Farmers Insurance to Raise Texas Rates by 10 Percent

Farmers Insurance will raise homeowner premiums by nearly 10 percent, according to a report in the Dallas Morning News.

The increase will go into effect on March 16 for 350,000 customers who have either a Texas Family Home Policy or a Next Generation Home Policy.

The rate request was filed last October with the Texas Department of Insurance after the insurer said they had lost $250 million in Texas over the last 3 years.

Regulators with the state had no objection to the increase.

Farmers last raised rates in Texas in 2011 by almost 4 percent.