HOUSTON – Texas homeowners and drivers may be seeing some relief from high insurance costs, with several companies filing rate decreases that could affect millions of policyholders across the state.
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Since July 1, most homeowners insurance companies that filed rate changes with the Texas Department of Insurance have proposed lowering their rates. Those filings affect about 700,000 Texas policyholders, with homeowners rate changes averaging a 4.3% decrease over the past 90 days.
Among the companies filing decreases:
- ASI Lloyds, a Progressive company, filed a 6% rate decrease affecting about 71,000 policyholders.
- Texas Farm Bureau Mutual Insurance Company filed a 5.2% rate decrease affecting about 133,000 policyholders.
Both companies are among the 10 largest insurance groups in Texas by premium volume.
Auto insurance rates also falling in some filings
The trend extends to auto insurance, where companies have filed rate decreases affecting about 4.4 million policyholders since July 1.
Those filings include:
- Auto Club County Mutual Insurance Company, which filed a 3% rate decrease affecting about 235,000 policyholders.
- Loya Insurance Company, which filed a 10.3% rate decrease affecting about 39,000 policyholders.
Texas Gov. Greg Abbott said the filings show signs of lower costs for some homeowners and drivers.
“High insurance costs hit Texas families hard, and premiums must reflect real risk,” Abbott said. “These filings show lower rates for many Texas homeowners and drivers.”
The Texas Department of Insurance reviews rate filings to determine whether proposed rates comply with state law.
Insurance Commissioner Amanda Crawford called the lower filings an encouraging sign for consumers and urged Texans to shop around for coverage.
What this means for Houston-area drivers and homeowners
A rate decrease filed with the state does not necessarily mean every customer will see their insurance bill drop by the same amount. Insurance premiums can vary based on factors including the company, property, vehicle, coverage and individual risk factors.
Still, the state says Texans have options when it comes to shopping for coverage. Nearly 160 companies sell auto and homeowners insurance in Texas, giving consumers an opportunity to compare policies and prices.
For Houston-area homeowners, where insurance costs have been a major concern, the latest filings could be worth watching.
TDI recommends consumers compare coverage and prices to make sure they are getting the best value for their insurance.
Home and auto insurance companies must file their rates with TDI before using them to set premiums. Consumers can also search the department’s online database for insurance rate filings.
How to save on insurance
TDI offers several resources for Texans looking to lower their insurance costs, including tips on shopping for auto and homeowners coverage.
Consumers with questions can contact the Texas Department of Insurance Help Line at 800-252-3439.
- Read more: Texas homeowners insurance market overview
Learn how insurers set auto and home rates: Auto and home policy underwriting
Tips for lowering car insurance costs: Lower your car insurance rates
Tips for lowering home insurance costs: Lower your home insurance costs
