Many Texas homeowners could soon be paying more for their insurance coverage thanks to rate increases that are either in the works or in effect with several major insurance companies.
State Farm Insurance Co. and Farmers Insurance Cos. have both filed for rate increases with the Texas Department of Insurance, and Allstate has already raised its rates.
State Farm, the largest insurer of homes and cars in Texas, has filed for an average 3.6 percent rate increase in Texas homeowners’ insurance policies.
Farmers, meanwhile, has filed for a statewide average increase of 2.5 percent, and homeowners in some parts of Harris County could face hikes as high as 25 percent.
In addition, Fire Insurance, a subsidiary of Farmers Insurance Cos., has filed for a statewide average rate increase of 1.7 percent.
Allstate has already implemented a flat 5.9 percent increase statewide and an additional average 2.1 percent bump for homeowners in some coastal counties.
Source: Associated Press