5% Increase in TWIA Rates Going into Effect on January 1Published on: October 26, 2021
Texas Windstorm Insurance Association policyholders will see a 5% increase in rates reflected on new and renewal windstorm policies effective January 1, 2022. Current TWIA policyholders will begin receiving renewal notices reflecting the new rates by mail on November 1, 2021. This is the first TWIA rate increase to go into effect since 2018.
The rate increase was approved by the TWIA Board of Directors in a 5 to 3 vote at its August meeting and applies to both residential and commercial policies. The vote followed the Board receiving a recommendation for a 5% increase from TWIA’s Actuarial & Underwriting Committee. The Board also heard public comments from stakeholders including elected officials and other coastal community members.
In addition to the rate increase, individual policy premiums may change due to other factors including the amount of insurance coverage and deductible amount selected, changes made to the property since the last renewal, and any optional additional coverages. TWIA encourages policyholders to contact their agent and discuss coverage options that can affect premium.
If you are a member of the media and have questions about TWIA’s rates, please email MediaRelations@TWIA.org.
Related Announcements and Information:
- About TWIA Rates
- TWIA Posts 2021 Rate Adequacy Analysis
- TWIA Begins Annual Rate Filing Consideration Process with July 21 Meeting of Actuarial & Underwriting Committee
- TWIA Actuarial & Underwriting Committee Recommends 5% Increase in Rates
- Public Invited to Comment as TWIA Board Considers Annual Rate Filing at August 3 Meeting
- Written Public Comments for July 21 TWIA Actuarial & Underwriting Committee Meeting
- TWIA to File for 5% Increase in Rates
- Written Public Comments for the August 3, 2021 TWIA Board of Directors Meeting
- TWIA Submits 5% Rate Increase Filing and Other Filings to Texas Department of Insurance