Many homes burned in the Texas wildfires weren't insured, creating a steep path to recovery

[RandySF]

FRITCH — Many Panhandle residents whose dwellings and possessions burned in the region’s ongoing wildfires may never financially recover for one simple reason: Their homes weren’t insured.

“A lot of the people who have lost a home had no insurance,” Gov. Greg Abbott said at a Friday press conference. “So there are a lot of people in great need right now.”

Texans pay some of the highest homeowners insurance premiums in the country. Increased risk of extreme weather events, at least partially driven by climate change, have driven up those costs. Growth in homeowners insurance rates here outpaced the rest of the nation last year, straining Texans’ ability to pay.

In Texas, those without insurance are also more likely to be those who have a harder time recovering from disaster: lower-income households and rural residents. That means Texans without insurance face a steep — if not impossible — path to restore what financial well-being they had before a disaster strikes.




https://www.texastribune.org/2024/03/04/texas-wildfires-homes-burned-recovery-insurance/

[JT45242]

1. Don't banks require continuous proof of insurance for a mortgage there

I am required to keep home owner insurance through escrow -- Both times I bought a house.

My mother had to show proof of insurance annually for her mortgage.

I thought this was standard banking law/practice.

Do banks in Texas not protect themselves from defaults on property by not requiring home insurance?

[Hassin Bin Sober]

2. These rural properties might be multi generational - paid off with no mortgages.

[tanyev]

6. Yes, it's required.

Maybe a lot of them were older homes already paid off?

[LeftInTX]

9. Manufactured homes and most were low income.

Further complicating matters: Several homes that burned down were manufactured homes, which homeowners can struggle to get insured. That’s because insurers consider them more risky investments since they are highly vulnerable to fires and other natural disasters, said Thomas Chandler, deputy director of the National Center for Disaster Preparedness at Columbia University.

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I don't think our homeowners rates are very high in San Antonio. (We're not prone to many natural disasters that destroy homes here)
I believe rates are higher along the gulf and coast.

[OldBaldy1701E]

3. Oh good grief...

“A lot of the people who have lost a home had no insurance,” Gov. Greg Abbott said at a Friday press conference. “So there are a lot of people in great need right now.”

Like you are going to do a damned thing about it, you slimy bottom feeder. Go crawl back into your hole.

[Fullduplexxx]

4. freeeeeeeeeeedumb

[2naSalit]

5. Can't have it both ways...

You can't be part of the wild west and have insurance coverage too. Just sayin'.

[ananda]

7. Abbott and the Texas Republicans are responsible for all of it.

Yet I would bet that most rural homeowners voted for them.

And will continue to do so.

[Johnny2X2X]

8. Insure your property

Jeesh, I don't care if it's paid off or not, you're responsible for your losses if you didn't bother to have insurance.