AUSTIN (KXAN) – The recent spike in home prices across the capital and Texas may mean your home insurance is too low, experts with insurance researcher Quote Wizard said.

A recent study by the company found that severe weather has tripled in the U.S. over the past 40 years. Between that increase and the rapid rise in home prices, your insurance may not be able to cover you if disaster strikes, said Nick VinZant with Quote Wizard.

Meteorologist Nick Bannin spoke with VinZant about what this means for homeowners and what steps you can take to ensure you can rebuild when disaster strikes.

You can watch the interview above or read the transcript below:

NICK BANNIN, KXAN NEWS METEOROLOGIST: Nick VinZant joins us from Quote Wizard. With some new information about disasters across the nation, and especially here in Texas, how do we make sure that we are insured and covered?

NICK VINZANT, QUOTE WIZARD: Your home insurance is going to cover you for pretty much any kind of the natural disasters that are going to directly impact the physical structure of your home, we’re talking about things like a tornado, a severe storm, stuff like that.

Most home insurance is not going to cover flooding caused by a natural disaster. You have to have specific flood insurance for that, in most cases.

Looking at the most recent data, what we found is that Texas right now has the second-highest home insurance in the nation. The average cost is $3,600. Oklahoma is No. 1 with $3,700.

What’s changing, though, is that just in the last year, we found that the average home insurance price in Texas has increased by 6%. And that looks like that is going to continue. So Texas already has the second-highest, and it’s outpacing the increases that we’ve seen in other states as well.

BANNIN: And I imagine with inflation and the increasing cost of rebuilding, that’s only going to go up higher.

VINZANT: Your existing home insurance policy probably doesn’t cover you anymore. For example, if you had a $300,000 policy in 2020, that’s not going to cover replacing your home in 2022. There is a real concern amongst the insurance industry that a lot of people may be underinsured when it comes to their homes. They need to go ahead and talk to their insurance agent to look at increasing the value of their insurance policies because otherwise you might not be fully covered if your home is totally damaged.