IIAT SAYS HOMEOWNERS RATES DOWN:

Homeowners who buy insurance from independent insurance agents in Texas should be seeing lower premiums and better coverages, according to a survey conducted by the Independent Insurance Agents of Texas of its 1,800-member independent insurance agencies. Survey results from the Austin-based trade group found that slightly less than half reported a drop in homeowners insurance premiums over the last year. More specifically, 34 percent of those responding reported as much as a 10 percent drop, 5 percent of respondents reported up to a 20 percent drop and 2 percent of respondents said they’ve seen more than a 20 percent drop in insurance premiums prices over the last year. An additional 30 percent of independent agencies reported no significant change in homeowners premium pricing. IIAT President Bill Harrison Jr., an independent insurance agent from San Antonio, said the “survey confirms what we have been hearing for several months, that homeowners insurance in Texas is correcting itself.” The survey also found that coverage under homeowners insurance policies is improved. Nearly half of independent agencies responding reported better coverage than that found a year ago. Almost 70 percent of the respondants said their standard carriers offered the broad-coverage HO-B or HO-3 policies. IIAT pointed out that not all companies are offering the broader forms or lower premiums. Harrison noted that the survey showed some 70 percent of independent agents questioned said they were optimistic about the future of the homeowners market in Texas.

Topics Trends Texas Agencies Pricing Trends Homeowners