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Freedom Insurance Group Launches Community-Centric Solution to Soaring Insurance Premiums

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Freedom Insurance Group Launches Community-Centric Solution to Soaring Insurance Premiums

June 24
19:18 2024
Freedom Insurance Group is tackling the rise in Texas home insurance premiums through a community-focused approach, emphasizing personalized risk assessments and community resilience to alleviate the financial burden caused by inflation and extreme weather.

HOUSTON, Texas – Freedom Insurance Group today unveiled its innovative community-centric strategy to combat the escalating home insurance premiums in Texas. This initiative aims to aid homeowners in managing the financial strain from increased premiums driven by inflation and severe weather events. By prioritizing personalized risk assessments and community resilience programs, Freedom Insurance Group is committed to helping Texans navigate the challenges of climate change while maintaining affordable and comprehensive insurance coverage.

In recent years, Texas has experienced a 54.5% surge in home insurance costs from 2019 to 2024, making it the state with the fifth-largest premium hike in the nation, far exceeding the U.S. average of 37.8%. The inflationary pressures and rising costs of building materials have significantly impacted the insurance industry. According to the National Oceanic and Atmospheric Administration, Texas has seen an average increase from four to eleven billion-dollar disasters annually between 1980-2023 and 2019-2023, respectively, with sixteen catastrophic events last year. These unpredictable weather patterns have rendered traditional risk assessment models outdated.

Erik Gamblin, CEO of Freedom Insurance Group, attributes these rising costs to the increased frequency and severity of natural disasters resulting from climate change. Supporting this view, Dr. Faisal Khan, a risk analyst at Texas A&M, highlights the necessity for insurance companies to maintain reserves to stay solvent after paying billions in claims. His research predicts that Texas will average twenty billion-dollar disasters annually by 2030, underscoring the need for a comprehensive risk management approach.

The impact on Texans has been profound. For instance, Joe Ramirez, a 61-year-old machinist, saw his premium rise from $1,900 to nearly $3,000. Similarly, shrimper Liam Chen in Corpus Christi experienced an increase from $2,600 in 2021 to $4,100. These hikes have imposed a significant financial burden on residents, forcing them to make tough choices about maintaining coverage. State Rep. Luis Torres acknowledges this crisis, noting that every town hall meeting emphasizes the difficult decisions Texans face between essential expenses and insurance.

Freedom Insurance Group supports initiatives like “Rosewood Resilience,” a grassroots project led by retired contractor Miguel Fuentes in East Austin’s Rosewood neighborhood. This effort focuses on weatherproofing homes with solar panels, rain barrels, and fire-resistant siding, having fortified over 200 houses so far. These initiatives illustrate practical steps communities are taking to adapt to climate change and mitigate insurance costs, highlighting the importance of building stronger, more resilient communities.

Freedom Insurance Group offers personalized risk assessments to pinpoint each property’s unique vulnerabilities. They advise on home fortification measures, such as impact-resistant roofing and stronger window shutters, to reduce risks and lower premiums. This strategy enables homeowners to better prepare for natural disasters and potentially decrease their insurance costs. By tailoring coverage to balance protection and affordability, homeowners receive adequate coverage without overpaying, considering their specific needs and circumstances.

The insurance industry faces significant challenges due to the rising costs of rebuilding and the increasing frequency of natural disasters. Freedom Insurance Group addresses these issues by focusing on personalized risk assessments and policy optimization. This approach helps manage the financial impact on policyholders while maintaining necessary reserves for future claims. Supporting community efforts and collaborating with local organizations is crucial for building stronger, more resilient communities.

Freedom Insurance Group remains steadfast in its commitment to a community-centric approach. Erik Gamblin emphasizes the company’s dedication to creating a more resilient Texas by working closely with homeowners to understand their needs and provide tailored solutions. By fostering strong community relationships, the company aims to support Texans in navigating the challenges posed by climate change and rising insurance costs.

Freedom Insurance Group’s approach to managing rising home insurance premiums in Texas underscores the importance of community resilience and personalized solutions. By supporting grassroots initiatives, offering tailored risk assessments, and optimizing policies, the company addresses the immediate and long-term needs of Texans. This community-centric strategy ensures that homeowners are better prepared for future risks, contributing to a more resilient and adaptable Texas.

Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

Media Contact
Company Name: Freedom Insurance Group
Contact Person: Erik Gamblin
Email: Send Email
Phone: +1(972) 798-3769
Address:3861 Long Prairie Rd Ste 110
City: Flower Mound
State: TX 75028
Country: United States