Farmers’ Filing Would Raise Homeowners Rates in Texas by Nearly 10%

Farmers Insurance plans to hike homeowner premiums in Texas by nearly 10 percent next year.

The increase will apply to about half of the Farmers Insurance customers across Texas, according to a report in The Dallas Morning News.

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.

Jim Swope, vice president and executive director for Farmers in North Texas, says the higher rates are needed to address more expensive claims in Texas. The rate increase was filed on Oct. 7 with the state insurance department.