Texas Auto, Homeowners Rates Still Falling, Insurer Group Says

Data released from the Texas Department of Insurance (TDI) shows the state’s average automobile and homeowners rates continue to fall, the Insurance Council of Texas reported. The ICT says rates have been steadily falling since March 31, 2004.

Both private passenger auto and residential property insurance rates have fallen every quarter for the past three years. Homeowners rates have fallen 11.7 percent or $134. Auto rates have fallen 8.9 percent or $100.

Along with lower rates, more insurance companies continue to enter the Texas market. The companies have been attracted to the market’s stability and new opportunities following legislative reform in Texas.

Since June 11, 2003 (passage of SB14), there are 37 new insurance companies selling homeowners insurance and 28 new companies selling automobile insurance.

The data on auto and homeowner rates is available on TDI’s Quarterly Legislative Report on Market Conditions, which can be located on the department’s Web site, www.tdi.state.tx.us/.

Source: Insurance Council of Texas