One of the things that should also be avoided in Texas is the homeowners and auto insurance increase in rate based on the report of WFAA.
The S&P Global Market Intelligence provides small details on homeowners’ increase rates in the fourth quarter of 2022.
Based on the WFAA report, S&P Global Market Intelligence said, “Regulators in Texas signed off on 32 rate increase requests during the quarter, which are expected to boost industry-wide premiums by $425.5 million, the largest projected increase for any state for the quarter.”
For the auto insurance rate increase in Texas, they said that some insurers, “Plan another round of rate hikes that would rank among the Lone Star State’s most significant on record.
Possible Insurance Rate Increases For 2023
From the fourth quarter of 2022, S&P Global Market Intelligence reported that the insurance rate increases will extend until 2023.
Currently, there are 96 item requests from insurers in the state database on raising insurance rates for homeowners.
There are also 221 item requests from private autos for an insurance rate increase.
The average insurance rate increase for homeowners is 13.3% while for private auto is 10.3%.
Considering this increase in the insurance rates in Texas, one might give a second thought on whether to pursue living here or not.
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