If 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.
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.
Allstate stopped writing new California homeowner insurance policies in November 2022, citing the devastation caused by wildfires and rising reinsurance and home reconstruction costs. “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,” said Carmen Balber, president of Consumer Watchdog.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.
The actions are intended to lure insurers back into the market. In April, an Allstate executive said at a state hearing that if the plan is adopted, the company would once again start writing new policies in California, assuming its approved rates were adequate.Pharmaceutical giant Novartis shutting down a San Diego site
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