On March 22, 2023, the Texas Department of Insurance approved rate changes for the Texas FAIR Plan Association’s (TFPA) Homeowners, Dwelling, Condominium, and Tenant coverage forms. The rate changes will apply to new and renewal business beginning August 1, 2023.
The rate changes vary by region and are used to determine the premium for each individual policy. Please review the table below for the different percentages per region.
2023 Rate Changes
| Region | Homeowners | Dwelling | Condominium | Tenant | |
|---|---|---|---|---|---|
| Fire | EC | ||||
| Central North - Greater Dallas/Ft. Worth | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| Central North - Remainder | 10.0% | 10.0% | 10.0% | 10.0% | 5.8% |
| Central South | 10.0% | 10.0% | 10.0% | 10.0% | 8.0% |
| North/Northwest | 10.0% | 10.0% | 10.0% | 10.0% | 6.6% |
| Seacoast - Tier 1 | 10.0% | 10.0% | -10.0% | 10.0% | 10.0% |
| Seacoast - Tier 2 | 10.0% | 10.0% | 10.0% | 10.0% | 10.0% |
| Statewide Average | 10.0% | 10.0% | 9.5% | 10.0% | 9.8% |
NOTE: The new rates apply to all new and renewal policies issued with an effective date of 8/1/2023 and later, even if quoted and submitted prior to 8/1/2023.
Texas Insurance Code Chapter 2211 requires that the Texas FAIR Plan Association set rates in an amount sufficient to carry all claims to maturity and to meet all expenses incurred in the writing and servicing of the business. The TFPA Governing Committee analyzed and considered the 2022 actuarial analysis for TFPA before submitting the filing for approval by the Commissioner of Insurance on December 22, 2022.