On Wednesday, July 27, 2022, the Galveston Regional Chamber of Commerce will be co-hosting an informational luncheon on Texas Windstorm Insurance alongside State Representative Mayes Middleton.
Recently, Texas Windstorm Insurance Association announced that, beginning September 15, 2022, policyholders will see an automatic increase in their coverage and a corresponding increase in their premium. The average increase in coverage limits will be about 11%. While the increase in coverage limits will result in an increase in premiums, it is not a rate increase. On August 2, 2022, in Galveston, the TWIA Board will meet to vote on whether to increase rates. Any increase in rates will result in an increase in premiums.
At the informational luncheon, TWIA will provide an update ahead of the TWIA Board meeting on the impact of the automatic coverage limit increases, the potential rate changes the Board may consider at their August meeting, and how to participate in providing public comment at the August Board meeting. Following the TWIA update, the Chamber will be joined by Representative Mayes Middleton and Representative Todd Hunter for a panel discussion about what reforms are needed for TWIA in the upcoming session.
For more information, visit www.galvestonchamber.com or contact Gina M. Spagnola, president and chief executive officer for the Galveston Regional Chamber of Commerce at (409) 763-5326 or by email at gspagnola@galvestonchamber.com.
