Wild Weather Means High Insurance Rates for Texans
by: Gail Delaughter, December 17, 2013 4:12:00 pm
The average Texan pays close to $1,600 a year in homeowners insurance premiums. The national average is just under $1,000.
A new report from the National Association of Insurance Commissioners shows Texas is now ranked third in the nation in homeowners insurance rates, just behind Florida and Louisiana.
Mark Hanna with the Insurance Council of Texas says this year's report includes actual windstorm data from coastal states. Those numbers were excluded from earlier reports. But Texans are still paying high premiums because of the state's wild weather.
"Just last year Dallas had a $750 million hailstorm and three weeks after that, they had a $900 million hailstorm."
Texas also has to contend with storms like Hurricane Ike in 2008. It remains one of the costliest storms on record.
"It was ten times costlier than any hailstorm we've ever had, three times costlier than any hurricane we've had, $12 billion in insured losses."
But Hanna says the good news is that there are 120 companies in Texas that offer homeowners insurance, and residents can save money if they shop around.