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Some Texas home insurance rates rising

June 14, 2010 - It's common for homeowners to stick with the same insurance company when moving to a new place. However, some State Farm customers may soon change their mind.

Consumers moving to Texas should know that the state's largest insurance provider is raising their rates for homeowners, the San Antonio Express-News reported. This will be the second time within a nine-month span that prices have increased. There was an 8.5 percent rise in October and June shows a 4.5 percent jump.

Texas' insurance commissioner is worried other insurers will follow State Farm's lead and also increase homeowner's rates, the Express-News said. The insurer says costs are rising due to more than $1 billion lost for underwriting policies between 2000 and 2009. N. Alex Winslow, the executive director of the consumer group Texas Watch, told the newspaper that the estimations are "laughable" and "if they actually lost a billion dollars in Texas, I guarantee you that they would not be writing homeowners insurance in Texas."

If consumers are considering changing their home insurance provider, they can search for comparable and affordable rates online.

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