State Farm expected to increase rates

April 2, 2008 5:02:45 AM PDT
If you are a State Farm customer you could soon be paying a lot more for homeowners insurance, especially those living near the Gulf coast.Not everyone will see the same rate increase. Basically, the more State Farm coverage you have, the better the news.

In other words, people who have policies on both home and auto in Harris County will see rate increases from 8.9 to 10.3 percent. Those who don't qualify for an auto/home discount will see rates jump from 21.6 to 23.2 percent.

In its own defense, State Farm says it has reduced auto rates five times, resulting in $350 million in annual savings.

State Farm says Texans who live in coastal areas will also see some increases because of the threat of hurricanes, but those who don't live on the coast will see lower rates.

The new rates will go into effect on June 1 for new business, and August 1 for renewals.

- Headlines at a glance


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