In 2023, home insurance rates rose an average of 21.1%, according to the Texas Department of Insurance. The increase was driven by a surge in weather-related insurance claims, inflation, and reinsurance costs—making it more difficult for clients in high-risk areas to get home insurance.
These are just some of the challenges your clients face. It’s important to know what resources you can share with them and where to find additional help. Learn more about the state of home insurance in Texas and ways to help your clients navigate this market in the March/April issue of Texas REALTOR® magazine.
I think it is CRIMINAL that the Texas Legislator has permitted insurance companies to force someone to insure their home for full replacement value or to choose a worthless depreciation policy. If you own your home free and clear (using easy numbers). If the cost replacement is $400,000, you should be able to insure it for $200,000. As a result of this fairly “new privilege” handed to the insurance companies – I know a dozen senior citizens who have opted to self insure. That’s right – they have been forced into no insurance. This is WRONG and it is our… Read more »
You make very interesting points. I don’t understand why they have to increase premiums as much as they do considering these companies have made record profits in the last year. I guess they aren’t sharing that wealth with their policyholders.
My insurance premiums have all increased 50-100%. I own 4 properties in Texas and nearly all of the premiums have doubled. I have not made any insurance claims on any of them. My homeowner policy was the only one that had a 50% increase, which is insane considering it’s a 2 year old home. Even worse, I have been non-renewed on all 3 of my rental properties and have been told by several agents that there are only a couple of companies left in Texas that will insure rental properties. The quotes I get are double or more than last… Read more »