• December 20, 2014

Texas no longer No. 1 in high home insurance rates; Florida in lead

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Posted: Wednesday, December 18, 2013 4:30 am

AUSTIN — An industry group said Texas homeowners no longer are paying the highest insurance rates in the country, a distinction that now goes to Florida residents.

The National Association of Insurance Commissioners released a report Monday showing that while premiums for Texas homeowners dropped to third in the nation, it remains well above the national average.

The Dallas Morning News reported the average annual cost of the most commonly sold policy in Texas is $1,578 while the national cost is $978.

By contrast, the average policy for Florida homeowners is $1,933. Louisiana ranks second at $1,672.

The association’s Mark Hanna said coastal states now include more expensive windstorm policies.

Consumer group Texas Watch noted that Texans are paying more for insurance but receiving less overall coverage.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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