A key Senate lawmaker says Texas homeowner insurance rates should be regulated by the state, promising to put forth a bill in the next session to get a handle on rising premiums.
Sen. Troy Fraser, a Republican, said that homeowners in the Lone Star State are being abused, and he gave a promise to file a bill for the next legislative session that would allow the Texas Department of Insurance the authority to regulate rates for homeowners’ policies.
According to Fraser, some homeowners have seen increases in premiums all the way up to 200 percent.
Losses resulting from water and mold damage last year in Texas amounted to nearly $1.2 billion, more than double the $512 million in similar losses for the previous year. Total insured losses grew from $2.3 billion in 2000 to $2.9 billion last year.
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