Texans’ average home insurance premium increases 7% to 8%

[TexasTowelie]

AUSTIN — Home insurers have raised their premiums an average 7 percent to 8 percent this year, despite healthy profits and below-average property losses, new filings with the state show.

Leading the way is State Farm Insurance, which had the highest or second-highest premiums of 33 companies selling coverage in several Dallas-area ZIP codes where rates were examined by The Dallas Morning News. State Farm, the largest property insurer in Texas, is charging those rates even as it refunds $352 million to its customers for past overcharges, under a settlement with the state.

The rate hikes in 2015 are slightly less than last year. But the average increases are large when stacked up against the rate of inflation in the U.S., about 1.5 percent the past two years.

By contrast, the cost of auto insurance policies has remained stable this year, with average increases of 1 percent or less in the Dallas-Fort Worth area. A year ago, auto premiums were up an average 11 percent in the area.

Read more: http://www.dallasnews.com/news/politics/headlines/20150703-texans-average-home-insurance-premium-increases-7-to-8.ece

[Dustlawyer]

1. Our county decided they could make more revenue by changing the designation of all 1 1/2

story homes and make them 2 story's. It increases the appraisal without any increase in value to the homeowner. This affects about 8,000 homes in the county including mine.

[DhhD]

2. People living on a stagnate salary or a fixed Social Security income will not receive a 7-8% raise.

Greed and discrimination are at the heart of Texas deregulation. Texas Lie was that deregulation would bring down the overhead cost of living. Reaganomics extremism trickle-down, in Texas, amounts to theft by conservative Trickle-Up, in my opinion.

[packman]

3. What was the deciding factor in selling my house was insurance

After a Florida hurricane (no damage to my house) my insurance company wrote all homes insured by them was to be inspected . No worry, our house was built after a major hurricane came through, met all code requirements.
Inspector came, crawled up in attic, came down and left. Two weeks or so later we got the letter - not enough hurricane straps on the attic rafters. We had them, just not enough in their opinion. Insurance was to increase from $1,200 a year to $3.500. No appeal, when I bitched they said to find another company if unhappy. Tried , but no luck - lowest was $2,800.