Waves crashing against a lightly protected area of shoreline along Corpus Christi Bay in August 2018. (Matt Briscoe)
AUSTIN—Texas Governor Greg Abbott stood with Coastal Texas home and property owners Thursday by issuing an order to temporarily amend the state insurance code, effectively limiting TWIA’s ability to raise rates on homeowners.
Prior to today’s executive order by the governor, TWIA would have been able to raise insurance rates an additional 10% on October 15, 2018.
As it is currently written, the state’s insurance code would have allowed the increase without much formal public commenting or legislative activity.
The order will remain in place through June 16, 2019, a date that would fall during the latter half of the 86th Legislative session, allowing further time for legislative action and formal public comment.
The Texas Windstorm Insurance Association (TWIA) was established by the Texas Legislature in 1971 in response to regional market conditions following Hurricane Celia in August 1970.
Executive Order by Governor Greg Abbott.