Nationwide Insurance is reducing homeowner rates for Nationwide Lloyds customers in Texas effective Jan. 7, 2006. The average decrease will be 10.75 percent for renewing customers in Texas.
“This rate decrease reflects Nationwide’s long-standing commitment to the Texas homeowners’ insurance market and our desire to grow,” said Chris Baggaley, regional vice president of Nationwide’s Texas operations. “While we have concerns about future Texas weather events, we’ve discussed our goals and concerns with the Texas Department of Insurance and feel our new rates will be adequate yet competitive.”
Additionally, based on the promising change to a new file-and-use rate regulatory system, Nationwide said it has introduced a new homeowner company in Texas. For new customers, Nationwide Property and Casualty Insurance Company offers a much more detailed pricing system and competitive rates while maintaining a comprehensive homeowners product and On Your Side service.
“Our new pricing model is very sophisticated and provides new customers with a rate best suited to their unique circumstances. Many Texas customers have taken advantage of this new opportunity, and we encourage everyone to shop and compare,” Baggaley added.
Nationwide has more than a half million policies-in-force in Texas, including more than 140,000 homeowner policies.
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