News
Policyholders with State Farm will see a rate increase for their homeowners insurance after the company filed a rate request to the Texas Department of Insurance last week. The increase will average 20 percent for Texas customers. The rate increase will take effect Nov.1 for new customers and Dec.1 for existing policyholders.
Click here to read more about State Farm's rate increase.
Think car insurance rates are high in Texas? You might be surprised! Many factors affect rates, including the costs of car repair and medical care, the level of insurance fraud in a state, the number of uninsured drivers and population density. This list compared the median household income and the median price of an annual car insurance policy in all 50 states and the District of Columbia, and ranked them based on the percentage of household income going toward car insurance. Click here to see the full list, and to also see the 10 states with the lowest percentages on the final slide.
Homeowners covered by Farmers Insurance will see their second premium increase this year, the company told state regulators Friday, planning to boost the cost of most policies in Texas by an average of 15 percent.
The higher rates would affect 520,000 Farmers customers who have either a Texas Family Home policy or a Next Generation Homeowners policy.
The rates will take effect for new policies and renewals starting Sept. 18. Click here to read the full article.
As a small business owner, you know the importance of preserving your assets. For many business owners, the largest single asset they possess is their building. Whether you occupy the building or operate as a landlord (or both), consider key exposures in your risk-management and insurance planning.
Your business may be ill-prepared to afford damages to your building that lead to major repairs and renovations. Your solution? Adequate property insurance written for the full insurable value of the building.
Policies take many shapes and forms, with coverage ranging from basics such as fire, windstorm and vandalism; to the broadest forms, which cover any loss not specifically limited or excluded. Talk with your Insurance Agent about what policies your business is eligible for and decide what amount of coverage and price best meets your business needs. Click here to read the full article.
Never has it been more important to seek out the financial stability of your insurance agent/agency. As reported in the Weatherford Democrat, a Parker County Insurance Agent recently took $200,000 from clients.
A few key questions to ask your Insurance Agent are:
- Has he/she filed any personal or business bankruptcies in the past 5 years?
- Has he/she had any complaints filed against them with the Texas Department of Insurance?
- How many staff members are currently in the agency? How long have they been with the agent? (Employee turnover is often a sign of financial struggles
Insurance is a complex subject that could affect you and your family's financial well being. Don't be misled, make sure you take the time to research and get to know your Insurance Agent/Agency, it could prove to be one of the most important things you ever do!
