Texans Paying Highest Property Taxes, Home Insurance Proportionately in the Nation! Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

Texans Paying Highest Property Taxes, Home Insurance Proportionately in the Nation!
 


18 June 2007 at 4:27:06 PM
pstern

We need to ask ourselves, "Why?"

Three years ago with Gov. Perry, then Texas Department of Insurance (TDI) Commissioner Jose Montemayor, and legislators "looking the other way," lax insurance legislation permitted the industry to double the premiums paid by Texas homeowners.

At that time and during the previous several years the insurance industry had been experiencing a "hard market" and was losing revenue, we were told it was due to excessive claims due to storms, , winds, flooding, hail and mold.  It had called upon the state informally to help with correcting the market, but few listened to industry pleas.

As in many previous years of "hard markets" the insurance industry elected to act on the problem without waiting any longer for government interaction on its behalf.  Virtually overnight it then "over-corrected" the market by doubling home insurance premiums.

In some instances, the industry decreased the coverage and still increased the premiums significantly.

The reactions by homeowners was disbelief and then anger.  They contacted the offices of the Governor, TDI, and various legislators.  They were told publicly by Gov. Perry and TDI Comm. Montemayor that by the next year the insurance industry would refund up to 14-percent of the increased premiums.

To date, that has NEVER occurred.

The governor and state officials continue to permit the insurance industry in Texas to maintain the highest home insurance premiums anywhere else in the nation.

Currently we are nearing the end of the 2nd business quarter of Year 2007 and are in a "softer market".  The industry has been reaping substantial profits for the past several years and still is.  Despite high revenues there is no sign of legislators providing more oversight and/or regulation on the insurance market, nor is the industry on its own considering lowering the premiums of home insurance to a more reasonable amount.

Periodically and when public opinion and discontent require it, Gov. Perry gives the issue some lip service and leaves it up to the Legislature to consider, but no one seriously acts on behalf of overburdened Texas homeowners.  With ever-increasing property values and taxes, home insurance is a close second as the cause of the record number of foreclosure throughout the state.

Apparently, unless Texans pound on the gubernatorial and legislative doors, communicating via phone and letters that home insurance relief is needed NOW, no one will do anything about it and Texas homeowners will continue to pay the highest premium costs anywhere in the nation.  We can't depend on the governor, legislators, current TDI Commissioner Mike Geeslin or the insurance industry to offer homeowners relief.  To them the sweet smell of profits overrides the stench of decay from the "American Dream" becoming a nightmare for most of us.

We either can remain the docile sheep officials want us to be, or we can move on correcting this unacceptable series of insurance events.

Contacts:

 
 
 
 
Commissioner Mike Geeslin, TDI:    mike.geeslin@tdi.state.tx.us

 

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