More Regulation Won’t Save Texas Homeowners Ins. Market

Oklahoma Insurance Commissioner Carroll Fisher put it best when he recently wrote that “the best regulator of insurance rates is the consumer.” In an opinion piece in the March 16, 2002, edition of The Daily Oklahoman, he wrote that “for all the hard work state employees do to regulate insurance companies, nothing is as effective at keeping down rates as the threat that a consumer may move to another company.”

Texas needs to reform the homeowners insurance market, but not for the reasons heard during the recent political season. There are reasons for high homeowners rates–weather, excessive lawsuits and rising claim costs. We can’t change Texas weather. We will always have wind, hail, tornadoes, hurricanes and tropical storms.

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