(AP) - Texas' three largest home insurers are kicking off 2014 with steep increases in policyholder premiums.
The Dallas Morning News reports (http://dallasne.ws/1e5e4NH ) that Allstate, Farmers and State Farm plan to raise rates for most current and new customers by an average 6.5 percent to 15 percent.
More than 2 million homeowners will likely be affected.
The companies have notified the Texas Department of Insurance that the increases will help offset projected losses.
The insurance department will review the rate hikes and can reject any it deems excessive.
Public Insurance Counsel Deeia Beck, an advocate for insurance consumers, has already said the proposed hikes are too high.
Farmers is raising rates an average of 14.9 percent, and State Farm is boosting rates 9.8 percent. Allstate's increase is 6.5 percent.