Nowhere but up: Without rate restraints, Texas homeowners remain ... Houston Chronicle
Despite the contention of state insurance regulators that double-digit homeowners policy increases are unjustified, Allstate Texas Lloyds plans to institute rate hikes in Southeast Texas to renew policies starting late next month. For that we can thank the state Legislature, which failed to act on proposals during the regular session to require prior approval by the Texas Department of Insurance.
Houston area residents will see the sharpest increases, with 15.6 percent for Harris County, 16.4 for Fort Bend, and 14 percent for Montgomery. Surprisingly, Galveston property owners hard hit by Hurricane Ike last September will see only a 9 percent jump.
According to the Office of Public Insurance Counsel, the consumer advocates for the insurance department, Allstate's new rates are unreasonable. OPIC Executive Director Deeia Beck said that “based on our preliminary review, OPIC believes no increase in the rate level is supported and that the company's existing rates are likely excessive.” A spokesman for Allstate, which has nearly a half million Texas policy holders, attributed the rate increases to heightened claims for damage resulting from Ike. Beck countered that the company should have used more than one worst-case hurricane model to project future claims.
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