Home insurance costs in Texas have significantly increased recently due to several factors. Severe weather events, including hailstorms, ice storms, and wildfires, have been particularly damaging. For instance, Texas experienced 458 major hail events in 2022, leading the nation in such occurrences. This high frequency of claims, especially for roof and exterior damage, has driven up premiums as insurers cover the rising costs of claims and repairs.
-
Rising Texas Home Insurance Rates: What You Need to Know – Policygenius](https://www.policygenius.com/homeowners-insurance/why-texas-home-insurance-rates-are-rising/)
-
Texas home insurance rates rising fast: What you need to know](https://www.insurance.com/home-and-renters-insurance/texas-home-insurance-rates-rising-fast).
Economic factors such as inflation and supply chain issues have also played a role. The cost of materials and labor for home repairs has surged, pushing insurers to raise premiums to cover these increased expenses. From 2018 to 2022, home replacement costs outpaced general inflation, contributing to higher insurance rates.
- Rising Texas Home Insurance Rates: What You Need to Know – Policygenius](https://www.policygenius.com/homeowners-insurance/why-texas-home-insurance-rates-are-rising/).
Additionally, Texas’s unique legal environment, with a relatively high number of lawsuits, further increases insurance costs
- Why Is Texas Home Insurance So High? Causes of Increasing Premiums](https://www.texasrealestatesource.com/blog/why-is-texas-home-insurance-so-expensive/).
The average annual cost of home insurance in Texas was $3,875 in 2023, more than double the national average. Insurers have also become more selective, sometimes non-renewing policies in high-risk areas, though they have not completely pulled out of the state.
- Texas Utility and Insurance Increases Likely in 2024](https://www.governing.com/finance/texas-utility-and-insurance-increases-likely-in-2024)
- Texas home insurance rates rising fast: What you need to know](https://www.insurance.com/home-and-renters-insurance/texas-home-insurance-rates-rising-fast).
For homeowners looking to mitigate these rising costs, strategies include shopping around for competitive rates, maximizing available discounts (such as bundling home and auto insurance), and improving home resilience against severe weather by installing impact-resistant materials.
- Why Is Texas Home Insurance So High? Causes of Increasing Premiums](https://www.texasrealestatesource.com/blog/why-is-texas-home-insurance-so-expensive/).