CORPUS CHRISTI, Texas — The Texas Department of Insurance voted to not approve a recommended 10 percent windstorm insurance rate hike recommended by the Texas Windstorm Insurance Association.
Texas State Rep. Todd Hunter confirmed the update to 3NEWS on Monday evening.
Texas Department of Insurance Commissioner Cassandra Brown was in Corpus Christi in September to gauge residents' feelings about the proposed increase.
Corpus Christi City Council members also went on record to resist the rate hike, which was double the proposed hike in previous years, passing a resolution to that effect in July.
TWIA senior manager Anna Stafford said back then that the increases were necessary to cover operational expenses, as well as expected losses if one of the projected 17-25 named storms makes landfall in the Coastal Bend.
"The rate adequacy analysis shows that TWIA's rates are inadequate by 38 percent for residential coverage and 45 percent for commercial coverage," she said.
Only one named storm has affected the Corpus Christi coastline during the 2024 season, Tropical Storm Alberto.
This is a developing story. 3NEWS will update as more information becomes available.
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