I wonder why news stations didn't have security for news crews (probably because of costs). How many news crews are out and about on a given day?

Local stations have 3 to 6 news crews out per day, probably 1 to 3 at night, and they also use MMJs, which are essentially one-man bands, not even a 2-person crew.
And yes it’s all to save money.
Security doesn’t exist in most places for the same reason.

I’ve long thought both victims’ families would’ve had a solid lawsuit against the station for NOT providing any protection or security.

The thing to remember in this incident was that the murderer was known to the two reporters.

The likelihood of it happening again when a reporter is on a hit doing one of those typical morning show features is very small, so adding security to each crew is not a viable option.

The only time stations should consider added security is for covering protests and riots. You'll see some of the network reporters go out with security in those cases.

Good points, another problem is that especially on these local morning shows where they are covering or promoting some feature type event, they will often say something like “we are live at the zoo and we’ll be here all morning,” which is essentially announcing to any stalker or nutcase where they can find you and do damage if they are so inclined.
Same for radio hosts and DJs (if those still exist) who do “remotes.”
I’m actually surprised this kind of thing doesn’t happen more often.