Allstate Corp. got the go-ahead from state regulators May 2 to make increases in both auto and homeowner insurance rates, according to the Los Angeles Times.
California’s third largest insurer had requested a homeowner increase of 22.3 percent, getting the nod for an 18.5 percent increase. On the auto side, Allstate requested an increase of 20.1 percent, and was given approval for an 8.9 percent jump in rates.
Allstate is not the only company in the state asking for rate increase approvals, and one insurer, State Farm, made news recently when it said it would cease writing new homeowner policies in the state due to large financial losses.
Allstate’s new rates will go into affect later this month.
Topics California Pricing Trends
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