The Insurance Journal is reporting that: Texas’ three largest home insurers are kicking off 2014 with steep increases in policyholder premiums, according to a report published on Jan. 4.
The Dallas Morning News reports that Allstate, Farmers and State Farm plan to raise rates for most current and new customers by between an average of 6.5 percent to 14.9 percent. More than 2 million homeowners will be affected.
The companies have notified the Texas Department of Insurance that the increases will help offset projected losses.
Farmers is raising rates an average of 14.9 percent, and State Farm is boosting rates 9.8 percent. Allstate’s increase is 6.5 percent. That will affect policyholders with Allstate’s two largest homeowner’s insurance subsidiaries.
These rate increases are being opposed by many public watch groups stating that carriers have made a profit in the last few years.
If you need to reshop your insurance, use an independent insurance agent who represents multiple carriers. It can give you a better feel of what the broader market is pricing your insurance. Independent insurance agents work for you since they represent mulitiple carriers and can provide more options. Give us a call at 281-558-2210 for an independent insurance agent.