The Texas Department of Insurance will hold a public hearing on Oct. 8 on a request by the state’s property insurer of last resort for wind and hail along the Texas coast to increase its maximum liability limits.
The Texas Windstorm Insurance Association (TWIA) has filed a request to increase the existing maximum liability limits on windstorm and hail policies insuring residential dwelling and individually owned townhouses and associated contents; contents of apartments, condominiums, or townhouses; commercial structures and associated contents; and governmental structures and associated contents.
The Texas Legislature created TWIA in 1971 to provide coverage to property owners in 14 first tier coastal counties and parts of Harris County who are unable to secure insurance for wind and hail in the private market.
The hearing details:
- Oct. 8, 2018
- 9:30 a.m. – 12:00 p.m.
- William P. Hobby, Jr., State Office Building
- 333 Guadalupe, Room 100
- Austin, Texas
Written comments may be submitted to ChiefClerk@tdi.texas.gov or by mail to the Office of the Chief Clerk, Mail Code 113-2A, Texas Department of Insurance, P. O. Box 149104, Austin, Texas 78714-9104. Comments must be received by the close of the Oct. 8 hearing.
In August, TWIA filed for a 10 percent rate increase for residential and commercial properties to go into effect next year.
The proposed rate increase must be approved by the insurance commissioner. If approved, it will go into effect Jan. 1, 2019. New business and renewal policies issued in 2018 will not be affected by the rate increase until the policies renew in 2019.
Note: The previous version of this story incorrectly identified the reason for the Oct. 8 hearing.
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