Many homeowners in Lubbock are having a hard time with big insurance increases. One of the people who was impacted was Ann Ruiz, who had lived there for more than 30 years. "It's getting really expensive for me," Ruiz disclosed. "A friend of mine dropped her homeowner’s insurance altogether because it was too expensive, and hasn't had it for three years." The cost of Ruiz's insurance jumped from about $250 a month to over $500 a month.
Bryan Boyd from Farmers Insurance talked about why the rates increased so much. "Just now, I got a quote for a policy in the El Paso area that was about a quarter of what we pay in Lubbock," Boyd said. He said that the difference is because Lubbock is in an area that is prone to bad weather, especially wind and hail.
Boyd said that homeowners who are dealing with rising costs should talk to an insurance agent, carefully look over their policies, and keep their insurance score high. “Bigger insurance companies are having difficulty keeping up with the payout demand because of how often and how badly claims are being made. Because of this, rates have been steadily going up for a few years now, which has caused big jumps in prices, Boyd said.
He said that even though rates are especially high in Lubbock, this is typical of places that are prone to disasters, so it's essential for people to keep up with their insurance plans.
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