Summary: Homeowners insurance jumped double digits last year across the state — 23.3% — one of the highest increases in the country. Why? Last year, there were 28 "disasters" across the country that cost more than $92.9 billion.
Latest Update: posted 14 March 2024
Raising Homeowners Insurance in Fort Worth, TX, US.
Homeowners insurance jumped double digits last year across the state — 23.3% — one of the highest increases in the country. Why? Last year, there were 28 weather and climate disasters across the country that cost more than $92.9 billion.
• Cost of homeowners insurance is rising in Fort Worth. Here’s why., Fort Worth Report, 25 February, 2024, Excerpts.
The price for homeowners insurance is rising in Fort Worth and across Texas as insurers raise rates due to higher repair costs and the concentration of extreme weather.
Homeowners insurance jumped double digits last year across the state — 23.3% — one of the highest increases in the country, according to analysis from S&P Global Market Intelligence.
A key issue: Upward pressure on rates all over the country, Tim Zawacki, principal research analyst for S&P Global Market Intelligence, said. Last year, there were 28 weather and climate disasters across the country that cost more than $92.9 billion, according to the National Oceanic and Atmospheric Administration.
Texas has always ranked in the top for hail, wind and, near the coast, storms such as hurricanes, Rich Johnson, director of public affairs at the Insurance Council of Texas, said. He said the frequency of storms have been increasing, and so have claims.
• Texas homeowners insurance premiums rising, Axios Dallas, 03 August 2023, Excerpt
Homeowners across the country have seen significant increases in their home insurance premiums — and Texas is among the states with the steepest increases since last year, the Wall Street Journal reports.
[Editors Note: The increase of human population into Texas is also a cause of raising housing costs, including insurance. This is not only true of Texas but of the entire world and its history. The early inhabitants wisely settled in areas near surface water and favorable weather conditions - near surface water and food, near materials for protection and housing, and near hospitable living conditions.
To escape the increasing congestion of urban living, people move from the housing near surface water and fair weather into areas where they, and their housing, are more vulnerable to "disasters."]
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