Dallas, Texas Home Insurance
Texas residents face unique challenges when it comes to home insurance. Not only are Texans exposed to more severe weather and natural disasters, but they also face the highest premiums in the U.S. Rates started climbing in 2001, when the number of mold and water claims skyrocketed. As a result, insuring a home in Texas can be a pricey endeavor.
Recently, the National Association of Insurance Commissioners found that Texans pay nearly twice the national average for home insurance, with an average of $1,328 yearly. There seems to be no end in sight, as the threat of hurricanes leads to further spikes in premiums.
Be sure to review your homeowners policy carefully – hurricane and wind damage are generally covered, but the flooding that can result from a hurricane is not included. If you are in a high risk area for flooding, you will need to purchase a separate flood insurance policy for adequate protection. You may consider purchasing additional flood coverage even if you are not located in a potential flood zone since storms can cause flooding in unexpected locations.
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Dallas-Fort Worth, in particular, is victim to damaging storms each year, including the threat of hailstorms. According to the Insurance Council of Texas, “five of the 10 costliest storms in Texas since 1950 – as measured by insurance losses – have occurred in the Dallas-Fort Worth area.”
Insurance experts recommend that you keep a thorough record of your personal belongings and the value of each item. This is helpful when determining the level of coverage you will need and provides a record of your possessions should anything be destroyed and need to be replaced.
Consumer groups and regulators are doing their best to investigate the recent rate increases, citing that insurers are exaggerating Texas’ history of violent weather to justify their rate hikes.
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