The state?s largest insurer has weighed in on a story in The Dallas Morning News today that highlighted the disparities in home insurance rates in the Dallas area. An analysis by The Dallas Morning News found that prices can vary widely between ZIP codes even when homes have similar values, coverage and claims histories. For example, a $150,000 home in Arlington has an average rate that is $376 more a year than a similar home in Plano. The comparisons are based on figures furnished to the Texas Department of Insurance by the 30 largest home insurers in North Texas.
State Farm Insurance, the largest property insurer in Texas, has significant rate differences from ZIP code to ZIP code in the Dallas area ? like many other companies. Patti Kelly, a spokeswoman for State Farm, said those variances can occur because losses experienced in one area may be quite different from the next. ?Homeowner rates in a particular ZIP code reflect the expected costs for all types of insured losses, such as fire, water damage, wind, hail, theft and liability,? Kelly explained. ?Even if a homeowner hasn?t filed a claim, their rates will reflect the expected costs of these types of losses in their particular ZIP code.?
Although other insurers offer similar explanations, a leading consumer group isn?t buying the argument, noting that most property losses stem from destructive weather in North Texas, particularly hail storms.?Alex Winslow of Consumer Watch said it is hard to justify such differences in premiums on homes that are just several miles from each other. ?Arlington is simply not 37 percent riskier that for folks a few miles away in Plano,? he said, asserting that hail storms are just as likely to strike one side of the metropolitan area as the other. Homeowners are urged by the insurance department to annually compare rates in their area at www.helpinsure.com.
brandon rios oklahoma news nascar news doppler radar colorado rockies moonshine news channel 4
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.