November 17, 2010
By: Carrie Van Brunt
The Lone Star State had the highest home insurance rates in the country as of 2008, according to data released today by the National Association of Insurance Commissioners.
The average annual premium price for Texas residents was $1,460, according to NAIC's numbers. Florida ran a close second, the report said, at $1,390, and a list provided by the Houston Chronicle showed Louisiana, Oklahoma, and Massachusetts rounding out the top five.
In contrast, the Chronicle's list gave Idaho residents the cheapest yearly payment in the country, at just $387. The national average was $791.
A spokesman for a Texas consumer advocacy group which deals with the insurance industry told the Dallas Morning News the top ranking was no surprise.
"We have been among the highest in the nation for as long as anyone can remember and have always been significantly higher than the national average," Texas Watch's Alex Winslow told the newspaper.
According to the Morning News, Winslow added there would be no downturn in policy rates until state legislators began to enact "meaningful reforms."
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