If you have Farmers or State Farm insurance get ready for a large premium increases. State Farm and Farmers are both raising rates this fall.
State Farm says it intends to increase homeowners rates in Texas by an average 20 percent.
The company announced it has submitted a rate filing to the Texas Department of Insurance. The actual premium change for any individual customer will depend on a variety of factors including home construction type, age of the utilities, and optional coverage.
The changes will become effective for new customers on Nov. 1, 2012 and on December 1, 2012 for existing customers. To read more about the State Farm premium increases click on this link.
Homeowners covered by Farmers Insurance are meeting the same fate and will see their second premium increase this year, the company told state regulators in July, they are planning to boost the cost of most policies in Texas by an average of 15 percent.
The higher rates would affect 520,000 Farmers customers who have either a Texas Family Home policy or a Next Generation Homeowners policy.
The rates will take effect for new policies and renewals starting Sept. 18. Farmers customers’ rates were raised nearly 10 percent in March of this year.
If you are one of our clients, you know we’ve always been able to beat State Farm’s prices, but this is just going to make it easier. If you’re already working with us, then be a good neighbor and ask your friends and family to contact us. Don’t let State Farm keep doing this to your friends.
We compare the coverage and cost of insurance plans offered by all the best companies offering insurance in Texas. Companies like Travelers, Met Life, Safeco, Hartford, Kemper and many more. We search and you save.