Lawmakers in the Texas Senate are considering a measure that would require home insurers to get approval from regulators before increasing rates more than 10%, the Houston Chronicle reported.
The bill, sponsored by state Sen. Charles Schwertner, R-Georgetown, would also create a three-member commission to oversee the Texas Department of Insurance. The veteran legislator and others have accused the agency of failing to prioritize consumers.
Homeowner insurance rates have skyrocketed in recent years, up an average 21% in 2023, double the average hikes of previous years. Insurers currently can file rate increases with the state and immediately put them in effect. TDI has not denied a single rate filing out of 22,000 submitted since 2017, according to a Hearst Newspapers analysis.
