Nationwide's announcement that it plans to lower homeowners rates in Texas may portend a cycle of rate decreases by carriers for policyholders in the state as reforms initiated two years ago take hold, an insurance group said.
"This could be a signal across the bow that a trend is beginning," said Mark Hanna, spokesman for the Insurance Council of Texas in Austin, Texas.
Yesterday, the Columbus, Ohio-based insurer said that effective Jan. 7, 2006, the company would reduce homeowners rates in its Texas Nationwide Lloyds subsidiary by an average 10.75 percent on renewing customers.
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