Homeowners insurance costs more in Texas. While everything may be bigger in Texas – that shouldn’t apply to insurance. Well, the bad news is – it does.
And, not just to homeowners insurance. It’s sort of a double-whammy.
2. Texas Homeowner’s
• Homeowners insurance costs more
in Texas. While everything may be
bigger in Texas – that shouldn’t apply
to insurance. Well, the bad news is –
it does.
• And, not just to homeowners
insurance. It’s sort of a double-
whammy. According to the latest data
resulting from an analysis presented
by the Texas Department of
Insurance, the higher cost isn’t
isolated to homeowners insurance,
but includes auto insurance policies
as well – especially in the northern
parts of the state – where rates are
becoming more expensive.
Section Name 2
3. Analysis Results
Conducted by the Dallas Morning
News, the analysis looked at the
rates being charged throughout
eight specific ZIP Codes within
the city of Dallas by as many as
30 separate homeowners
insurance companies, and the
outcome was quite surprising. As
it turned out, it was determined
that people living in those
designated areas experienced
average increases this year of
between 9 and 12 percent…with
little indication of what 2015 might
bring.
Section Name 3
4. Provided Results
The same study showed that
auto insurance rates within
those identical areas had an
average premium increase of
11 to 53 percent, this year
alone. While auto coverages
had remained somewhat
more stable than property
policies in previous years, it’s
obvious that this past trend
has apparently reversed itself
in 2014.
Section Name 4
5. Insurance Rates
That being said, rates, as well
as the increases, varied
widely from one insurance
company to another, when
comparing both home or auto
coverages. But, taking
inflation into account, the
increases within the area of
the eight ZIP Codes, have
been quite significant.
Section Name 5
6. Results of Inflation Rates
Case in point, from 2008
through the middle part of
2014, the cumulative
inflation rate in the United
States was 10.5 percent.
However, insurance rates
in some parts of Texas for
both auto and property
premiums have risen by
nearly that much in the
past year.
Section Name 6
7. Costs
Insurance industry representatives
have explained that there are a
variety of reasons for the higher
premiums. According to those
representatives, the increases are
justified due to the fact that costs
associated with damage claims are
rising sharply. They state that the
price of replacing or repairing a roof
on a house is notably higher than
now it has been because of
increases in labor and building
material costs, some of which are
directly related to the price of oil or
other foundational elements used.
Section Name 7
8. Positive Knowledge Gained
The same can be said for auto
insurance policies. Insurance
companies stand behind their claim
that higher labor and material costs
have to be offset by increases in
premiums in order to continue to
serve consumers at a high level. Of
course, that conclusion is entirely
subjective as the policy holder is the
one footing the bill every month to
protect his home and his vehicle.
And, any major increase can be a
hardship if the rate hike is
substantial.
Section Name 8
9. Don’t Spend Full Price
One thing to keep in mind is
– insurance companies not
only offer numerous
discounts to lower costs for
both homeowner and auto
insurance premiums, but also
to retain you as a policy
holder. Look into taking
advantage of these discounts
by bundling policies together,
such as home and car, boat,
multiple car, and business.
Section Name 9
10. Contact
In addition, do
your research
and claim any
and all discounts
you qualify for. If
you’re not sure,
ask. It’s free.
Section Name 1
0
So is making sure you’re getting the best rate on your
homeowners insurance or your auto insurance. Why
not get a free homeowners insurance or auto insurance
quote today?