A report from the Texas Department of Insurance says that homeowners insurance premiums in Texas have gone up 21 percent since 2009.
The report that state Insurance Commissioner Eleanor Kitzman presented to a Senate committee Tuesday showed that the average premium on a homeowners policy in Texas last year was $1,412. The report found that the average loss on an insurance claim in Texas is among the highest in the country, which contributed to high premiums.
The Dallas Morning News reported that there are several reasons behind the increase, including insurance industry models that project greater property losses in Texas from natural disasters including hurricanes, hail storms and wildfires.
Another contributing factor is increased insurance company expenses and declines in interest rates that have cut investment returns for insurers.
Topics Trends Texas Pricing Trends Homeowners
Was this article valuable?
Here are more articles you may enjoy.
Miami Project Sells $1.7 Billion of Condos Before It’s Built 
Industry Reacts to Senators’ Letter for Claims Data and Recent Reports 
Hackers Breached Propulsion System of US-Bound Oil Tanker 
The Big Data/AI ‘Revolution’ Is Driving Up Verdicts, Settlements as Plaintiffs Buy In 
