The Texas Windstorm Insurance Association (TWIA) Board of Directors voted 5-4 for a 5 percent rate increase at the quarterly meeting held in Galveston on Tuesday, Aug. 4.
The increase will go into effect on Jan. 1, 2016.
A letter dated Aug. 4 and signed by 18 lawmakers was delivered to TWIA to express the desire to keep rates the same since TWIA's finances are steady. The letter goes on to point out that the association has approved rate hikes every year for the past five years and that 2008 and 2009 both saw a 20 percent increase in rates after Hurricane Ike.
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Texas Windstorm Insurance Association board approves 5 percent rate hike