Allstate is seeking to significantly raise homeowners’ insurance premiums in California.
According to the Department of Insurance, Allstate has filed an amended increase of 34.1% on average for homeowners’ insurance policies in California as of January. This comes after the company initially requested a 39.6% hike last year.
The request is currently under review. If the insurance department approves the rate increase, it will become the largest rate hike this year, surpassing State Farm’s request in June, which sought to raise premiums by 30%.
This increase would affect over 350,000 homeowners covered by Allstate, which ranks as the sixth-largest home insurer in California.
The company previously received approval for a 4% rate increase last year from the department.
BY HOONSIK WOO [woo.hoonsik@koreadaily.com]
