Allstate is looking to raise insurance rates for some California customers by 34% as the insurance giant weighs its future in the Golden State.
Allstate, one of California’s largest insurers, wants to raise its homeowners’ rates by an average of 34%, which could be the largest increase this year. The rate hike would impact more than 350,000 policyholders if approved by the state's Department of Insurance, according to the Los Angeles Times.
Last year, the insurance giant filed for a 39.6% rate increase and, in January, successfully amended its request to 34.1%, the outlet said, citing the state's Department of Insurance. STATE FARMS SEEKING MASSIVE RATE HIKES IN CALIFORNIA AS STATE'S INSURANCE CRISIS ESCALATES A consumer advocacy group, Consumer Watchdog, is demanding that Allstate provides more data to homeowners on why the massive hike is necessary. "Allstate is using secret algorithms to decide whether homeowners are at high risk of wildfire and how much they will pay. We’re pushing the company to explain that pricing and disclose to consumers exactly what is raising their premiums," Carmen Balber, president of Consumer Watchdog, told the outlet. Allstate’s rate hike request would surpass State Farm's request last month of a 30% hike. HOME INSURANCE RATES HAVE SURGED NEARLY 40% SINCE 2019 – BUT THEY'RE RISING FASTEST IN THESE STATES State Farm, which is California's largest home insurer, announced in March that it would not renew 72,000 property owner policies. Their refusal of coverage joins Farmers and other local companies. Many insurance firms have threatened to pull out of the Golden State unless California Insurance Commissioner Ricardo Lara implements a survival strategy for the industry. GET FOX BUSINESS ON THE GO BY CLICKING HERE Lara has been working on ways to reform insurance policy in the wildfire-prone state and hopes to implement changes by the end of the year to lure insurers back. Fox News Digital has reached out to the state's insurance commissioner and Allstate for comment.
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Allstate seeking 34% rate increase for California homeowners insuranceAllstate, the sixth largest homeowners' insurer in California, has filed for an average 34% rate increase that if approved could take effect later this year.
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Allstate seeking 34% rate increase for California homeowners insuranceIf approved by the state’s Department of Insurance, Allstate’s homeowners rate hike would affect more than 350,000 policyholders and would exceed a 30% increase sought last month by State Farm.
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Allstate looking to raise California homeowners insurance premiums by average of 34%Allstate is looking to raise its California homeowners insurance premiums by an average of 34%, which would make it the largest rate hike of the year.
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