Allstate wants to raise California homeowner insurance rates by 34%
LOS ANGELES - Allstate reportedly wants to increase its California homeowners insurance premiums by an average of 34%.
According to a report by the LA Times, the increase Allstate is exploring would be the largest rate increase this year and would impact more than 350,000 policyholders.
In 2022, Allstate stopped issuing new California homeowner insurance policies, citing issues like wildfires, disasters and more severe weather as reasons.
Allstate is among several California home insurance companies that have pulled out of the market.
SUGGESTED COVERAGE:
- Newsom unveils new homeowner's insurance plan
- More insurance companies leaving California
- State Farm dropping California policyholders
- State Farm: Some Californians can keep home insurance, but something major won't be covered
- California Insurance Commissioner unveils push to get companies to cover homes at risk of wildfires
Insurance Commissioner, Ricardo Lara, is trying to enact a reform to California's insurance regulations by the end of the year, and the hope is that it would lure insurers back into the market.
Allstate's rate filing is under review.