Texas Homeowners Insurance Premiums On The Rise

A report from the Texas Department of Insurance showed that Texas homeowners insurance premiums have increased by more than 26 percent from 2010 to 2014. The report also showed that Texas homeowners insurance premiums are the third-highest of any state, behind only Florida and Louisiana. The average Texas homeowner currently pays more than $1,700 a year in insurance premiums. Insurance industry observers expect Texas homeowners insurance premiums to increase again by the end of 2015, pending approval from the state’s insurance regulators.

Weather Events Affect Texas Homeowners Insurance Costs

While the state has been largely spared from catastrophic weather events since 2010, the variety of dangerous weather homeowners across the state experience can lead to increases in Texas homeowners insurance premiums. Texas Department of Insurance spokesperson Jerry Hagins told an Austin TV station that insurance companies can use up to 20 years worth of data to calculate their Texas homeowners insurance costs. He also stated, “Any single weather event does not directly impact our insurance rates.”

Extreme Weather Fuels Texas Homeowners Insurance Increases

A spokesperson for the Insurance Council of Texas remarked that the state is a “violent state when it comes to weather.” Mark Hanna told an Austin TV station that a leading cause of rising Texas homeowners insurance costs does has not come from single events like 2008’s Hurricane Ike, but that “rates may have gone up because of all the other damage.” Mr. Hanna also stated that Texas homeowners insurance premiums have increased so steeply due to the fact that “just about all of the different catastrophes that could occur” in the state have happened in recent years.

Even With No Claims, Texas Homeowners Insurance Rates Go Up

Despite the extremes of drought, floods, hail, and even earthquakes, some homeowners can have their policies for years and never file a Texas homeowners insurance claim. However, a clean claims record does not prevent Texas homeowners insurance providers from raising their rates. Richard Powell, an Austin homeowner, told a local TV station that he had not filed a major claim in 15 years. Despite his clean record, Mr. Powell said that his premium rates continue to rise.

Shopping Can Reduce Texas Homeowners Insurance Premiums

Several scientific studies have revealed that shopping for the best coverage and the most affordable premiums can help homeowners save money on their annual insurance costs. Mr. Hagins advised that Texas homeowners insurance policy holders review their coverage on an annual basis. “Just because you’ve had the same insurance company for a long time,” Hagins said., “doesn’t mean you have to stick with it.”

Source: KXAN-TV

Get Answers For Your Texas Homeowners Insurance Lawsuit Questions

To find out how we can answer your questions about a Texas homeowners insurance lawsuit, contact one of our attorneys today. Our intake team will take down the details of your case and quickly connect you to an attorney who understands how to get the most from your Texas homeowners insurance lawsuit. You can also fill out the “Free Case Evaluation” form at the top of this page.

NOTE: This blog post is a news story and does not imply an endorsement of Arguello Law Firm by any of the parties mentioned herein.