The true cost of owning a home goes well beyond its appraised value, leaving many in the lurch.
North Texas homeowners are forced to pay more and more each year due to damage caused by increasingly violent storms.We're in the midst of our summer membership campaign, and we have until August 25 to raise $5,500. Your contributions are an investment in our election coverage – they help sustain our newsroom, help us plan, and could lead to an increase in freelance writers or photographers. If you value our work, please make a contribution today to help us reach our goal.
Since 2018, home insurance rates in Texas have risen over 50%: the largest increase in the country for that period. Texans now pay over $4,000 on average for home insurance. Worse yet, some insurers are refusing to write policies for homes because of the risk associated with hurricane or hail damage.
“But having your insurance and tax triple is still a shock. It kind of makes you wonder what this is gonna look like in five years.” – Soraya Santos“I don’t think you’ve seen anyone pulling out of Texas, as they have in California, but you have seen insurers being careful about what they’ll insure,” said David Bolduc, the Texas public insurance counsel.
“A lot of insurance companies have catastrophe insurance for themselves,” Krieg said. “They get massive claims that hurt their bottom line and make them struggle, and then reinsurance rates continue to go up.” Cole has paid off his home, and he says he has a fairly high risk tolerance. For instance, before it was against the law, he drove around his former stomping grounds in Chicago without car insurance. He estimates he has spent more than $40,000 on home insurance premiums over the years, and in that time, he only filed one claim: He needed a new roof, but even with insurance, he still paid thousands out of pocket.
Insurance came in handy when she needed HVAC and gas line repairs, though both of those costs still reached the thousands of dollars. She contends that adding multiplexes would place more burden on her neighborhood’s limited space and scant city services, while neighborhoods in the suburbs or exurbs would continue largely unaffected. And despite the accusations of bias and racism thrown her way, Birdwell remains steadfast in these critiques.
“I could move to a smaller community,” Birdwell said, “but will they have the medical care I need as I age?” So now she’s looking for a new job , and her husband, who works in the credit repair industry, is looking for a part-time job where he can work on weeknights and weekends. “If you pass a law that requires insurers to write insurance, the likelihood is that they’re going to leave the state,” he said.
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