Texas has the highest home insurance rates in the nation, but rates can vary widely for different carriers. Comparing policies for a $100,000 home found that homeowners insurance premiums ranged from $500 to $1,200.
Regardless of the fact that Texas has had good weather since Hurricane Rita wacked its coast 3 years ago, the state has not been able to draw enough outfits to make the market more competitive.
State Farm, Allstate and Farmers Insurance control about 60% of the market, and if USAA and Travelers are added to the list, that’s about 71 percent of the market share.
Insurance costs have either gone down or remained the same since the Legislature approved an insurance reform bill in 2003.
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