The Texas Department of Insurance and Allstate entered into an agreement whereby the insurance giant will refund some money to policyholders and reduce their rates.<\/p>\n
The Fort Worth Star-Telegram<\/em> reports that Allstate must pay $36.8 million in refunds for new and renewal policies written between Dec. 1, 2004 and April 23, 2006; give credits or refunds that amount to 3 percent of premiums for most policies written between Aug. 20, 2007 and June 1, 2008; cut homeowners rates by 3 percent on average statewide for most policies written between June 2, 2008 and at least June 1, 2009; and not increase rates between June 2, 2008 and June 1, 2009.<\/p>\n I’m skeptical of any agreements reached by Big Insurance and the lapdog TDI, particularly knowing how the insurance companies fight meaningful regulation tooth-and-nail. This could be good for consumers or it could just be window dressing (like when TMLTdoubled<\/em> medical malpractice insurance premiums prior to the “tort deform” debacle of 2003 and then hailed an 11% reduction a year later – yipee).<\/p>\n With all these “reductions,” consumers can go broke saving money.<\/p>\n","protected":false},"excerpt":{"rendered":" The Texas Department of Insurance and Allstate entered into an agreement whereby the insurance giant will refund some money to policyholders and reduce their rates. The Fort Worth Star-Telegram reports that Allstate must pay $36.8 million in refunds for new and renewal policies written between Dec. 1, 2004 and April 23, 2006; give credits or…<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[9,1],"tags":[],"yoast_head":"\n