Texas, Farmers Agree On Rate Cuts For Homeowners

The Texas Department of Insurance and Los Angeles-based Farmers Insurance Group have reached an agreement on rate reductions that caps a more than year-long war of nerves over a troubled homeowners market.

Texas Insurance Commissioner Jose Montemayor said the agreement calls for rate cuts of 5 percent for all current and new policyholders, and freezes any increases for at least 18 months.

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