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Farmers Insurance has filed for a 3.9 percent rate increase for homeowners policies in Texas.

The Dallas Morning News reports that Farmers' filing with the Texas Department of Insurance will affect about half the company's customers in Texas.

Farmers' spokesman Luis Sahagun says the rate hike is needed to handle the increasing cost of claims in Texas.

The new rates will go into effect in March. It will affect customers who have either the Texas Family Home Policy or the Farmers Next Generation Homeowners Policy. About 324,000 customers have those policies.

A state insurance department spokesman says actuaries will review the company's filing to make sure the rate hike is justified.

An insurer can increase premiums once it notifies the agency.

Posted 4:39 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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