State Farm’s 20 Percent Rate Hike… Seriously?
State Farm customers in Texas may not be so pleased by the rate hikes. 2 Judges in the State are considering the Consumer Advocates challenge as these rate hikes for homeowners may be considered to high. This rate increase is currently affecting 1.2 million homeowners in the State.
Why the rate hike? Public insurance council claims this increase was imposed dispite good profit and a drop in claims.
State Farm attorneys are considering weather related loss in recent years as justification for the rate increase.
Estimates suggest an increase of $280 over average premium.