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Allstate's Plan To Raise Home Insurance Premiums By 34% Approved By California Officials
"California's insurance rates, on average, are lower than many states, including large states like Florida or Texas," he said.
August 30, 2024
California announced that it will allow Allstate to raise home insurance premiums by 34% starting in November.
Find out what's happening in Across Californiafor free with the latest updates from Patch.
This move follows State Farm's announcement that it will raise rates by 20%. Michael Soller, the Deputy Insurance Commissioner, explained that California's insurance premiums are still lower than those of many other states despite the hike.
"California's insurance rates, on average, are lower than many states, including large states like Florida or Texas," he said. "We're seeing the impact of disasters. Not just wildfires but winter storms — seeing the impact of climate change all across the nation. So, we're not alone."
Find out what's happening in Across Californiafor free with the latest updates from Patch.
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