Home and Dwelling Coverage

Choosing the right deductible for your home insurance policy can significantly impact your premiums. Here's a breakdown to help you make an informed decision:

What is a Deductible?

A deductible is the amount you agree to pay out-of-pocket before your insurance coverage kicks in. Higher deductibles typically result in lower premiums, while lower deductibles lead to higher premiums.

How to Choose the Right Deductible:

1. Assess Your Financial Situation:

Flood Insurance 101

As of March 23, 2023, there are about 22,600 communities participating in the National Flood Insurance Program (NFIP). To do so, the NFIP partners with nearly 60 insurance companies to sell policies across the country.

What to ask

• What is the National Flood Insurance Program (NFIP)? A federal program created by Congress in 1968, that aims to reduce the impact of flooding across the country. It does so by providing flood insurance to property owners who live in communities that adopt and enforce floodplain management standards. The NFIP is designed to provide an insurance alternative to disaster assistance to meet the rising costs of repairing flood damage to homes, businesses, and belongings.

What is NFIP's Pricing Approach?

FEMA has updated the National Flood Insurance Program’s pricing approach, Risk Rating 2.0, as of April 2021. This pricing approach leverages industry best practices and cutting-edge technology to enable FEMA to…

According to an S&P Global analysis of Texas Department of Insurance data Texas state filings show that home insurance rates have increased an average of 22% in 2023, which is twice the national rate. More billion-dollar disasters occurred in Texas in 2023, 16 total, than any other year before it on record. We are not even half way through 2024 and it does not look like the weather is letting up for Texans. The average 22% calculated is actually twice the average national increase of 11% over the same time period.

Texas is also prone to hurricanes, flooding, and even hail which are made more severe by climate change.

The rates used to calculate the averages are the same rates that insurance companies use to calculate customers’ premiums, and those rates go up every year.

Get more information from the Texas Tribune here: Climate change has sent Texas homeowner insurance…