Farmers Insurance wants to raise it's home insurance rate by nearly 4% next year.
The Dallas Morning News is reporting that Farmers' filled a 3.9% rate increase with the Texas Department of Insurance on Tuesday. The rate would will affect about half of the company's Texas customers.
Farmers says the hike is needed to pay off claims costs in Texas. The new rate will go into affect in March. The Texas Department of Insurance will review the filing and determine if they think the rate hike is justified.
