State Farm plans 2nd rate hike in 8 months for home policies

Texas homeowner premiums to rise at State Farm, other insurers could follow suit. Hoppe reports:

AUSTIN – State Farm Insurance told the state Thursday that it intends to raise its homeowners rate 4.5 percent statewide starting May 1, only eight months after the company boosted rates 8.8 percent.


Insurance Commissioner Mike Geeslin, who is powerless to stop the rate hike, asked State Farm in a letter to reconsider, saying such back-to-back increases could influence other insurers and rock consumers.