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Proposed Windstorm Insurance Rate Increase Ruffle Feathers in Coastal Counties
Posted: Jul 13, 2012 6:20 PM by Rachel Cole - rcole@kristv.com
Updated: Jul 13, 2012 6:56 PM
CORPUS CHRISTI -- An intense rally against proposed rate increases by the Texas Windstorm Insurance Association was held Friday morning at Corpus Christi City Hall. Business owners, council members and several state representatives spoke out against the idea.
Corpus Christi is among the cities that may see windstorm insurance rates increase by as much as 40 percent on top of what people already pay for their policy.
The concern is that the increase could scare off potential property and business owners looking to the Coastal Bend for growth.
Mayor Peter Perkins of Ingleside urged the public to get involved and take a stand against increases.
"People will see these windstorm rates and then get a little shaky about what they want to do so it's hurting all of us that way and we all need to make our voice heard," said Mayor Perkins.
John Pope is the owner of Newcastle Home Building, he builds out on Padre Island. His concerns for the increased cost of windstorm insurance brought him to rally Friday morning.
"The windstorm insurance increase are going to affect me but only for a temporary amount of time during the construction process," Pope said.
The proposed rate increase would impact commercial and residential properties in 14 different coastal counties. For business owners like Pope, this could slow down the flow of his work.
The burden of the potential increase doesn't just rest on the shoulders of those who put the shovels in the ground, but also on any future home buyers.
Pope said he has been building homes and doing construction for 6 years on the island and is worried about losing business and how it will affect potential buyers.
"I'm going to have to pass that cost along to the buyer which is then going to give us a smaller percentage of people that qualify to buy that home," Pope said
However, Pope is hoping his company will be protected and the windstorm rates won't rise because of the help and optimism of the task force that was created at the rally.
Plus, he said these days new homes like this one being built are at a higher stability standard than homes built several years ago.
"I wish we could get the insurance companies to recognize that and potentially give newer homes a lower rate," He added.
For now, Pope has donated money to the task force and is helping them combat any future windstorm insurance increases.
The next meeting on the windstorm insurance issue will be held on July 31st at the Del Mar College Center for Economic Development.
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