A growing number of Texas homeowners are forgoing buying homeowners insurance as premiums skyrocket, according to a recent report from the Texas comptroller.
Recent natural disasters – hurricanes, severe storms and wildfires – have prompted some insurers to limit or even eliminate coverage in Texas. Daniel Oney, research director of the Texas Real Estate Research Center at Texas A&M University, says premium increases in Texas have outpaced the rest of the country.
“At the end of 2023, Texas had the biggest percentage point increase of any state in the last five years,” he said. “You file claims, the insurance companies pay that, then they have to get that covered by the reinsurers. So, some of the price increases we’re seeing now are from storms that happened a couple of years ago.”
