Texas REALTORS® has been engaging with policymakers to explore solutions to rising insurance costs, as members across the state continue to report concerns of access and affordability.

 On September 14, the Texas Department of Insurance (TDI) submitted a letter to Governor Abbott outlining administrative actions and legislative recommendations to curb rising property and casualty insurance costs. This comes after the governor directed TDI to take actions to make property and casualty insurance more affordable for Texans who invest in their homes.

“The average annual homeowners’ insurance premium in Texas has risen 79% in six years,” said Governor Abbott. 

Some of TDI’s initial recommendations include: 

• Stronger incentives and discounts for homeowner-added mitigation measures for wind, hail, or wildfire
• Further study and enforcement of AI use in claims and underwriting
• Creation of an insurance fraud task force
• Limitations on advertising costs as a factor in insurance rates
• Procedural delays on proposed rate increases and required notices for renewal premiums to give property owners time to shop for better rates

Texas REALTORS® is engaged on this issue

Texas REALTORS® has been working on this important issue for some time. Last spring, TDI Commissioner Amanda Crawford presented valuable information about property insurance to the Texas REALTORS® Business Issues Committee. The committee used these insights and input from members and other sources to form the association’s public policy position on the issue.

The association continues to work on solutions

“Housing affordability is about more than the price of a home,” said Texas REALTORS® Chairman Jennifer Wauhob. “Rising insurance costs can affect how many Texans can even purchase a home and whether existing homeowners can afford to remain in their homes. 

“We appreciate the serious attention by our elected officials and regulators to improve affordability, strengthen consumer protections, and support a healthy insurance market. TDI’s recommendations provide important information for policymakers and stakeholders to consider as these conversations continue.

“Texas REALTORS® looks forward to being part of the discussion by working with state leaders on solutions that help keep homeownership attainable and sustainable for Texans.”