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Farmers Insurance indicated Friday that it will raise homeowner premiums by nearly 10 percent next year for about half of its customers in North Texas and across the state.

The higher rates, to take effect March 16, would affect about 350,000 Farmers customers who have either a Texas Family Home Policy or a Next Generation Home Policy. The Next Generation policy debuted in the state in early 2010.

Farmers last raised home insurance rates in Texas in March of this year, an increase of 3.9 percent.

A consumer group, Texas Watch, criticized the Farmers proposal as more of the same from big insurers in Texas. The group’s Alex Winslow said consumers are counting on new Texas Insurance Commissioner Eleanor Kitzman to “show that she isn’t just an industry lap dog” and use the authority she has to block unreasonable rate hikes.

“If she fails to act now, she is setting a dangerous precedent that will likely lead to even more rate hikes and coverage reductions,” he said.

www.reliableins.net

Posted 12:52 PM

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NOTICE: This and all content is developed from sources believed to be providing accurate information. The information in this material is not intended to be used as tax or legal advice. Please consult with a tax and/or legal professional for detailed information regarding your individual situation. Some of this material was developed and shared by Reliable Insurance Managers, Inc. to provide information that may be of interest. Reliable Insurance Managers, Inc. is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security.
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