Independent insurance agents in Texas report improved homeowners insurance coverage and lower premium prices for both homeowners and auto insurance as the year comes to an end.
A survey of more than 1,800 member agencies by the Independent Insurance Agents of Texas found that nearly half of agents surveyed are reporting broader homeowners insurance coverage among standard carriers. A similar percentage report lower average premium prices.
“The results show a continuing trend that we discovered in a similar survey conducted among members last year,” said Randy Reynolds, IIAT president. “Our results also show that auto policy premiums are down on average compared to a year ago. The results tell me that competition in the marketplace is keen and good for the consumer.”
Nearly 60 percent of independent agencies surveyed report that homeowners insurance coverage written by standard carriers has improved in the last year. During 2005, some 65 percent of agencies offered broader coverage than was available barely two years ago. Broader coverage typically costs more, but for 2005 the survey shows that average pricing for homeowners insurance is lower than a year ago.
Perhaps most significantly independent agents reported more companies wanting to write personal lines insurance in Texas. More than 60 percent reported an increase in the number of companies they could represent this year. Consumers can find broader coverage and lower prices if they look. “The best way for consumers to take advantage of this insurance marketplace is to work with an independent agent they trust to get the best deal,” said Reynolds.
Nearly 48 percent of agencies surveyed say homeowners insurance prices have dropped in the last year by an average of 10 percent among companies represented by independent agencies. A fourth of those agencies surveyed report no significant changes in pricing this year compared to last.
The Independent Insurance Agents of Texas is one of the nation’s largest state associations of independent insurance agencies. More than 1,800 agencies representing a network of some 13,000 agents and their employees are members. Independent agents and brokers offer all lines of insurance — property, casualty, life and health — as well as employee benefit plans and retirement products.
Topics Trends Texas Auto Agencies Homeowners
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