Report States Higher Insurance Premiums For TexansArticle Posted by Expert Author: Carly Jorge on 04/08/2013
A report presented by state insurance commissioner Eleanor Kitzman revealed that Texas homeowners insurance premiums have risen over 20% in the last three years. The increase has several reasons, according to the Dallas Morning News, who first reported on this story. Among the many causes for the increase are the predicted greater losses due to disasters like wildfires, hail storms and hurricanes.
But Texas also has a high exposure to catastrophes, thanks to its coastal location. Hail seemed to be the biggest culprit of high insured losses, with $7.6 billion in claims being made since 2009. Water damage came in second at $7.3 billion, and hurricane winds at $6.2 billion.
Loss reduction is a possibility if stronger building codes, increased fraud penalties and state licensing for roofing contractors is put into place, according to Kitzman. Homeowners can also avoid large losses by preparing themselves for natural disasters in the form of additions to the home such as wind shutters.
While homeowners insurance might be an important part of your budget, taking the time to educate yourself on steps you can take to physically protect yourself and your home from the perils of life might be the best advice you've ever taken.
Article Posted In: News Homeowners Insurance
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