Harvey's impact on rent and car insurance rates

We know that Harvey is one of the most expensive natural disasters in US History. What's not so clear is some of the day-to-day costs that all of us are being hit with because of the storm.

HOUSTON - We know that Harvey is one of the most expensive natural disasters in US History. What's not so clear is some of the day-to-day costs that all of us are being hit with because of the storm.

Economist Patrick Jankowski with the Greater Houston Partnership analyzed data after the storm.

"A lot of things are going to get blamed on Harvey especially related to prices which have nothing to do with the hurricane," he said.

Jankowski says things like groceries, gasoline and vehicles have all leveled off in price since the storm.

Rent is up at apartments in areas that saw areas with widespread flooding like Katy and Kingwood. Jankowski also says building supplies and labor are also up because of demand.

One of the most noticeable hikes might be your car insurance premiums. Amanda Anderson says her insurance has increased nearly $20 a month.

"I mentioned it to a friend and she said that other people were having the same experience after the storm," Anderson explained.

Anderson managed to move her car to higher ground and never filed a claim.

“I don't really think it's fair but I supposed it makes sense because I'm sure they took a hit," she said.

We asked the American Insurance Association about increases. It says at this point, it's still too early to tell how much prices could go up. By the way, Texas already ranks as the tenth most expensive state in the country for car insurance.

© 2017 KHOU-TV


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