Homeowners Insurance Premium Increases in North Texas
North Texans are no strangers to high insurance premiums. The region is prone to a variety of natural disasters, including hailstorms, hurricanes, wildfires, and tornadoes. As a result, insurance companies have to factor in the risk of these events when setting premiums.
In recent years, insurance premium increases in North Texas have been particularly steep. According to the Texas Department of Insurance, the average cost of homeowners insurance in the Dallas-Fort Worth metro area has increased by 25% or more in the past five years.
There are a number of factors that have contributed to these increases. One is the rising cost of materials and labor, which has made it more expensive for insurers to rebuild homes after a disaster. Another is the increasing frequency and severity of natural disasters.
As a result, insurers are making less money on each policy, which forces them to raise premiums to cover their costs or raise to deductibles.
What can you do about rising insurance premiums?
There are a few things you can do to try to keep your premiums in check. First, talk to your agent and, if necessary, shop around for the best rates.
Second, make sure you have the right coverage. You may be able to save money by reducing your coverage limits or by dropping certain types of coverage that you don't need.
Third, consider raising your deductible. This will lower your monthly premiums, but it will also mean that you'll have to pay more out of pocket if you do have a claim.
Finally, be prepared to take steps to reduce your risk of loss. This could include things like installing storm shutters, trimming trees, or hardening your home against hail damage.
Rising insurance premiums are a challenge for many North Texans. However, there are steps you can take to keep your costs in check. By shopping around, making sure you have the right coverage, and taking steps to reduce your risk, you can help to keep your insurance premiums as low as possible.
Here are some additional tips for reducing your insurance premiums:
Ask your insurance company about discounts for things like safety features, good credit, or bundling your home and auto insurance.
If you're a senior citizen, you may be eligible for discounts on your insurance premiums.
If you're having trouble paying your premiums, talk to your insurance company about payment options.
Rising insurance premiums can be a challenge, but there are steps you can take to keep your costs in check. By following these tips, you can help to protect your home and your finances.
Get the Expert help and Advice for your Business or personal Insurance needs today
Contact Information
Phone: (214)726-0468
Email: mcrise@farmersinsagent.com
About Mike
I Know Mike blog is authored by Mike Crise, President of the Mike Crise Agency, Inc. company. Mike has been a licensed insurance and Financial Services agent for over 20 years and is licensed in Texas, Oklahoma, Colorado, Florida and Massachusetts