The decision on Allstate follows a series of rate hikes for other insurers, including State Farm, which is seeking raise its rates by an additional 30% after already securing a 20% increase earlier…
Allstate Corp. is set to increase home insurance rates for California customers by an average of 34.1%, marking the biggest jump in premiums for a major insurer in three years as the state faces a deepening property insurance crisis.Crews get quick handle on Solano County wildfire that prompted evacuation orders
The increase is part of the broader upheaval in California’s insurance market, with top insurers like State Farm, Farmers Insurance and others pulling back from the state, citing the escalating costs of wildfires and regulations that have capped rate hikes for decades. Allstate, which stopped issuing new homeowner policies in California in 2022, pointed to these growing financial risks when it first paused coverage.
The decision on Allstate follows a series of rate hikes for other insurers, including State Farm, which is seeking raise its rates by an additional 30% after already securing a 20% increase earlier this year. The Department of Insurance is still reviewing State Farm’s latest request, with Insurance Commissioner Ricardo Lara expressing concerns about the insurer’s “financial condition.
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