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Mold Issue Drives Home Insurer Out of Texas.(The Farmers Insurance Group)
The mold issue has come to a head in Texas, as state regulators and the second largest homeowners insurance underwriter have locked horns over their positions.
The result is that The Farmers Insurance Group, Los Angeles, announced it will halt all homeowners insurance business in the state and not renew existing policies.
Farmers has a market share in Texas of nearly 20%, with 2001 premiums written of $656 million, according to Best DataBase Services. The company said Texas represented 15% of its homeowners insurance premiums nationwide.
Back in January of 2002, A.M. Best issued a report noting that mold related claims are causing problems for homeowner insurance underwriters. Texas has two insurance policy forms that are unique to the state, HO-A and HO- B.
Most homeowners in Texas have the HO-B policy (96%), and Farmers was among a group of insurers, including State Farm and Allstate, that previously announced they would no longer offer that policy. HO-B includes coverage for mold, while HO-A excluded mold and water damage from rising water.
The current situation started in August, when the Texas Department of Insurance, in conjunction with a law suit from the state attorney general, issued an "emergency cease and desist order" that froze Farmers' rates.
The agency claimed Farmers rate increases were "unfair and illegal," said commissioner of insurance Jose Montemayor. Regulators alleged that Farmers had inflated premiums for the HO-A policy and overcharged customers.
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Source: HighBeam Research, Mold Issue Drives Home Insurer Out of Texas.(The Farmers Insurance...