“Our rates in Texas since we went to the file-and-use system track almost precisely with the losses we suffer in the market,” said Beaman Floyd, the director of the Texas Coalition for Affordable Insurance Solutions, which represents major Texas insurers including State Farm and Allstate.

The rising threat of devastating wildfires and the demographic growth in the state's most at-risk areas are a "ticking time bomb" for Texas homeowners insurance market, experts warned.