Farmers Insurance to Raise Texas Rates by 10 Percent

New rates to go into effect March 16

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    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.