Allstate Seeking 34% Rate Hike on California Homeowners Insurance
Allstate Seeking 34% Rate Hike on California Homeowners Insurance

Latest News

Allstate is seeking a 34% rate hike on its California homeowners insurance policies, which would impact over 350,000 policyholders. The rate increase, if approved, would be the largest this year and is attributed to higher repair costs, more frequent and severe weather events, and legal system abuse. The California Department of Insurance is currently reviewing the rate filing, which is part of a larger trend of carriers pulling back from writing homeowners insurance in California due to increased risks from wildfires and inflation. This development adds to the growing crisis in the state’s insurance market, with many carriers seeking large rate increases or withdrawing from the market altogether.
Source and Details

Related News