Benchmark rates are guidelines for insurance companies under which they can charge 30 percent above or below the benchmark rate without obtaining insurance department approval. They apply only to rate-regulated companies, which write about 25 percent of the homeowners coverage in Texas. Those same companies write about 75 percent of the renters insurance. Insurance industry officials welcomed the rate hike. There isn't a business in Texas that can stay in business unless they can collect enough money to cover their costs.
Insurance companies are no different.
The Texas Homeowners Insurance Rate Guide gives sample rate comparisons and phone numbers for both rate-regulated and unregulated companies selling in each rating territory. The maximum deductible was increased last year from 1 percent to 5 percent, with similar required discounts on rates. E.W. Scripps Publications , All Rights Reserved. Site users are subject to our User Agreement . We also have a Privacy Policy .