State Farm Homeowner’s Insurance Rate Increase: Why they are raising rates 20%

Residents in Texas who insure their homes with State Farm are getting a significant increase in their premiums- an average of almost 20 percent. What does this mean for Texas residents? Well, for many of us, it could mean looking for new homeowner’s insurance in Texas, or it could mean a little less disposable income this year.

Why the Increase?

According to State farm representatives, the recent increase is unavoidable due to an increased number of claims and cost per claim as a result of recent roof replacement costs. That may be true, as most of us would agree, we’ve had our share and more of natural disasters over the last few years. As a result, there are no “risk-free” areas, making it an expensive state to insure. New customers will see rates increase as of November 1, but those already insured with State Farm won’t see increases until December 1. As it stands now, State Farm insures over one million Texas homeowners, capturing 30 percent of the market.

What Can You Do as a Consumer?

Luckily, securing homeowner’s insurance in Texas is your responsibility and as a result, you always have the right to choose your provider. That’s great news, because in an economy where every nickel counts, it’s critical to seek out the most competitive rates offering the best coverage. Make certain you’re satisfied with your current Texas homeowner’s insurance plan and if there are areas where you are not sure, ask.

Getting the Help You Need

You’re never alone when it comes to making decisions about your homeowner’s insurance. With qualified, insurance experts available, it’s easy to get the answers you need to make an informed decision. If you have questions or concerns, make sure to contact a local, trusted insurance expert for giving you the information you need to find the right homeowner’s insurance in Texas that will give you peace of mind. Remember, you’re only mistake is not getting the help you need when you need it most. Learn how to protect your financial future with a policy that makes the most sense for your situation.

Homeowner’s who have come to rely on State Farm insurance for securing their homes may be a bit disappointed when the new premium increases take effect. Whether you’re considering purchasing a new homeowner’s insurance policy or you’re an existing State Farm customer, you have options. If you’d like more information on how you can make the most of your homeowner’s insurance, take some time to give us a call and make an informed decision.

State Farm Homeowner’s Insurance Rate Increase: Why they are raising rates 20%

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