Allstate has received approval from the state Department of Insurance to increase its California homeowners insurance premiums by an average of 34.1% starting in November.
Allstate has received approval to raise its California homeowners insurance premiums by an average of 34% starting in November — the largest rate increase this year amid the state’s insurance crisis. The rate increase approved earlier this month by state regulators affects more than 350,000 policyholders statewide and exceeds a 30% increase sought in June by State Farm, the state’s largest homeowners’ insurer. That request is still under review.
The company is among multiple California home insurers that have pulled back from the market and sought rate increases in recent years, citing the rising severity of wildfires and other factors. In its rate request in June, State Farm cited an obscure provision of the state insurance code that typically indicates an insurer is facing serious financial issues — even though State Farm received a 6.9% increase in January 2023 and a 20% boost that went into effect in March.
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