The National Association of Insurance Commissioner recently issued its annual report on homeowners insurance. The report, based on figures from 2006, the latest year from which data is available, ranks Texas as having the highest homeowners rates in the nation.
According to the NAIC report, the statewide average annual premium for an HO3 policy (HO-B policy equivalent) in Texas was $1,409 per year in 2006 compared with the nationwide average of $804.
The Insurance Council of Texas, however, has disputed the accuracy of the NAIC’s report.
The ICT pointed out that the report compares the premium of an HO3 policy (HO-B) with other states. In Texas, only one third of policyholders owned an HO-B policy in 2006. Today, its use is down to 15 percent, the ICT said.
The Texas Department of Insurance (TDI) lists in its report that the homeowners insurance premium statewide average is $1,214, $200 less than what is reported by the NAIC. TDI’s report for 2006 would place Texas third behind Florida and Louisiana.
TDI’s 2007 reports shows Texas homeowner rates dropped .7 percent from 2005 to 2006, while the NAIC shows a gain of 2.7 percent.
“The NAIC report is three years old and misleading. We are doing a lot better than the report would leave one to believe,” the ICT said in its release.
Source: Insurance Council of Texas, www.insurancecouncil.org; NAIC, www.naic.org
Topics Carriers Texas Homeowners
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