Some Midland, Ector Co. Homeowners Insurance Rate Increase Above State Average 1/15/14
CBS 7 News
January 15, 2014
A representative with the Texas Department of Insurance says their office is currently reviewing rate increases for three companies.
Spokesperson Jerry Hagins says Farmers Insurance, State Farm and Allstate have all raised most homeowners insurance rates.
State farm went up statewide an average of 9.7 percent while Allstate went up about 6.5 percent across the board. Those rate changes already went into effect, according to Hagins.
Farmers homeowners insurance rates will increase at the beginning of February by a state average of 14.9 percent.
According to data provided by the Texas State Department of Insurance, State Farm homeowners insurance premium rates in Midland and Ector County are both rising above the state average at 17.5 and 17.7 percent respectively.
Hagins said it is difficult to compute an average cost increase to homeowners because each company has different formulas for determining premiums.
The reason for rate increases is usually related to weather and projected risk.
Hagins said the rate increases could ultimately be rejected by their office during the review process.
You can compare the cost of your policy to other companies at the state website www.helpinsure.com.
Photo courtesy of The Andrews Agency.