SAN ANTONIO – Add home insurance to the list of things costing people more money.
Homeowners across Texas are feeling the pinch.
Many KSAT viewers responded to a social media post about rising home insurance rates and said it was happening to them.
“My insurance went up $1,000 for the year,” Lynn Kirkman wrote.
“Yes, it [home insurance] goes up every year,” Michael Reta wrote.
“Premiums are ridiculous,” Mary Helen Puente wrote.
Kirkman, Reta and Puente have a point.
The Texas Department of Insurance found that home insurance premiums increased 21% in 2023. At the time, Texans were paying an average annual premium of $2,800.
And rates have continued to rise.
“Texas has seen an uptick in all kinds of events in terms of the frequency of billion-dollar storms,” said Robert Bhatt, an insurance analyst with Lending Tree.
Just this week, a hailstorm swept across South Central Texas and the Hill Country. People in the area had experienced damaging hail the week before.
Last month, brush fires ravaged homes in south Bexar County and in Fredericksburg.
Texans have also seen windstorms and survived the deadly freeze of February 2021. That storm alone killed 246 people and left billions of dollars in damages.
Insurance companies also say inflation, rising home prices and increased claims are to blame for the uptick in insurance rates.
“You can try raising your deductible,” said Bhatt.
Bhatt said homeowners can do a few things to lower their insurance premiums.
“Insurance is really best when you save it for the catastrophic things. And having higher deductibles will decrease your rate,” said Bhatt.
Bhatt also suggests that people inform their insurance company about home improvements.
“Like upgrading your electrical system, plumbing or your heating systems. You know, if you belong to a certain affinity group, employee association or alumni association. Some companies also give you discounts for that,” said Bhatt.
Adding a home security system could also shave down premium payments.
And if all else fails, people can shop around for a better rate.
Click here for a list of the top 40 home insurance companies in Texas. This site also helps you compare rates from different insurance companies.
The Texas Department of Insurance also released the following video explaining how to lower insurance rates.
Also, homeowners rejected by at least two different insurance companies can receive limited home insurance coverage through the Texas FAIR Plan Association.
Bonus video: Most homeowners in Texas don’t have flood insurance. Divya Sangameshwar, an insurance expert with Lending Tree, tells KSAT why homeowners should reconsider that.
