The Texas Department of Insurance (TDI) said most homeowners insurance companies that filed rate changes with the agency since July 1 proposed decreases, affecting about 700,000 Texas policyholders, according to an Oct. 7 news release.
Over the past 90 days, filed homeowners rate changes averaged a 4.3% decrease, TDI said. For auto insurance, companies filed rate decreases that affect 4.4 million policyholders since July 1, the agency said.
Among the homeowners filings, ASI Lloyds, a Progressive company, filed a 6% rate decrease affecting 71,000 policyholders, according to the release. Texas Farm Bureau Mutual Insurance Company filed a 5.2% decrease affecting 133,000 policyholders. TDI noted that both companies are among the top 10 insurance groups in Texas by premium volume.
On the auto side, Auto Club County Mutual Insurance Company filed a 3% rate decrease affecting 235,000 policyholders, and Loya Insurance Company filed a 10.3% decrease affecting 39,000 policyholders, the agency said.
“High insurance costs hit Texas families hard, and premiums must reflect real risk,” Gov. Greg Abbott said in the release. “These filings show lower rates for many Texas homeowners and drivers. Texas will hold insurers to state law, and I will work with the Legislature next session to further curb premium increases.”
TDI said it reviews all rate filings to make sure proposed rates meet state law requirements. Insurance companies file their home and auto rates with the agency before using them to set premiums, and consumers can search home and auto insurance rate filings online, according to the release.
“Lower rate filings are an encouraging sign for Texas consumers, and we’re pleased to see some relief beginning to reach the market,” Insurance Commissioner Amanda Crawford said. “As rates moderate, Texans should take advantage of the competitive market, shop around, and make sure they’re getting the best value for their coverage.”
The agency said shopping around is one of the best ways to find a better deal, noting that nearly 160 companies sell auto and homeowners insurance in Texas. TDI also pointed consumers to resources on how companies set rates and on lowering car and home insurance costs.
Texans with questions about insurance can call the TDI Help Line at 800-252-3439 or visit the agency’s website, the release said.