Homeowner insurance premiums peak in Texas

Posted on: Friday, December 21, 2012

For insurance agents in Texas, many of them may have a hard time finding affordable premium prices for insurance customers interested in a homeowner's policy.

According to a new report from the National Association of Insurance Commissioners, homeowners in the Lone Star State spend more for home insurance than any other state. The average policy in Texas costs $1,560, according to The Dallas Morning News. That's 3 percent more than what homeowners spent in the previous year and higher than the national average rate of $909.

Alex Winslow, who represents the consumer advocacy group Texas Watch, said lawmakers should implement some type of proposal that would require all of the state's insurers to offer a basic plan.

"It would give consumers a benchmark choice to make meaningful comparisons and determine which policy provides the best value for their hard-earned dollars," Winslow told the newspaper.

Agents may want to explain to their customers some of the reasons why premiums can go up. Occasionally, higher premiums stem from an increased prevalence of damaging storms, prompting many policyholders to file claims.

Posted In: Insurance News, Property & Casualty Insurance

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