The Texas insurance commissioner has allowed the three largest home insurers to impose significant rate hikes on many policyholders despite the objections of a state consumer advocate.
Insurance Commissioner Julia Rathgeber can reject any new rates that are deemed excessive and order refunds. But The Dallas Morning News reports it's unlikely her office will take any action after learning of the increases late last year.
State Farm policyholders have seen a nearly 10 percent increase this year, which follows a 20 percent increase in 2013. Farmers and Allstate also have imposed increases.
The companies say the rates are justified because of destructive weather patterns in Texas.
But Public Insurance Counsel Deeia Beck has objected to the increases as "excessive."
Rathgeber's office says the rate increases are still under review.
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Information from: The Dallas Morning News, http://www.dallasnews.com
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