One of the best resources available for researching insurance rates and information is the Texas Department of Insurance (TDI) website. One of the most useful parts of the site is a page dedicated to helping prospective and current homeowners research insurance companies while providing valuable financial and Texas homeowners lending statistics.
According to the website the Texas Department of Insurance lists five purposes for its existence (according to Texas Insurance Code 2251.001):
- Promote the public welfare by regulating insurance rates to prohibit excessive, inadequate, or unfairly discriminatory rates
- Promote the availability of insurance
- Promote price competition among insurers to provide rates and premiums that are responsive to competitive market conditions
- Prohibit price-fixing agreements and other anticompetitive behavior by insurers
- Provide regulatory procedures for the maintenance of appropriate information reporting systems.
Texas homeowners insurance can be a complicated issue, so the TDI provides explanations of: How Regulation Works, Homeowners Loss Data, Homeowners Premium Data and even Recent Homeowner Rate Changes so you can follow the constantly changing rate changes from the top companies selling homeowners insurance.
Once the research is done, homeowners can start going forward with the home buying process. A future post will look at some of the of the TDI’s Homeowners & Residential Property Insurance resources including the Stormlink, consumer complaint information and a list of inspectors available to the people of Texas.
