Following Hurricane Beryl, Progressive Insurance has announced that they will be scaling back their insurance offerings to homeowners in Texas. In places like Houston, home insurance just isn't profitable.
Richard Johnson with the Insurance Council of Texas says, "There may be areas where they're just not going to write because it is too risky, due to too many hail claims, or too many flooding or hurricane events in that area."
Johnson thinks that this is going to lead to higher home insurance rates across the state. He said, "We're starting to see it slow a little bit as inflation has slowed, but we anticipate that rates will still continue to rise."
Johnson says that's why it's now critically important to shop around and make sure you get the best possible insurance rate.