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Texas home insurance rates are no longer No. 1

Texas home insurance rates are no longer No. 1

Texas home insurance rates are no longer No. 1
News from Dallas Morning News:

AUSTIN — Texas homeowners are no longer paying the highest insurance rates in the nation. But their premiums rank third among the states and are still well above the national average, according to the National Association of Insurance Commissioners.

The latest figures from the NAIC, released Monday, indicate that two other coastal states — Florida and Louisiana — now rank first and second in premiums paid by homeowners. Those states were just below Texas a year ago, but both saw larger annual rate increases than Texas in recent years.

The average annual cost of the most commonly sold policy in Texas was listed at $ 1,578, well above the national average of $ 978. That figure represented an increase of about 1 percent from last year.

Florida soared to No. 1 with an average premium of $ 1,933, while Louisiana jumped to $ 1,672. Experts said part of the reason for the huge increase in Florida was the inclusion of coastal policies issued by the state’s windstorm insurance pool. Texas has included those policies in its statewide totals for years.

An industry spokesman said the study shows that rate increases in Texas have been moderate in recent years compared with those in other states.

Mark Hanna of the Insurance Council of Texas said the figures show that while rates elsewhere have been climbing, Texas homeowner rates “have been far more st…………… continues on Dallas Morning News

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