San Antonio, Texas-based USAA has announced it has filed a plan with the Texas Department of Insurance to reduce its homeowners insurance rates in the state by an average of 6 percent.
The reduction will equate to an average $83 in annual savings for Texas policyholders, the company said. Not all areas of the state will see lower rates. Some coastal areas will likely see rate increases. However, USAA said it is increasing the availability of wind coverage it offers homeowners in certain coastal areas.
USAA also is planning to provide more comprehensive coverage, including water backup and increased limits for theft of jewelry, along with additional discounts and other features in its standard insurance policies for Texas homeowners.
The changes will be effective Oct. 10 for new policies and Dec. 31 for renewing policies, and will vary depending on discounts, geographic area and other factors. While rates for most USAA members will be lower, some will see rates increase, including in areas where the company needs to continue to match its rates with risks presented by projected hurricane losses.
USAA provides insurance coverage for more than 280,000 homes across Texas.
Source: USAA, usaa.com
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