Posted on 12/19/2007 5:15:17 PM PST by Dubya
AUSTIN – Texas homeowners still pay far more for insurance than those in any other state, even after the overhaul passed by the Legislature four years ago that was supposed to lower rates.
A new study from the National Association of Insurance Commissioners showed that the average annual premium in Texas for the most common homeowner policy was $1,372 a year, considerably more than the nationwide average of $764.
Louisiana was the second-highest at $1,144 and Florida was third at $1,083. The premiums in all other states were less than $1,000.
(Excerpt) Read more at dallasnews.com ...
It’s the Global Warming premium.
I look with fond, longing affection at all the premiums listed in the opening paragraph.
Not mentioned is that a few years ago, folks like Allstate dropped the comprehensive HO-B coverage in Texas, and if you wanted to keep your coverage, you had to drop down to a fire and extended risk policy that didn’t cover as much at about the same price.
So the comparisons might be even more stark if the compared similar policies.
“I look with fond, longing affection at all the premiums listed in the opening paragraph.”
Yeah, me too... My policy is very low for our neighborhood, $1,250 per year. I am expecting to be dropped next year though, then I will be looking at $4,000 to $5,000 per year with the insurer of last resort. The Insurance Industry just loathes home owner policies here in Florida. But they love our auto and life policies.
One more reason to be ticked off I suppose.
$426.00/year with State Farm here in California...probably the ONLY thing that is cheaper in California! (Other than probably lower overall utility bills, due to moderate weather conditions...even with electricity at 13+ cents per KWH).
Yeah, but my friends in Texas don’t have to pay a state income tax, don’t have to spend half their life paying a mortgage in the high six figures for something that would be $200K in Houston (at the most), nor are the property taxes at levels that would make a Swede blush.
North Carolina not far behind.
They should consider deregulating their insurance if they haven’t already. The would fix it.
LOL Just like it did utilities.
We also need tort reform.
Me too. My insurance last year was $1840 this year, $4010. Does Texas allow the insurance companies to have subsidiaries that only the residents of that state share the risks? Florida does. The residents across the country share the risk of wildfires in the west and tornadoes in the midwest.
No, its the bad weather premium. Hail/wind damage to rooftops is higher in Texas than anywhere else. If the lege went through on their pledge to unilaterally lower insurance premiums, the companies would abandon the state.
Premiums are so high because in Texas, Mother Nature is trying to destroy your house every minute, of every hour, of every day.
I thought I was paying too much...lol
Ditto, I’m paying about $550 for a chincy $350K home here in CA.
Wow, wonder what kind of coverage you can get for $1000. Most people I know are paying around $2500-$3000 for homeowner's.
I think quake insurance is considered separately (as it is in all policies, to my understanding), hence why California isn’t #1.
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