CORPUS CHRISTI — The United Corpus Christi Chamber of Commerce along with the Port Aransas, Ingleside, Rockport-Fulton, Portland and Aransas Pass chambers hosted a press conference early Monday morning, July 29, at the Solomon P. Ortiz Center to alert the media and the public about the Texas Windstorm Insurance Association’s (TWIA) plan to raise rates by 10 percent on policyholders.
In a press release, the United Corpus Christi Chamber of Commerce said that the increase comes at a time when many in the Coastal Bend are still recovering from Hurricane Harvey and after rates have already risen 71 percent in the past 11 years. Raising rates will put pressure on many households not able to afford insurance, and those with mortgages possibly being pushed into default as they are unable to make increased payments.
The release also stated that rate increases are detrimental to economic development as employers seeking to locate here will find it too expensive for their employees to live here.
Now, Gulf Coast residents have an opportunity to tell TWIA “No to new rate hikes” ahead of the Aug. 6, board meeting in Galveston.
TWIA will be accepting public comment on the rate increase via email at CommunicationsMail@twia.org but must be received by noon on Wednesday, July 31. The comments will be entered into the official record of the board meeting.
Also, comments will be taken in person at the TWIA board meeting which will be Aug. 6, at 9 a.m. at the Tremont House Hotel, 2300 Ship’s Mechanic Row, in Galveston.
“TWIA’s plan to raise rates during this sensitive time when people are still rebuilding their homes and businesses in the aftermath of Hurricane Harvey is insensitive and unnecessary,” President and CEO of the United Corpus Christi Chamber of Commerce John LaRue said in the release.
“I urge all Coastal Bend residents to make their opposition known to TWIA before July 31."