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Texas homeowners still paying nation’s highest insurance premiums

Texas homeowners still paying nation’s highest insurance premiums

Texas homeowners still paying nation’s highest insurance premiums
News from Dallas Morning News:

AUSTIN — Texas homeowners are still paying the highest insurance premiums in the nation, although residents of two other Gulf Coast states are paying almost as much, new figures from the National Association of Insurance Commissioners show.

The average annual cost of the most commonly sold policy in Texas in 2010 was listed at $ 1,560, which is well above the national average of $ 909 and about 3.2 percent more than the group’s figures showed last year. Eleven states had average premiums higher than $ 1,000 a year — including Louisiana at $ 1,546 and Florida at $ 1,544.

The study is based on premiums collected in 2010, the most recent year for which premium data is available for all states.

Industry representatives pointed to the state’s severe weather patterns and the fact that premiums in Texas have not been rising as fast as in other states. Consumer groups warned that Texas homeowners probably won’t see any relief soon.

“Texans pay sky-high premiums for policies that have more holes than a block of Swiss cheese,” said Alex Winslow of Texas Watch, a consumer group active in insurance rate issues. “Prices continue to climb while coverage is getting slashed.”

Winslow said the Legislature needs to consider a proposal that would require insurers to offer a standard policy so homeowners can do comparison shopping.

“It would give consu…………… continues on Dallas Morning News

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