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Windstorm Insurance Rates to Rise in Texas

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At a glance:

The Texas Windstorm Association (Windpool) will be allowed to raise its rates 3.1% for home policies and 8% for businesses according to a decision by Texas Insurance Commissioner Mike Geeslin. 
 
The increase is substantially less than the association had requested. 
 
The Windstorm Association expects as much as a 60% increase in participants this year, after Allstate withdrew from the wind insurance market in coastal Texas. 
 

Windstorm insurance rates set to increase

Beaumont Enterprise - 5/27/2006 1:07 AM

Texas insurance commissioner Mike Geeslin on Friday allowed a 3.1 percent rate increase for residential policies covered by the Texas Windstorm Association, the state pool that offers protection not provided by private companies in coastal counties.
 
Geeslin also allowed an 8 percent increase for commercial policies. The windstorm association had requested increases of 19 percent for residential policies and 24 percent on commercial coverage
 
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