The state of home insurance rates
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Home insurance premiums are on the rise nationwide, and Texas remains one of the states with the highest rates.
Why it matters: Homeowners have experienced major cost-of-living hikes because of rising property taxes, electricity bills and insurance premiums.
Driving the news: A storm Tuesday night pelted Austin roofs and cars with hail the size of Ping-Pong balls.
What they're saying: As soon as roofer Mason Nichols of Tri-Tex Roof Systems started work at 5:45am the next day, he was combing through roof inspection requests. By 10am, he had checked out at least 22, he tells Axios Austin.
- "My phone was buzzing nonstop," he says.
State of play: Texas' severe weather events have caused roughly $402 billion in damage since 1980, more than any other state.
- The losses have fueled an increase in insurance premiums as companies recoup payouts and anticipate upcoming expenses.
- Texas' effective rate change for owner-occupied homeowners insurance increased 23% in 2023, per S&P Global. It was the highest increase of any state.
- The average annual cost of $300,000 of dwelling coverage in Texas is $4,400, per an analysis by NerdWallet. The national average is $1,915.
The big picture: Oklahoma and Texas now have the highest average home insurance costs in the country, more than double the national average.
Zoom in: In Austin, the average annual cost of home insurance coverage is $2,840, NerdWallet says.
What's next: Insurance premiums may keep rising as climate change intensifies weather events, including wildfires and storms.
What we're watching: These videos of hail bombardments in Allandale and Crestview.