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Texas Windstorm Insurance Association Seeks 5% Rate Increase

The Texas Windstorm Insurance Association has filed for 5 percent increases in both its residential and commercial rates, effective Jan. 1, 2011.

The state's insurer of last resort provides wind and hail coverage in the 14 coastal counties and parts of Harris County. TWIA provides wind and hall coverage when insurance companies exclude it from their homeowners and other property policies sold to coastal residents.

The Texas Windstorm Insurance Association will raise premium rates by 5 percent next year on thousands of commercial and residential policies.

The association’s governing board approved the increases in a 5-3 vote at its quarterly meeting Tuesday in Galveston...

Hurricane Ike, which struck Galveston on Sept. 13, 2008, has proved to be the costliest weather catastrophe in Texas history by a large margin. The storm racked up nearly $12 billion in windstorm and flood insurance claims in the state...

The Texas Windstorm Insurance Association has now settled about 300 lawsuits related to the devastating 2008 hurricane season, but the general manager of the last resort insurer rejects insinuations in Texas that TWIA is now settling because it realized it mishandled claims...