Real estate
BY JARRETT WHITENER
What to know about San Antonio home insurance changes Over the last few years, Texas homeowners have seen increases in insurance rates, with an average increase of over 20% in 2023, according to the Texas Department of Insurance. 21.1% Homeowner average insurance rate change
18.7%
From 2013 to 2021, average home insurance rates had single-digit percentage increases. In 2023, the average rate doubled from the previous year, and in 2024, the rate increase dipped slightly from what it was in 2023. Average increase
While the 2024 average saw a smaller increase at 18.7%, severe weather coverage and other home insurance challenges continue to drive up premi- ums across the state. In the San Antonio area, the most prominent coverages include fire, flood and wind and hail, said Lisa Smith, personal team lead at Miller &
10.8%
6.6%
Miller Insurance Agency. What you need to know
5.9%
5.9%
4.8%
4.2%
3.7%
3.8%
2.6%
2.6%
Home insurance premiums are dependent on various aspects of a property, including the appraised value, the age of the home, the proper- ty’s location and other factors. Smith said that some insurance agencies have stopped covering homes in the area due to concerns about wildfires. While the area has not experienced a wildfire recently, the ongoing drought has led to increased risks of fire, and some homes are within the areas marked as the highest risk. Aside from fire, Smith said the most common claims in the area are due to wind and hail. Smith said the average claim will cover around 2% of a property’s value for wind and hail damage, but homeowners should be wary of what is filed for a claim. “Insurance is for those really big moments,” Smith said. With an increase in hail-related claims and increasing roof replacement costs, agencies have also become more strict about the type of roof
2019
2013
2015
2020
2018
2014
2021
2022
2023
2024
2016
2017
NOTE: INCLUDES RATE CHANGE FOR OWNER-OCCUPIED HOMEOWNERS, TENANTS, CONDOS AND HOMEOWNERS POLICIES
SOURCE: TEXAS DEPARTMENT OF INSURANCE/COMMUNITY IMPACT
coverage included in a premium, often meaning homeowners will have to cover most roof repairs out of pocket. Breaking it down Statewide, insurance rates increased by sin- gle-digit values year over year until 2022, when rates increased by 10.8% on average. Between 2022 and 2023, the average increase saw a 10.3 percentage point jump to around 21.1% before decreasing to an 18.7% increase in 2024. While rates are trending down compared to 2023, insurance rates continue to climb, according to TDI data.
The takeaway TDI officials recommend that consumers regu- larly shop for coverage to get the best rates. Homeowners are encouraged to carefully select their deductibles. Policies with higher deductibles generally have lower premiums, but require home- owners to pay more out of pocket for a claim. To help homeowners get the best rate or information on home insurance, TDI helped create policy comparisons for Texas insurance companies at www.helpinsure.com. Smith said talking to local agents can also help get the best rate, since local agents usually have the most up-to-date knowledge and information on a specific region.
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