Board OKs 10% rate hike on Texas windstorm insurance
The premium increases -- for insurance policies covering wind and hail damage to property primarily in coastal areas of the state -- still need approval from the
The new rates would take effect
According to the TWIA's website, its average residential policy currently costs
The board of the windstorm insurance group voted 5-4 to increase residential and commercial premiums by a uniform 10 percent during a meeting Tuesday morning, bucking opposition from a bipartisan group of state lawmakers.
In a letter dated Monday that was first reported by the Quorum Report, the lawmakers -- including state Rep.
The lawmakers also attached a May resolution from the
Fields was among the four board members who voted against the increase Tuesday, according to a TWIA spokesperson, although the majority approved it.
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