How The Insurance Companies Are Fooling You

Because you get letters like this, after the Republican legislators go ape over insurance deregulation, and you think, "yay, my insurance rates are dropping! I'm getting options!" When really, you, the consumer, are getting screwed without knowing it! Dear muse, blah, blah, blah As you may know, homeowners insurance rates in Texas have significantly increased in recent years and some companies are no longer offering insurance in the state. Until recently, Texas insurance companies were permitted by law to only offer the homeowners policies developed by the Texas Department of Insurance. Texans had almost no flexibility in choosing a policy that meets their specific needs. As a result, all policyholders were charged higher premiums because of the universal coverage for mold, slab and water damage, regardless of their individual needs or desires for this type of coverage. Policy revisions effective upon the upcoming renewal give you far more flexibility in choosing what is needed for your particular situation. More blah, blah, blah. Well, my "needs and desires" are that I have the same coverage I had with those "higher premiums" I used to be charged. Because I used to have water, foundation and sewer coverage and it cost 30% less! And, if I were to put my mold coverage back in, my old policy would cost 130% less than my current policy!! I long for the good old days. And, for truth in insurance marketing. And for an era when "inflexibility" was all the rage. Did you know that insurance companies are just now discovering we have hurricanes on the Gulf Coast? And, that they will need to drop coverage and increase rates because of it. Shh. No one tell them that sometimes there are house fires.