Increasing
Choice
Texas needs
public policy that increases insurance choices for consumers
| "[The
introduction of new policies] is a very positive development
that should provide a measure of stability to the Texas
homeowners insurance marketplace . . .
By
allowing insurers to provide options beyond the previous
state-mandated policy, consumers will benefit from greater
competition among insurers."
Donald
Hanson, Regional Manager
National Association of Independent Insurers
Insurance Journal
"Approval of State Farm HO-W Applauded" |
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To improve insurance
affordability for all consumers, any legislative and regulatory
action should provide a greater choice of policy options, so Texans
can choose insurance coverage that meets their needs and fits their
budgets.
- Historically,
Texas homeowners have had a very limited choice of insurance policies.
Texas insurance companies were permitted by law to offer only
two types of homeowners policies: one with very minimal coverage
and one with very extensive coverage. Texans had almost no flexibility
in choosing a policy to meet their needs in terms of coverage
or budget.
- In other
states, consumers have greater flexibility to choose the kind
of insurance coverage they want - so they can custom-tailor their
insurance policies to fit their budgets. But Texans haven't had
these options, so many have been forced to pay more for coverage
they don't necessarily want or need.
- The Texas
Department of Insurance recently agreed to let some insurance
companies offer policy forms already being used in other states
- a move that gives Texas consumers greater control over the prices
they pay for their insurance coverage.
TCAIS will
work with insurance companies, state leaders, consumers and other
interested parties to find solutions for the issues affecting the
homeowners and auto insurance markets in Texas.
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