January Update

Jan 72 min read

Enhancements / Texas Rates / Progressive Grows Direct / Homeowners Climbs

Rates continue to fluctuate from program to program in the Texas market with the majority of MGA's increasing rates slightly over the past several months. National carriers have taken more rate decreases.

Alinsco has rereleased our Enhanced and Zoon programs in particular areas. Contact your local rep below if you would like to review your appointments.

Rates

Last month did not see much rate movement, one of the slowest in years. Here are the programs with changes as estimated from ITC and state filings.

Venture – up 12% for full coverage
Lonestar Maverick – up 8%
Mendota – up 6%
Nationwide – down 5%
Liberty Mutual – down 6.5%
Encompass – up 12.5%
Anchor Trident – up 8.9%

Progressive Grows Direct Platform

Progressive Insurance continues to build their direct program as direct moves closer to 60% of their writings as it takes over the independent agent percentage of contribution.

Homeowners Insurance Continue to Climb

Homeowner insurance rates continue to climb across the country as carriers battle increased catastrophe events and roof claim abuse. Below is a look at rate changes across the US from the Wall Street Journal of 2023 data. As you are aware these rates climbed further in 2024. Major changes will have to come to this coverage to slow down the trend.