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California

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Zorro

(16,747 posts)
Thu Jul 11, 2024, 04:38 PM Jul 2024

Allstate seeking 34% rate increase for California homeowners insurance [View all]

Allstate is seeking to raise its California homeowners insurance premiums by an average of 34% — which would be the largest rate increase this year amid the state’s insurance crisis.

If approved by the state’s Department of Insurance, the rate hike would affect more than 350,000 policyholders and would exceed a 30% increase sought last month by State Farm, the state’s largest homeowners’ insurer.

The sixth-largest homeowners insurer in the state, Allstate first filed for the increase last year and it could be trimmed by state regulators.

Allstate stopped writing new California homeowner insurance policies in November 2022, citing the devastation caused by wildfires and rising reinsurance and home reconstruction costs.

https://www.latimes.com/business/story/2024-07-11/allstate-seeking-34-rate-increase-for-california-homeowners-insurance

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