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Texas Lt. Gov. David Dewhurst commented that homeowners insurance rates in Texas are running some 12 to 18 percent higher than they should be. According to the Houston Chronicle, Dewhurst made the remarks after Gov. Rick Perry signed a bill requiring insurers writing homeowners policies in Texas to provide state regulators with data used in setting rates.

The bill was the first insurance legislation enacted by Texas lawmakers this year. A number of insurance regulatory bills, including legislation that would roll back the cost of homeowners coverage, are still being considered by legislators.

Dewhurst said he hopes homeowners rates will be lowered by 12 to 18 percent. An assistant for the lieutenant governor said the Dewhurst’s rate estimations were based on information from Insurance Commissioner Jose Montemayor, who is charged with studying the insurance data.

Perry called for lowering rates as well, but declined to say by how much.

Topics Trends Texas Legislation Pricing Trends Homeowners