Texas home, auto insurance rates trending down, state officials say
You might be required to pay personal mortgage insurance if your down payment is less than 20%. (iStock)
AUSTIN, Texas - Insurance rates appear to be dropping for many Texans, according to the latest data from the Texas Department of Insurance.
What we know:
The state agency said many home and auto insurance companies have filed rate decreases since July 1, impacting millions of Texas policyholders.
Top insurance groups file rate changes
By the numbers:
Homeowners’ rate changes have averaged a 4.3% decrease over the past three months, according to officials.
Two of the top 10 insurance groups in Texas, based on premium volume, were among those that filed rate decreases.
ASI Lloyds, which is owned by Progressive, filed a 6% rate decrease, while Texas Farm Bureau Mutual Insurance Company filed a 5.2% rate decrease.
Rates drop for millions of drivers
Close to 4.4 million drivers have also seen their insurance rates drop in recent months, state officials said.
Among the companies that filed rate decreases were Auto Club County Mutual Insurance Company with a 3% decrease and Loya Insurance Company with a 10.3% decrease.
Big picture view:
Nearly 160 companies sell auto and homeowners insurance in the state, according to the Texas Department of Insurance. All rate filings are reviewed by the agency to ensure they meet state law requirements.
What they're saying:
"Lower rate filings are an encouraging sign for Texas consumers, and we’re pleased to see some relief beginning to reach the market," said Insurance Commissioner Amanda Crawford in a news release. "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 Source: The information in this article comes from a news release from the Texas Department of Insurance.