State Farm Lloyds has announced the submission of a rate filing to the Texas Department of Insurance that will increase homeowners insurance rates in the Lone Star State by up to 20%, though the actual change in premium will vary based on individual customers’ type of home, age of utilities and any optional coverages.
The changes will become effective for new customers on November 1st, 2012, and will kick in for existing customers a month later.
State Farm says the increase in premiums is in response to the cost per claim and volume of claims in Texas. Specifically, they cited the cost of roofing, which has increased by nearly ninety percent in the last five years.
Customers should contact their State Farm representatives to determine what their specific rate hike will be.
It’s worth noting that State Farm is just one of many homeowners insurers raising rates in Texas this year.