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Farmers Plans to Raise Rates in Texas

Texas / South Central News • November 10, 2008
Farmers Insurance has filed for an average rate increase of 9.9 percent for homeowners insurance policies in Texas effective in February, state and company officials said. The Texas Department of ...

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Subject: RE: RE: RE: bumping values, rates or both?

Posted On: November 11, 2008, 1:31 pm CST
Posted By: Icee
Comment:
The value your agent recalculates is the amount needed to replace only the house in the case of a total loss. Contents coverage is a percentage of that value in most cases. If the cost to replace your contents rises faster than the cost to replace the home, rates will need to be raised to cover this. The cost of partial losses could increase more than the cost to replace the entire home. The cost of liability claims could also be increasing faster than the cost of building material.
So there may be a need to both increase your values and to increase rates. I hope this helps you and didn't just confuse you.
Subject Posted By Posted On
RE: RE: RE: RE: RE: bumping values, rates or both? Icee
Nov 11, 2008, 2:49 pm
RE: RE: RE: RE: bumping values, rates or both? Confused
Nov 11, 2008, 1:41 pm
RE: RE: RE: bumping values, rates or both? Icee
Nov 11, 2008, 1:31 pm
RE: RE: bumping values, rates or both? Confused
Nov 10, 2008, 1:59 pm
RE: bumping values, rates or both? Charles Educa
Nov 10, 2008, 1:40 pm
bumping values, rates or both? Confused
Nov 10, 2008, 1:07 pm
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