Farmers Insurance Rate Hike Set For March

AUSTIN, Texas (AP) - Farmers Insurance will raise homeowner premiums by nearly 10 percent after Texas regulators declined to object to the increase.

The Dallas Morning News reported Wednesday 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 this past October with the Texas Department of Insurance. Company officials said the higher rates are needed because of increased claim costs.

Farmers last raised home insurance rates in Texas in March 2011, an increase of nearly 4 percent.