the maximum limits of liability for residential and commercial properties will remain the same in 2013 as they were in 2012, both commercial and residential premium rates will rise beginning Jan. 1, 2013.
In a bulletin to agents, the Texas Windstorm Insurance Association (TWIA) noted that effective Jan. 1, rates will increase for new and renewal policies, as follows:
- + 5% / All commercial rates**, to include all Builders Risk policies
- + 5% / All residential dwelling premiums
** Farm and Ranch dwelling rates in effect as of Jan. 1 are in sync with regular dwelling rates.
Renewal notices with renewal dates of Jan.1 or later will reflect the new rates. Renewal coverage will not be bound without a copy of the renewal notice and a check for the premium submitted to TWIA along with any other required documents.
Updated rates for 2013 are now on the E-quote system when calculating new business.