Home Insurance Premiums In Texas Rising Faster Than Inflation
NORTH TEXAS (CBSDFW.COM/CNN) — Home insurance premiums for the New Year appear to be rising faster than inflation in Texas and across the country.
According to the Insurance Information Institute, the average homeowner may see a 4-percent increase on the cost of their homeowner's policy for 2022.
In fact, since 2017, premium rates are up more than 11-percent on average, which means they are rising faster than inflation.
Factors such as natural disasters and rising costs for raw materials like lumber and supply chain issues are making the replacement cost for a home soar.
In some states, insurance costs are rising faster than others.
Texas homeowners experienced an 18-percent increase in average annual premiums from 2017 to 2020.
(© Copyright 2021 CBS Broadcasting Inc. All Rights Reserved. The CNN Wire™ & © 2021 Cable News Network, Inc., a Time Warner Company contributed to this report.)
