Farmers plans big hike for Harris, Galveston counties

Farmers' recent householders coverage charge per unit additions filed with state regulators will intend tramps as high as 25 percentage for parts of Townsend Harris County and up to 16 percentage for Galveston County.

A company spokeswoman states the higher are needed because of rising reinsurance costs caused by the 2005 hurricanes, Rita and Katrina. Reinsurance is coverage that insurance companies purchase to assist them pay claims during catastrophes.

"We're also seeing higher labour and stuff costs resulting in 7 percentage higher claims costs, and we have got to maintain up with rising prices costs," said Farmers spokeswoman Michelle Levy.

Levy noted that parts of western Townsend Townsend Harris County will see an addition of 3.1 percentage or lessening of 5 percent, but eastern Harris County clients will see a tramp between 19.9 percentage and 25 percent. She could not immediately separate exactly which countries autumn under eastern and western Townsend Harris County.

Farmers Insurance Exchange and Fire Insurance Exchange, both Farmers companies, refiled for householders coverage charge per unit additions this week. The companies had withdrawn additions in July in response to word that the Lone-Star State Department of Insurance would likely reject them.

Farmers' new addition is a statewide norm 2.5 percent, compared to a 5.8 percentage encouragement it had planned this summer. Fire Insurance will have got a 1.7 percentage statewide mean increase, compared to the 6.6 percentage encouragement it wanted in July.

The additions take consequence Feb. Sixteen for new and renewing policies. The coverage section is reviewing the filings, a spokesman said.

Some countries will see decreases. For example, Garrison Bend County will see mean lessenings between 1.1 percentage and 5 percent, while Brazos River County will acquire an norm 5 percentage cut, Levy said.

The tramps will not impact tenants or condominium insurance, Levy said.

Farmers have 686,000 policyholders in Texas.

purva.patel@chron.com