Lucio III, Eddie
FOR IMMEDIATE RELEASE 08/07/2019
TWIA BOARD VOTES FOR A 0% RATE INCREASE
Galveston, TX – House Insurance Committee Chairman Eddie Lucio III is proud to announce that the Texas Windstorm Insurance Association (TWIA) voted not to increase rates for residential and commercial policies. After passionate testimony by both state lawmakers and coastal residents, the TWIA Board voted 5 – 3 to send a zero percent rate change to the Texas Department of Insurance (TDI).
“This is a huge win for coastal residents and businesses,” Rep. Lucio said. “Coastal residents who are still recovering from Hurricane Harvey should not see their rates increased today nor in the future.” Rep. Lucio added.
While coastal leaders are viewing the vote as a victory, they are continuing to monitor future rate increases and TWIA may hold another vote to increase rates as early as December at their next board meeting in Corpus Chrisi.
“I commend the TWIA Board for doing the right thing and filing a zero percent rate increase with TDI. I hope to continue to work with them and all stakeholders as we approach their next board meeting in December; I hope they do not try to raise rates again.” Rep. Lucio said.
In 2019, the Texas Legislature passed HB 1900 which aimed to keep TWIA rates low. As Chair of the House Insurance Committee, Rep. Lucio is committed to fighting against rate increases and will continue to fight for coastal policy holders.