State's largest insurer under scrutiny - KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo -

State's largest insurer under scrutiny

Posted: Updated:

Texas - Some policy holders in Texas could soon be paying less after the state's largest insurer is under scrutiny.

State Farm insures one in six homes in Texas.

That's why a recent rate increase of around 20% for some of its over one million customers is raising concerns.

Now the state's insurance commissioner is being asked to hold a hearing and order State Farm to pull back on its change that went into effect during November and December.

Insurers must notify the Texas Department of Insurance about rate increases and are allowed to begin using the new rates while the state reviews them.

There have been other issues cited; such as, State Farm's recent decision to set a new minimum deductible of 1 percent for homeowners policies, which could possibly give the insurer an even higher profit margin.

The company also has an extremely wide variation in rates.

State Farm says in their defense they made the change because they've experienced an increased number of claims across the state and higher roof-replacement costs from hail storms.

A comparison of homeowner rates in the Dallas-Fort Worth area found that State Farm had the highest rates among All-State, Farmers, Travelers and USAA.

  • Local NewsLocal NewsMore>>

  • LPD investigating west side shooting Friday morning

    LPD investigating west side shooting Friday morning

    Friday, April 18 2014 5:40 AM EDT2014-04-18 09:40:59 GMT
    Lawton- Breaking news happening at this hour, Lawton police tell us they're investigating a shooting right now on the city's west side. Officers have been at 78th and Northwest Welco since around 2:30
    Breaking news happening at this hour, Lawton police tell us they're investigating a shooting right now on the city's west side.
  • SkyWARN 7 Forecast

    SkyWARN 7 Forecast

    Friday, April 18 2014 4:58 AM EDT2014-04-18 08:58:29 GMT
    What a nice end to the work week with sunshine, south winds and temperatures ranging through the 70s and even some low 80s out near the Texas panhandle.  For this evening expect temperatures to fall through
    Rain Chances Gradually Return this Easter Weekend.
  • UPDATE: Murder suspect transferred to Oklahoma County jail

    UPDATE: Murder suspect transferred to Oklahoma County jail

    Friday, April 18 2014 12:34 AM EDT2014-04-18 04:34:02 GMT
    LAWTON, Okla._ Quentin Goodwin was transferred to a jail in Oklahoma County from the Comanche County Detention Center Thursday.  Goodwin was arrested Wednesday in Lawton after being charged, along with
    Quentin Goodwin was transferred to a jail in Oklahoma County from the Comanche County Detention Center Thursday.
  • Today's Local News HeadlinesToday's Local NewsMore>>

  • Scam targets college students

    Scam targets college students

    Thursday, April 17 2014 11:53 PM EDT2014-04-18 03:53:02 GMT
    Millions of dollars in student loans are due each year, but now some scammers are taking advantage of students who are working hard to pay them off. In many cases, the student loan scammer claims to get rid of your debt, but asks for a fee up front.'When you are asked to pay a fee before you get the loan, that's actually illegal in this country. It's called an advanced fee loan scam," said Janna Kiehl with the Amarillo Better Business Bureau.But, student loan debt can quickly become overwhelm...
    Millions of dollars in student loans are due each year, but now some scammers are taking advantage of students who are working hard to pay them off. In many cases, the student loan scammer claims to get rid of your debt, but asks for a fee up front.'When you are asked to pay a fee before you get the loan, that's actually illegal in this country. It's called an advanced fee loan scam," said Janna Kiehl with the Amarillo Better Business Bureau.But, student loan debt can quickly become overwhelm...
  • Snack Pak 4 Kids needs help fighting summer hunger

    Snack Pak 4 Kids needs help fighting summer hunger

    Thursday, April 17 2014 9:27 PM EDT2014-04-18 01:27:33 GMT
    Amarillo, TX - Snack Pak 4 Kids works with area schools to end weekend hunger, but that hunger doesn't end when schools get out for summer.
    Amarillo, TX - Snack Pak 4 Kids works with area schools to end weekend hunger, but that hunger doesn't end when schools get out for summer.
  • Power of the Purse Luncheon

    Power of the Purse Luncheon

    Amarillo,TX - The annual Power of the Purse Luncheon brought many people to the Amarillo Civic Center today. 
    Amarillo,TX - The annual Power of the Purse Luncheon brought many people to the Amarillo Civic Center today. 
Powered by WorldNow
KSWO-TV, 1401 SE 60th Street
Lawton, OK 73501

Telephone: (580) 355-7000
Fax: (580) 357-3811
Email: news@kswo.com

All content © Copyright 2000 - 2014 Worldnow and KSWO. All Rights Reserved. For more information on this site, please read our Privacy Policy and Terms of Service.