According to an S&P Global analysis of Texas Department of Insurance data Texas state filings show that home insurance rates have increased an average of 22% in 2023, which is twice the national rate. More billion-dollar disasters occurred in Texas in 2023, 16 total, than any other year before it on record. We are not even half way through 2024 and it does not look like the weather is letting up for Texans. The average 22% calculated is actually twice the average national increase of 11% over the same time period.
Texas is also prone to hurricanes, flooding, and even hail which are made more severe by climate change.
The rates used to calculate the averages are the same rates that insurance companies use to calculate customers’ premiums, and those rates go up every year.
Get more information from the Texas Tribune here: Climate change has sent Texas homeowner insurance rates skyrocketing | The Texas Tribune
It's only the first part of spring and it's already flooding!