The Average Price of Homeowners Insurance is Increasing in Texas

Is getting homeowners insurance from really that important?

The average price of homeowners insurance in Texas has been steadily increasing this year. The increase in the cost of homeowners insurance has been driven primarily by hail damage, which has become much more common over the past few years, especially in the northern end of the state. Hail storms have been very frequent in recent years, and those storms have been causing significant damage to the roofs of many homes. The roofs are often so badly damaged that they need to be replaced, a process which can be extremely expensive. The money to repair and replace the roofs has to come from somewhere, and many insurance companies have been increasing the rates that they charge for homeowners insurance to compensate for the increase in damage. The increases are also being driven by an increasing number of lawsuits that are being directed against the insurance companies. Many of these lawsuits are filed over claims that the insurance companies never disputed, and such lawsuits can take a very long time and be very expensive for the companies to resolve. These two factors have caused the average cost of a homeowners insurance policy in Texas to increase by approximately seven percent in the past year. That increase significantly outpaces the rate of inflation in the United States, which is approximately one and a half percent.

The price of homeowners insurance has not increased by the same amount in every part of Texas. The increases have been the largest in the parts of the state where homes are most susceptible to damage from hail and wind, such as in Arlington. Places that do not suffer from as many storms, such as Plano, have not seen the same increase in the average cost of homeowners insurance insurance. In general, the cost of homeowners insurance in the northern part of Texas has increased by significantly more than the cost of a similar policy in the rest of the state.

Many of the people who live in Texas, especially in the parts of the state that have seen the largest increases in cost, have started going to great lengths to save money on their homeowners insurance policies. They have been taking advantage of every discount that they can find to help counteract the increasing prices of their policies. Some of the discounts are for things that are directly related to the storms that caused the increases in the first place, such as home improvements that can offer some protection from wind and hail. Other people are getting discounts for entirely unrelated improvements, such as new security systems. Some people are switching to new homeowners insurance providers in an effort to save money. The increasing prices are certainly motivating people to shop around and claim every discount that they can find in order to save money on homeowners insurance. Many companies are encouraging to do so in order to help make sure that everybody in Texas can get the homeowners insurance policy that is best for them.