Texas no longer No. 1 in high home insurance rates

By: From Wire Reports
By: From Wire Reports

AUSTIN, Texas (AP) - An industry group says Texas homeowners no longer are paying the highest insurance rates in the country, a distinction that now goes to Florida residents.

The National Association of Insurance Commissioners released a report Monday showing that while premiums for Texas homeowners has dropped to third in the nation, it remains well above the national average.

The Dallas Morning News reports the average annual cost of the most commonly sold policy in Texas is $1,578 while the national cost is $978. By contrast, the average policy for Florida homeowners is $1,933. Louisiana ranks second at $1,672.

The association's Mark Hanna says coastal states now include more expensive windstorm policies.

Consumer group Texas Watch notes that Texans are paying more for insurance but receiving less overall coverage.

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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