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Farmers To Scale Back Texas Homeowners’ Rate Hike
Farmers Insurance is scaling back a statewide increase in homeowners’ rates.
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AUSTIN (January 12, 2010)--Some homeowners will be paying a lower-than-initially-sought rate hike by Texas Farmers Insurance Co. after the company agreed Monday to trim a statewide rate-hike request of nearly 10 percent.
The Texas Department of Insurance said the increase will now be about 4.5 percent for the company’s 300,000 homeowner customers.
The original rate request was filed in June 2009.
Current rates will stay in effect until at least March 16 and homeowners who are already paying the higher rate will not get a refund.
Insurance Commissioner Mike Geeslin described the original rate increase request as "excessive and unfairly discriminatory."
Farmers spokesman Jerry Davies says the agreement shows that the company is committed to the Texas marketplace.
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According to what I've read, Farmers Ins. is trying to get ahead of the Recession. And They never did pay off all of the claims after Katrina or Ike Hurricanes. And I thought there was a set maximum amount(by Law)any Insurance fees/prices, controlled by the State Insurance Board. Maybe the State Insurance Board needs to be investigated too!!
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