Farmers Insurance will raise homeowner premiums by nearly 10 percent after Texas regulators declined to object to the increase.
The Dallas Morning News reported that the rate hike, set for mid-March, will apply to about half of the Farmers Insurance policyholders across Texas. Nearly 350,000 affected customers have either a Texas Family Home Policy or a Next Generation Home Policy.
The rate request was filed last October with the Texas Department of Insurance. Company officials have said the higher rates are needed due to increased claim costs.
Farmers last raised home insurance rates in Texas in March 2011, an increase of nearly 4 percent.