Moving to Texas

[Doina]

I have bought a house in Rowlett,TX and I need help finding the best package, home+car+life. Can anybody give me advice? Thank you

 

[STIBROKER]

I have bought a house in Rowlett,TX and I need help finding the best package, home+car+life. Can anybody give me advice? Thank you

Don't forget health insurance also...............

 

[TXINSURANCE]

Home Owners insurance in Texas is a complete joke. The state refuses to properly regulate P&C insurers and their rate actions. My home owners started at under $2000, then kept jumping up and in 3 years they wanted to renew if I remember correctly closer to $6000?

My friend in CA has a home similar value for around $500 per year in insurance cost. I have other properties in other states and NONE are priced even close to Texas.

I shopped around but unfortunately in Texas you really have to bundle auto and home or your rate will suffer. This was a huge waste of time and money, but you will find in Texas two things are high - property tax and out of control unregulated home owners rates.

I would suggest a local agent try SafeCo and a few others, everything is county specific what is a good price here in Houston may not be in your area. Just be sure to shop bundling auto for the best rates.

 

[Jon Nickolas]

i don't know about this tax...if i get any information i will share here....

 

[SFCBrown]

Coastal insurance in Tx has gone up a lot. Coastal is defined here as any county that touches the coast or any county that touches a county that touches the coast. So yes Houston is very high but the next county up Montgomery is much lower.

 

[TXINSURANCE]

Two things in Texas that are a scam. Home owners insurance and property tax.
Paying $15000 to $20000 a year for property tax plus another $5000 to insure a 500k home is nothing short of criminal.

 

[Gulliver]

Don't forget that you have no state income tax. The weather exposure has made property insurance rates terrible in most of the storm belt states like OK, KS, MO, TX. We feel your pain up here in MO. Our property rates are out of control.

 

[SFCBrown]

You are right Gulliver. No income tax and very low business tax. The property taxes are run by the county. Counties like Harris that control most of the Houston Area are very high. Once you get away from those areas taxes and rates drop down.

 

[TonyC]

Dayum....!

I thought it was cheap to live in Texas...why would you want to live in Texas if it isn't cheap?

What's the secret?

 

[Guest]

Two things in Texas that are a scam. Home owners insurance and property tax.
Paying $15000 to $20000 a year for property tax plus another $5000 to insure a 500k home is nothing short of criminal.

Texas isn't alone. Oklahoma, Louisiana, Kansas, Missouri, and Arkansas are all really high on HO insurance. I won't speak to TX, but in the other states it has very little to do with the state regulation and more to do with the wind/hail claims that have insurance companies losing their shirts on claims. The cost of roofing a home has nearly tripled in the last 10 years (in my area) and that has caused insurance companies to lose money. Many other states don't have the unique set of perils that we are faced with, so their rates are much lower.

Just as an example... In Oklahoma in 2012 insurance companies paid out on average $1.30 in HO claims for every $1 they took in. That has nothing to do with regulation, it has much to do with Mother Nature and rising cost of materials.