State Farm has decided to not renew 11,000 of their policies in certain Texas coastal communities, and Allstate Insurance is planning a rate hike for homeowners in Texas.
A Closer Look at the Insurance Rate Hike
Allstate Texas Lloyd’s asked the Texas Department of Insurance for a statewide increase, and the homeowners insurance rate hike for Allstate Insurance was approved. The Texas Department of Insurance reported that they conducted a review over a period of several weeks to verify that the new rates were not excessive and found them satisfactory.
This means that customers with Allstate may see an average of a 5.7 percent increase statewide, and for customers with Allstate Fire & Casualty Insurance, they may see a 9.8 percent increase.
Since Texas is a file-and-use state, Allstate has actually been using the new rates since December of last year even though it wasn’t approved until recently. The company’s reason for the hike is that Texas weather has been severe since the storm season of 2008-2009.
As a Texas insurance claim lawyer, attorney Bill Voss encourages consumers to shop around for homeowners insurance policies to make sure they compare their policies and prices so they are not being taken advantage of by the big insurance companies. Texas rates are already some of the highest in the nation, and with the rate increase it may make it unaffordable for many policyholders.
If you would like help reviewing your insurance policy, please call our skilled homeowner insurance claim attorneys at the Voss Law Firm at 888-614-7730 for a free consultation today.
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