It's a problem that's hit the Texas Gulf Coast as well. I've been reading lots of comments from people saying their home insurance premiums have doubled or even tripled in cost. And this doesn't count those who claim they're having a hard time finding a new insurer. And then there are those who jump on social media looking for a roofer to file a claim whenever there's a report of pea-sized hail 50 miles away. And let's not forget the ones who let their pipes freeze and later flood their homes because they don't have a clue as to how to turn the water off.

I agree with them partly

At the coast it’s always been almost impossible to get flood insurance, best we could do is Wind. Why would anyone insure a home in a flood plain, or at or below sea level, hence why things are built on stilts, the risk profile is stupid to take on.

I dont have alot of sympathy for building in a flood plan and having a flood able grade to the home.

I have a home built on the water at the coast, I watched the eye of Harvey go right over the top via radar. The grade has been raise 10’ above and majority of the home is on stilts another 15’, even then I dont expect anyone to insure our bottom or above enclosed space for floods. The bay is 30’ from back porch.

A conundrum at best. For profit companies choosing where they do (or don't) conduct business, yet all mortgaged properties HAVE to have it legally.

When renew this year it will be my 3rd company in 3 years and my 4th in 5. We left Liberty Mutual for UPC. UPC went bankrupt last year and we had to move to Cypress. Cypress just told us they aren’t renewing our policy so we’ll be headed to a someone new as soon as my broker can find another company. Meanwhile my policy has almost doubled in the past 5 years.

Same for Florida

Not “legally” but generally required unless the insurance code changed.

Texas went thru the same thing around 2000. Farmers, All State and State Farm the big 3 at the time, most of them stopped selling homeonwers policies, and companies like Farmer was not renewing and cancelling policies.

Texas Department of Insurance didn't or couldn't do anything about it and basically they became a joke

Seems like the final solutiion was when they started selling new homeowner policies again, it was a more watered down version covering less and same cost. I heard it was due to the high number of claims for Black Mold

Black Mold was a gold mine for many.

Seeing this a lot. Many feeling forced to switch companies and, in the process, unknowingly making poor coverage and stability decisions due to high costs. The buzzards have started to descend on the carcass which used to be the home insurance market.

Home, and auto both have skyrocketed

Insurance Companies have bloated advertising budgets and use campaigns like this to justify sone of their chitty practices. Look at the financials of well run companies like Geico and they do quite well.
I have zero empathy for the cartel their lobbying and public relations bullch.

Hmmm and from the Google . . . , Allstate's combined ratio improved from 111.6% to 103.4%. However, for 9M 2023, the property-liability underwriting loss hit $3.5 billion, which is larger than the $1.9 billion loss in 9M 2022, as the combined ratio weakened from 105.8% to 109.8%.Nov 2, 2023

I get several letters from companies offering what appear to be good rates. I have called a couple and the the rates on the letters are teaser rates to get you to call. They all go straight to the recycle bin.

Companies were already pulling out of CA before the latest storms.

I had a house in Carrollton one block off Keller Springs and the feds reassessed what is and isn't a floodplain. The house wasn't considered in a floodplain and then suddenly it was. Adding flood coverage to the policy when it renewed tripled what I was paying and made the house no longer profitable to hold on to so it got sold. Now when I'm looking at land or properties one of the first things I look at is whether or not it is in a floodplain or even looks like it could later be deemed to be in a floodplain.

Just renewed my homeowners coverage with Allstate for the house that I live in and it doubled from what I paid last year. Shopped it around a little bit and found that everybody else is charging the same thing. My policy went from a bit over 5k to a bit over 10k. I have no idea how they get that number.

My neighbor is a engineer for Frito-Lay. They offered him a promotion and bump in pay if he would transfer to a Florida facility. After looking at how much homeowners insurance would cost, he turned it down.

Recently had a commercial account on a couple of million dollar buildings with all profesional office occupancies (extremely low risk) increase from $9,500 to $14,000at renewal. These are a very nice set of buildings. Told the client I wouldn't put up with it and would shop it. Got more turn downs than offers. One offer came in with 2% roof deductibles at $26,000. The other had a 1% roof deductible at $26,000. Nobody wants nothing, but if they do - they will charge out the wazoo for it.

I heard that the companies will all be going to 2% roof deductibles. My agent also told me that Travelers was dinging me extra since my metal roof is over two years old (it is 4 years old) - makes no sense

Hudbone, Are dwelling rates in TX averaged out over the entire state or broken up into regions? I ask because I would like to think that we aren't subsidizing rates for those that live at the coast in high risk areas.

To some degree you are. Usins here in Comal County have had few severe weather events, but our rates are also steadily and steeply on the rise. Even so, those there people with rooftops up in TX Lite, spend way more money on their home insurance. People living in Frisco are a big part of the problem

Some companies are either limiting or not even offering product north of Waco. Seeing more and more 2% wind/hail deductibles as a requirement. It is my understanding some in TX Lite have to utilize 3% deductibles.

As an industry 28 bilion was lost in 2022 and then another 36 billion though just the 3rd quarter of 2023. We keep looking for it to get better. if not, we are going to start turning off our referrals - lots caling thinking we might be miracle workers and then going through a fire drill where we find nothing better.

After 21 years with them, Farmers sent me a non-renewal letter this month.
The letter said "Your prior Coverage A - Dwelling amount, indexed for inflation, would exceed our allowable Coverage A limit for your area, unless the household also has a Farmers personal auto policy"

It is my opinion that there are a lot of roof hail claims where the roof is not in fact damaged. However, we all know the thought about opinions.

I think if I had the option I would pony up the cost for a metal roof if I could completely waive roof hail damage coverage if my homeowner's rate reflected the premium difference in a big way. As long as it isn't leaking I wouldn't care what hail did to it.

Insurance may well put a big dent in the composition shingle business.

When i first brought this up last year and what I saw as a dreadful forecast, some pundit on here referred to me as being an industry fear mongerer.

I live in a subdivision about seven miles south of Tyler. Most of the lots are 2 acres+, houses average around 2800 sq. ft. I have 1-2 roofers come by every month, trying to sell me a new roof, telling me that they will help me get my insurance company to pay due to hail damage. I grew up in the roofing business and I know that my roof doesn't leak, and I know that there hasn't been a hail storm in my neighborhood for the past twenty years. It burns my butt that these guys are out there helping people rip off the insurance companies. I don't know how successful they are at it, but the end result is that we all get charged higher premiums.

I would venture a guess that 50% of hail damage claims are not caused by hail.