“Looking forward, we should be prepared for continued rate increases and premium increases” said Rich Johnson, Director of Communications for the (ICT) Insurance Council of Texas.
Rate hikes are coming, and we need to be prepared. But there is still a little bit of good news, relatively speaking. The rate increases won’t be as bad as they’ve been over the last 2 years.
“In 2022 we saw 23% increases, and 2023 was a 25% increase” Johnson told KTRH, “So, those were double-digit percentage increases, and we think that will slow down. We predict probably single-digit increases.”
It’s all about cost obviously, and risk. But the biggest impact over the last couple of years has been the economy and inflation.
As for the looming premium spikes, Johnson says it’s never too early to start shopping around for the best rate.
