According to Austin American Statesman, Tim Eaton, Sep 7, 2012:
State Farm Lloyds said it submitted a rate filing to the Texas Department of Insurance today that will result in its Texas customers seeing increases in homeowners insurance premiums of an average of 20 percent.
The changes will be effective Nov. 1 for new customers and Dec. 1 for existing customers.
State Farm said the changes are coming because of the volume of claims and increasing costs per claim. Roofing prices alone have spiked almost 90 percent in the past five years, the company noted in a news release.
“No state has more severe weather events than Texas, and no part of our state is risk-free,” Phillip Hawkins, senior vice president of State Farm Lloyds, said in the release. “Our policyholders are vulnerable to significant losses caused by high winds, hailstorms, hurricanes and wildfires. State Farm Lloyds must maintain its financial strength in order to keep our promises to our policyholders, so we can be there when they need us.”
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