Allstate is looking to raise its California homeowners insurance premiums by an average of 34%, which would make it the largest rate hike of the year.
Monica DeAnda
According to the state's Department of Insurance, Allstate filed for a 39.6 % increase last year before amending the request to 34.1% in January. The insurer cited higher repair costs, frequent severe weather events and legal system abuse for the increase. The rate hike has the potential to affect more than 350,000 policyholders.
Allstate stopped writing new California homeowner insurance policies in November 2022, and last year, the company received approval for a 4% rate hike."To be frank, it has been very difficult to get full disclosure from the company about the secret black box model that it uses to determine wildfire risk," she said.Hari and Diana Barnes, who live in Tujunga, said they've seen their home insurance premium cost go up over the last five years."We have shopped around.
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