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Texans are very price-focused these days due to insurance property market conditions and climate change impacting inflation. However, many clients may not understand that going without insurance, or that cheap home insurance, is not always a good insurance solution.
Why is the Cost of Insurance Increasing in Texas?
All Texas insurance companies are raising rates to keep pace with rising inflation, repair, and rebuild costs, so they can continue to pay out claims. Carriers pay to repair and restore houses, fix cars, and cover hospital bills for people who have been injured in accidents. These costs have skyrocketed for a bunch of reasons. Some of them you are probably familiar with, such as higher labor and materials costs. Like any business, insurance companies must raise rates when their costs rise, so they can continue to do their job and pay claims to repair insured property.
Why is Home Insurance so Important?
Your home is your sanctuary, the place where memories are made, and dreams take flight. However, what happens when the unexpected hits? A burst pipe during a winter storm, a freak lighting strike, a sudden brush fire ignites down the street – any of these can leave your precious dwelling damaged or your financial stability distressed. This is where home insurance steps in and acts as your safety net to help protect your investment from covered claims. The average cost of rebuilding a home in Texas is around $412,505 according to the National Association of Home Builders (NAHB). Home insurance acts as a financial buffer, helping you rebuild and recover after a covered disaster, saving you from financial devastation. Imagine shouldering that burden alone – it is enough to send chills down anyone’s spine.
But I Didn’t Have a Claim — Why Am I Affected?
Claims history is just one of abundant factors in creating your unique insurance rate. Adjustments in premium reflect industry-wide trends that are affecting all policyholders and all insurance companies. Right now, carriers are dealing with inflation plus unexpected costs from more frequent and severe catastrophic weather events, increasing medical costs and legal system abuse. The combination of these factors has resulted in some fairly drastic rate increases in Texas with all insurance carriers and providers.
Did Your Texas Home Insurance Rate Increase?
Request a quote from the Britton and Britton Insurance agency. We compare home quotes with multiple insurance companies.
ONLINE
Answer a few easy questions about your house then choose options for your quote. Not sure how to answer a question? No worries, give it your best guess, and let us know in the “remarks” section.
Begin your quote online here.
CALL YOUR AGENT
Speak with a licensed insurance broker who will work with you during office hours.
Call 512-469-0693
LOCAL ADVICE
Connect with an Austin independent home insurance broker who will help you answer your questions.
What is Homeowners’ Self-Insurance?
Home owners’ self-insurance is when you use your investments or savings to cover potential losses, damage or risks instead of purchasing an insurance policy. By doing so you save on annual or monthly premiums. Typically, self-insurance is an option for individuals who have a high income, paid off their mortgage, and have enough financial resources to cover damage or rebuild a home from the ground up. Including debris removal, change in city ordinance it could easily cost upwards of 200% to restore property. When considering self-insurance, something to think about is experiencing multiple losses, such as a hailstorm followed by a kitchen fire, in a short period of time. Two losses in a row or in the same year is could quickly deplete savings and investments. It is also important to consider your liability if someone is injured at your home or sues you for some risk related to your property such as a service technician or neighbor being injured in your yard, or your dog nips someone’s heal. A homeowners policy includes liability coverage and can protect you if sued for a frivolous reason.
Note: Mortgage companies require home insurance if you have a home loan. We do not recommend self-insurance because ultimately any damage or liability claim will paid directly out of your paycheck or savings account and could result in financial tragedy.
Can You Get Me a Better Rate Quote?
As an independent agent our job is to help you find the protection you need at a competitive price. Right now, insurance companies across the state are raising rates and being pickier about what they will cover. At your request we review your account to see if switching carriers makes sense, or if adjusting deductibles or coverage makes sense. Discounts can reduce total cost – ask us to perform a discount check-up could give you a better overall value. The most common discount is bundling your home and auto insurance could save you money. And you could take advantage of these special savings just for being a Britton and Britton Insurance agency client.
What is the Cheapest Home Insurance in Texas?
Since inflation is slowing down in 2024, it is hopeful that will not likely see the premiums increase at the record-high rates we have seen in 2022 and 2023. Fingers crossed for no major hailstorms, brush fires or hurricanes. The cheapest home insurance company in Texas is based on your coverage needs. Do you want the economy policy, or the “Cadillac” version of an insurance policy? Insurance with the exact same company could range from $1,200 to $4,000 based solely on your choices, coverage selections, and base policy form. Ask your independent agent questions about coverage with multiple different companies and options.
Ready to Save, While Helping Protect Your Most Valuable Asset?
Homeowners Insurance without the hassle. You know you need homeowners’ insurance, but the process sounds complex, and you do not desire to be bombarded with texts or e-mails. Our local agents streamline the experience with help from in-house rating software. Begin a quote online, and a real live human will review the quote, then contact you based on your chosen preferences. After you purchase the policy, you have an agent who knows you by name, plus the benefit of dedicated policy support 24/7 after your purchase. Begin your quote online Switching to Britton and Britton Insurance agency Auto and Home insurance program is simple. Connect with an agent to learn about coverage and discounts. Our Home and Auto Insurance Program is underwritten by multiple insurers including Safeco Insurance Liberty Mutual company, Travelers, Progressive, American Modern Home, Aegis, Foremost Farmers Company, Nationwide, Hartford, State Auto and others. Your personal agent helps you find a blend of price, coverage, and service for your budget. Allowing you to customize your policy, based on your unique insurance needs.
Additional Resources:
- Why Choose an Independent Agent? Five Reasons
- Is Climate Change is impacting insurance rates?
- Texas Department of Insurance: https://www.tdi.texas.gov/
- National Association of Insurance Commissioners: https://naic.org/
- Insurance Information Institute: https://www.iii.org
Descriptions of insurance products and packages are meant to offer general ideas only, are necessarily brief, and are subject to policy provisions, limits, deductibles, exclusions, and conditions that can only be expressed in the policy itself. In the event of a conflict, the terms and conditions of your policy prevail. This information is provided solely as an insurance risk management tool. It is provided with the understanding that we are not providing advice or any other professional services. We shall have no liability to any person or entity with respect to any loss or damages alleged to have been caused, directly or indirectly, by the use of this information.
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