Texas insurance rates soaring

TYLER — Our news partners at KETK report that insurance rates are rising in Texas and experts said inflation, supply chain issues, lack of labor and cost repairs are contributing factors. The rise in insurance is hurting Texans’ wallets, especially this summer. According to the Texas Department of Insurance, in 2012 the average auto insurance rate increased by 4.6% but in 2023 Texans saw an increase by a staggering 25.5%.

“Insurance rates in Texas are 67% higher than the national average,” Mechele Mills, CEO of the BBB Serving Central East Texas, said. “Since last year, homeowners in our state have seen an increase of about 16% to 22% and car owners 26%.”

Director of communications of the Insurance Council of Texas said destructive weather is also a large factor to higher prices.
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“If we look at Texas as a market, we have so many hazards and perils that we deal with when it comes to hail, wind, tornados hurricanes flooding,” Johnson said.

Johnson also recommends people to do their homework and compare different options available.