Allstate gets lower Fla. increase than sought

[Aquawind]

By Paul Flemming
news-press.com Tallahassee
Originally posted on December 19, 2006


TALLAHASSEE -- State regulators today approved Allstate homeowners rate increases much lower than the insurer originally sought.

State officials said Allstate had not proved the need for the higher rates.

Approved was an average statewide 8.2 percent rate hike for both Allstate Floridian and Allstate Indemnity. The higher rates go into effect for new and renewed policies as of Feb. 11, 2007.

The two Allstate companies have about 300,000 policyholders in Florida.

The companies originally sought to raise rates an average of 22.5 percent for Allstate Floridian and 33.2 for Allstate Floridian Indemnity. Regulators in November gave company executives a grilling about the application for those rate increases.

"There was little or no support for numerous aspects of this rate hike in both the original filing and in the amended filing," said Insurance Commissioner Kevin McCarty in a statement. "The response we received at the public hearing were not much better."

McCarty said the proposal provided by Allstate supports the 8.2 percent increase.

The higher rates follow earlier increases approved by regulators in October 2005, when rate hikes of 16.3 percent for Allstate Floridian and 24.4 percent for Allstate Indemnity were approved.

http://www.news-press.com/apps/pbcs.dll ... 19032/1075

Get ready for another wave on policies not renewed. A couple months ago my agent said it's a good chance they will be dumping alot more.

[Lindaloo]

Any hike is too much and should not have been given to them.