Watch out because State Farm is going to raise our Homeowner insurance rates. Don't be suprised if other insurance companies start doing the same thing. So check your insurance premiums. Here's the article from the Houston Chronicle.
AUSTIN (chron.com) – State Farm, the state’s largest home insurer, filed rate hikes Wednesday with the Texas Department of Insurance (TDI). On average, its premiums will increase 10.7 percent to cover anticipated expenses and an additional 9.1 percent to cover the cost of reinsurance.
Reinsurance is the coverage an insurance company buys to cover its losses after a catastrophe. Reinsurance rates soared after last year’s hurricanes — in some cases, tripled.
State Farm rates are expected to be up an average 39 percent in Harris County and an average 36 percent in Galveston County, State Farm spokesperson Sophie Harbert said. Allstate, the state’s second largest insurer, recently dropped its rates because of a court order, but it plans to file a rate increase this summer to cover its reinsurance costs, spokesperson Joe McCormick said.
Jerry Hagins, a spokesperson for TDI, said the department will review the rates and could challenge them if they are considered excessive, unreasonable or discriminatory.
0 responses so far ↓
There are no comments yet...Kick things off by filling out the form below.
You must be logged in to post a comment.