Finally, a valid reason why homeowners insurance in Texas is among the highest. - Page 1

[ARCHIVED THREAD] - Finally, a valid reason why homeowners insurance in Texas is among the highest.

Posted: 4/27/2024 8:29:59 PM EDT

Climate change!

"There is no single reason why insurance rates are rising, however, a strong case can be made that weather events linked to climate change have spurred an increase in payouts from insurance companies."

https://www.statesman.com/story/business/2024/04/26/why-is-home-insurance-in-texas-near-the-most-expensive-in-the-country/73456486007/

Posted: 4/27/2024 8:33:29 PM EDT

[#1]

Also, costs to rebuild have gone up for some inexplicable reason. Probably climate change too.

Posted: 4/27/2024 8:34:27 PM EDT

[#2]

Muh roof.

Posted: 4/27/2024 8:35:52 PM EDT

[#3]

They’re referring to hail storms, regardless of climate change or not.

Posted: 4/27/2024 8:36:29 PM EDT

[#4]

Quoted:
Climate change!

"There is no single reason why insurance rates are rising, however, a strong case can be made that weather events linked to climate change have spurred an increase in payouts from insurance companies."

https://www.statesman.com/story/business/2024/04/26/why-is-home-insurance-in-texas-near-the-most-expensive-in-the-country/73456486007/

View Quote

The climate change bullshit is so amorphous that anyone can blame anything on it, and folks are supposed to just accept it.

More pedestrian answer is Texas is one of very few states that suffers from all 10 insured perils.

Posted: 4/27/2024 8:36:35 PM EDT

[#5]

Florida laughs at your rates.

Posted: 4/27/2024 8:37:17 PM EDT

[#6]

News flash. Several states have much higher Ins costs than Texas.

Posted: 4/27/2024 8:38:08 PM EDT

[#7]

Just got my wife a new Tahoe and we’re getting a new roof next week due to climate change

Posted: 4/27/2024 8:40:59 PM EDT

[#8]

Quote History

Quoted:
Muh roof.

View Quote

Insurance fraud is definitely a factor in higher rates.

If inflation was the driver, a 20% increase in premiums would result in a 20% increase in coverage limits.

Posted: 4/27/2024 8:47:34 PM EDT

[#9]

I'm about to replace my roof for the second time in 10 months due to hail. And for those of you who have not lived here, the hail I'm talking about (that I have seen) is baseball size impacting at very high speed. It sounds like a baseball ball hitting a fast ball x 100. The last hail actually pierced the shingles and cracked the plywood underneath. My last home had two roofs in four years. Anyway, each time it's a $35K claim on my insurance.

Posted: 4/27/2024 8:48:21 PM EDT

[#10]

Quote History

Quoted:

Insurance fraud is definitely a factor in higher rates.

If inflation was the driver, a 20% increase in premiums would result in a 20% increase in coverage limits.

View Quote

Well climate change is the leading cause of insurance fraud.

See, works great!

Posted: 4/27/2024 8:52:25 PM EDT

[#11]

Quote History

Quoted:
I'm about to replace my roof for the second time in 10 months due to hail. And for those of you who have not lived here, the hail I'm talking about (that I have seen) is baseball size impacting at very high speed. It sounds like a baseball ball hitting a fast ball x 100. The last hail actually pierced the shingles and cracked the plywood underneath. My last home had two roofs in four years. Anyway, each time it's a $35K claim on my insurance.

View Quote

Maybe you should move , we all suffer high insurance because of shit like this .

Posted: 4/27/2024 9:01:01 PM EDT

[#12]

I imagine similar coverage in Mexico is lower

Posted: 4/27/2024 9:03:21 PM EDT

[#13]

And no one ever mentions the fact that Texas is the LARGEST STATE in the lower 48 and is roughly equal to 7% of the total land mass of the entire country.

Posted: 4/27/2024 9:57:15 PM EDT

[#14]

Not surprising coming from the Austin American Statesman, what a joke of a paper is has been.

Posted: 4/27/2024 10:00:20 PM EDT

[#15]

Quote History

Quoted:
Muh roof.

View Quote

We don't need no water

Posted: 4/27/2024 10:12:42 PM EDT

[#16]

Quote History

Quoted:
I'm about to replace my roof for the second time in 10 months due to hail. And for those of you who have not lived here, the hail I'm talking about (that I have seen) is baseball size impacting at very high speed. It sounds like a baseball ball hitting a fast ball x 100. The last hail actually pierced the shingles and cracked the plywood underneath. My last home had two roofs in four years. Anyway, each time it's a $35K claim on my insurance.

View Quote

I live in Fort Bend county and a couple months back there was a hail storm came through with that big hail normally reserved for Dallas, Fort Worth and Whichita Fall's
Biggest I’ve ever seen down here.
I’ve been in some hail in Colorado and west and north Texas but nothing like this.
I don’t know how the people in North Texas take this shit on a yearly basis.

Posted: 4/27/2024 10:16:56 PM EDT

[#17]

Quoted:

I don't know how the people in North Texas take this shit on a yearly basis.

View Quote

No kidding. From April through June, you have to pay attention to every thunderstorm blowing through.

Posted: 4/27/2024 10:25:49 PM EDT

[#18]

TL;DR

A: Hail the size of bowling balls on a regular basis and commuting to work on an ice covered elevated overpass next to a brodozer driven by a Sub-90 IQ dude with a maxed out ego.

Posted: 4/27/2024 10:29:22 PM EDT

[#19]

Climate Change can mean anything you want it to, kinda like racism.

In this case it means, BLM burned down the country a few years ago & inflation caused rebuilding costs to skyrocket.

Posted: 4/27/2024 10:39:10 PM EDT

[#20]

Quote History

Quoted:
The climate change bullshit is so amorphous that anyone can blame anything on it, and folks are supposed to just accept it.

More pedestrian answer is Texas is one of very few states that suffers from all 10 insured perils.

View Quote

Why do you judge me for blaming climate change for my weight gain?

Posted: 4/27/2024 10:46:34 PM EDT

[#21]

Quote History

Quoted:
I'm about to replace my roof for the second time in 10 months due to hail. And for those of you who have not lived here, the hail I'm talking about (that I have seen) is baseball size impacting at very high speed. It sounds like a baseball ball hitting a fast ball x 100. The last hail actually pierced the shingles and cracked the plywood underneath. My last home had two roofs in four years. Anyway, each time it's a $35K claim on my insurance.

View Quote

Meanwhile, in almost four years in my house, 0 claims and my rate tripled and then I got a notice of non-renewal. I'm east of Tampa and nowhere near water or even a flood zone.

So I just dropped 25k on a new roof. Out of pocket, because no one will insure a house with a 20 year old roof around here.

Posted: 4/27/2024 10:55:56 PM EDT

[#22]

Posted: 4/28/2024 12:09:18 AM EDT

[#23]

Lots of loses from Hail for vehicles & homes across Central Texas for several years.

Everybody thinks "Great - Free new roof!"

But those costs paid out equal new higher rates paid in.

Plus with greatly increased house prices & in increases in materials & labor, the replacement costs to rebuild a burned house have significantly increased too.

Bigger_Hammer

Posted: 4/28/2024 12:19:19 AM EDT

[#24]

I know several of my finance classmates that went into the actuary field due to the strong demand and high salaries. They build risk assessment models like this all day.

[ARCHIVED THREAD] - Finally, a valid reason why homeowners insurance in Texas is among the highest.

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