The price of home insurance is skyrocketing in Texas. What can be done?

Homeowners in Texas face rising property taxes and soaring home insurance costs, with rates increasing by an average of 21% in 2023, driven by inflation and climate change-related weather events. Since 2017, insurance rates have steadily climbed, with significant spikes following Hurricane Harvey and in 2022 due to rising reinsurance costs. One in six homeowners opted out of insurance last year, leaving many vulnerable to extreme weather. The Texas Department of Insurance has not denied any rate increases since 2017, prompting discussions for legislative action in January.