I just wrote last week about the ridiculous situation in Texas regarding homeowners insurance policies and rates. And now, in a relentless effort to make Texas more “business-friendly” by ensuring that Texans continue to pay the highest premiums in the country, our Insurance Commissioner has approved another rate increase by Farmers. This increase is 10%. Apparently the almost 4% increase by Farmers in March of 2011 was not “business-friendly” enough for the company.
It could be worse though. In its initial filing Farmers actually said an increase of 52% could be justified, but the company was willing to settle for only 10%. What a racket!