BY SAM SCHAFFER
The impact
What they’re saying
companies saw losses from 2018 to 2022, paying out an average of $1.02 for every $1 paid to the compa- nies by policy holders, according to the TCAIS. Peckham said insurers conceal their consid- erations in determining rates, but it’s common knowledge that the age of a roof and area a person lives in are factors.
From 2022 to 2023, Texas homeowners saw a more than 28% average increase in home insurance rates, nearly double the national average of 15.5% for that time period. The increase in rates experi- enced by Texans was the highest in the country, according to the TCAIS. The price increases came after Texas insurance
Ultimately, Peckham said, navigating the current home insurance landscape and ensuring a person has the right coverage for them comes down to a laborious amount of reading their contract. Peckham recommends people read policies closely to understand how much they’ll have to pay.
Frequency of billion-dollar weather events in Texas
Comparison of annual national average home insurance rates
$5B $10B $15B $25B $20B
$20 billion
$2,110
$4,585
National
Texas
$0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
SOURCE: NERDWALLET/COMMUNITY IMPACT
SOURCE: NATIONAL OCEANIC AND ATMOSPHERIC ASSOCIATION/COMMUNITY IMPACT
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