As I mentioned a few days ago:
Progressive Insurance sent out a message to home owners and insurance agents in the Bay Area urging them to contact elected officials concerning an insurance bill. Just an FYI: Progressive will NOT write policies in the Bay Area.
The agents have responded. You can read their comments in opposition of the bill here. They pretty much reflect the talking points provided by Progressive. So take a few minutes to write to the Committee in support of this bill. Here are my talking points:
- This bill requires the insurance industry to justify rate increases over 10%. If they can’t justify their increases they should not be able to increase.
- This bill is the least our elected officials can do for those affected by the rising cost of home insurance. Literally.
- This bill will NOT address the problem of our out of control insurance premiums
- Justifying an increase in rates will NOT lower premiums since premiums are calculated based upon the rates and other factors
- Our issue in the Bay Area is the extreme premiums and deductibles.
Your comments would be appreciated
On Monday 5/19/25 the House Insurance Committee will hear Senate Bill 1643. This bill will require insurance companies to justify to the Texas Department of Insurance any rate increase above 10%. It DOES NOT regulate the rate, it simply requires a justification.
The Industry has sent out emails to their insurance agents to write comments opposing this bill and they have. You can also send in comments. It is easy. The form is online here. Do the following:
- Fill out your personal information
- Select SB 1643 by Schwertner
- Enter your comments including your support for the bill
- Submit your comments
Again thank you for your interest in this issue!
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