A new report from Texas Watch, a consumer advocacy group promoting transparency in the insurance industry, shows that Farmers Insurance, the third largest insurance organization in the state, boasts of the most consumer complaints in the state. The report’s findings are based on data collected by state insurance regulators between the periods of October 2010 and September 2011. According to the report, Farmers has garnered a great deal of consumer complaint for their handling of homeowner claims. In regards to the report, Farmers spokesman Jerry Davies noted that its credibility…
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Farmers Insurance and State Farm look to raise rates on home insurance in Texas
Farmers Insurance Group, one of the largest insurers in the U.S., has unveiled plans to raise rates on homeowner’s insurance policies in Texas. The new rates, if approved by state regulators, will take effect next year. The company cites the growing number of high cost claims that has been streaming in since 2008 as reason for higher premiums. The proposal for higher rates from Farmers Insurance comes on the heels of a similar proposal from State Farm that would have the same effect on homeowner’s policies. The insurer is seeking…
Read MoreHomeowners may see less coverage following changes made by State Farm
State Farm has announced that it will be making changes to the deductibles in its homeowner insurance, and consumer advocates are concerned that this will decrease the amount that will be paid on consumers’ claims. The insurer also released a notice to insurance regulators in Texas, stating its intentions to increase homeowner insurance rates, starting in October, by an average of 9.6 percent. State farm is the largest insurer in the state. It also announced that, starting in December, it would be moving all of its current customers over to…
Read MoreTexas windstorm insurance legislation inches closer to becoming law
Texas lawmakers have been toiling over changes to the state’s insurance program, the Texas Windstorm Insurance Association. The program provides affordable coverage to coastal residences and is one of the few organizations through which homeowners can obtain protections from wind damage. Legislators have been debating over the necessity of the program and whether or not the state should continue to support it. A definitive decision had not been made before the end of the legislative session, but Senators were unwilling to let the issue slide into obscurity. After calling for…
Read MoreCurrent slab claim process under review in Texas
Texas lawmakers approved revisions to the state’s windstorm fund this week. The Texas Windstorm Insurance Association, a pseudo-government agency in charge of providing insurance coverage to coastal properties prone to hurricane damage, has been the subject of debate amongst legislators for some time now. Senate approved reform will address several issues, including new methods to determine whether damage is caused by wind or water. The reform bill, House Bill 272, was passed unanimously by the Senate. One of the issues to be addressed by the system reform is how the…
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