'Allstate Approved For 34% Home Insurance Rate Increase In California, Largest For Major Insurer In Three Years' - San Francisco Chronicle
Portfolio Pulse from Benzinga Newsdesk
Allstate has been approved for a 34.1% increase in home insurance rates in California, the largest for a major insurer in three years. This increase is due to higher claims for water and fire damage. The rate hike will affect 350,000 customers, with some seeing significant increases. Allstate has stopped writing new policies but may resume if rates reflect the cost of protection.
August 28, 2024 | 8:37 pm
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Allstate's approval for a 34.1% home insurance rate increase in California is the largest for a major insurer in three years. This move is driven by increased claims and costs, and may lead to Allstate resuming new policy writings.
The rate increase is significant as it is the largest in three years for a major insurer, indicating potential financial improvement for Allstate. The approval may allow Allstate to resume writing new policies, which could positively impact its market position and revenues.
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