Texas Reports Homeowners and Auto Rate Decreases

Homeowners insurance rates are beginning to come down in Texas, according to the most recent data from the state insurance department.

Since the start of July, insurance companies have filed an average 4.3% rate decrease on homeowners policies. ASI Lloyds, a Progressive company, filed a 6% rate decrease impacting 71,000 policyholders, and Texas Farm Bureau Mutual Insurance Company filed a 5.2% rate decrease, impacting 133,000 policyholders.

Insurance Commissioner Amanda Crawford said the department is “pleased to see some relief beginning to reach the market.”

“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,” Crawford said.

Some Texas drivers are also seeing decreases on their auto insurance rates. Auto Club County Mutual Insurance Company filed a 3% rate decrease, impacting 235,000 policyholders, and Loya Insurance Company filed a 10.3% rate decrease, impacting 39,000 policyholders, the insurance department said.

Approximately 160 companies sell auto and homeowners insurance in Texas.