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Climate change, costly disasters sent Texas homeowner insurance rates skyrocketing this year
(www.texastribune.org)
this post was submitted on 30 Nov 2023
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Now insurance companies are becoming increasingly concerned about more powerful thunderstorms that are wrecking homes with flooding, hail and strong winds, analysts and experts said.Over the last two years, Zawacki said, property losses from convective storms, which includes thunderstorms, tornadoes, hail, and heavy rains, have dramatically increased.
TWIA was created by the Texas Legislature in 1971 to provide wind and hail insurance to coastal homeowners and businesses that could not obtain it in the private market due to their risky location on the coast.
TWIA’s premiums have steadily climbed in recent years, but Gulf Coast customers are almost certainly dramatically underpaying compared to their risk level.
Aaron Taylor, a spokesperson for TWIA, told the Tribune that the board had implemented a strategy to gradually increase rates over time, about 5% each year, but that Hurricane Harvey had disrupted that plan.
“You run into the question of whether we should be, as a society, encouraging development — through affordable and widely available insurance — in areas that are most likely to be negatively impacted by climate change,” said Zawacki.
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