The cost of insurance can have a major impact on personal finances, particularly in northern Texas. With the second highest rate of uninsured people in the US, just behind California, the economic implications for the state are significant. Homeowners insurance is a great way to safeguard your finances from unexpected misfortune, but it can also take a toll on your budget. The Texas Public Policy Foundation (TPPF) proposed a federal Workforce Recovery Act earlier this year to address the pandemic. This plan includes a national “business interruption” insurance program based on existing models such as the federal Terrorism Risk Insurance Program.
This program provides both public and private compensation for losses resulting from acts of terrorism. The increase in coverage was not uniform across states, with those that chose to expand Medicaid eligibility experiencing the greatest decreases in their uninsured rates. Some of the best auto insurance companies in Texas include Geico, USAA, and State Farm. The areas of Texas with the highest rates (over 25%) of uninsured people are located in El Paso and the Rio Grande Valley. Male drivers are statistically more likely to engage in unsafe driving habits than women, so their rates are higher to cover the risks taken by insurance companies when selling them a policy. In both home and auto insurance, married or domestic partnership buyers are usually placed in a lower-risk group.
Insurers are focused on risk, so drivers who fall into high-risk categories will likely pay more for their insurance. State leaders have expressed concern about the cost to Texas taxpayers; the Foundation for Government Accountability estimates (PDF) that Medicaid expansion costs per person have exceeded original estimates by 76%, resulting in a 157% cost overrun. Workers in Texas are less likely to have employment-based health insurance coverage than those in other states. The state has the highest percentage and number of people without health insurance in the US, which could cause long-term damage to its economy according to a study by the Texas Health Care Alliance. If you're looking for cheap car insurance in Texas, minimum coverage is often much cheaper than full coverage, although it may not provide enough financial protection if you're involved in an accident.
