Texas Homeowners Face Insurance Gap Amid High Natural Disaster Risk
In Texas, where natural disasters are a significant risk, homeowners' insurance coverage varies widely. Despite the state's high exposure to severe weather and flooding, many residents remain unprotected.
Texas faces a high risk of natural disasters, including severe convective storms, lightning and hail damage, wildfires, and flooding. It experiences the most tornadoes and hail events and has the third-most homes at risk from extreme wildfires. Yet, Texans spend only an average of 3.13% of their median income on homeowners' insurance, ranking 6th nationally.
In the wake of the worst floods in the Texas Hill Country in July 2024, the lack of flood insurance coverage was stark. In Kerr County, where flooding was most severe, and Dripping Springs, Texas, fewer than 3% of homeowners had coverage through the National Flood Insurance Program. This low uptake is concerning, given that Texas also has one of the highest risk profiles for natural disasters.
Texans also spend 1.65% of their median income on auto insurance, ranking 14th in the country. However, this figure does not account for the specific risks faced by Texas drivers, such as hail damage and grid vulnerability.
With Texas's high risk of natural disasters, it is crucial for homeowners to consider adequate insurance coverage. While Texans spend a significant portion of their income on homeowners' and auto insurance, the low uptake of flood insurance in flood-prone areas is a cause for concern. Increased awareness and perhaps incentives could help more Texans protect their properties from the state's diverse natural hazards.
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