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Texas Homeowners Insurance Rate Reductions Ordered

The reforms of Senate Bill 14, passed by the 78th Legislature in 2003, are working. Texas Insurance Commissioner Jose Montemayor ordered $510 million in rate reductions in August 2003 and those reductions are showing up as lower premiums as homeowners renew their homeowners policies.

The following companies have lowered their rates by the amounts indicated:

  • Allstate 10.1% (additional 8.75% reduction due in August 2004)
  • American National 12.0%
  • American Standard 10.0%
  • Amica 12.0%
  • Chubb 4.0%
  • Continental Lloyds 9.8% (additional 9.8% reduction due in August 2004)
  • Consolidated Lloyds 8.35% (additional 8.35% reduction due in August 2004)
  • Foremost 20.0%
  • Hanover 31.0%
  • Hartford 9.0%
  • Horace Mann 18.0%
  • Kemper 6.5% (additional 6.5% reduction due in May 2004)
  • Liberty 7.0%
  • Metropolitan 22.0%
  • National 8.0% (additional review in March 2004 to determine future reductions)
  • Nationwide 11.6%
  • Republic 7.0% (additional 13% reduction due in August 2004)
  • SAFECO 15.0%
  • Texas Farm Bureau 1.5%
  • Travelers 8.7%
  • Trinity Lloyds 9.5%
  • USAA 7.0%
•Two Companies Challenge Reforms set by Texas Department of Insurance

Two companies, State Farm Lloyds and Farmers, were ordered to reduce their rates by 12 percent and 17.5 percent, respectively. Both are challenging the ordered rate reductions in district court. The court cases are in progress at this time. Policyholders with these two companies will not see the ordered reductions until the court case is settled. State Farm and Farmers currently have more than 40 percent of the Texas homeowners insurance market. Their ordered reductions account for $243 million of the $510 million in ordered reductions.



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