Thousands Of Allstate Homeowners Will Pay More
If you have your homeowners policy with Allstate, get ready because you are likely to be paying more for that policy starting next year. Some 144,000 customers of Allstate Corporation who get their insurance from the company will be seeing rates go up.
The news about the rate increases were announced yesterday. If you are one of the 71-thousand customers of Allstate Insurance Company, you will see your rates go up by 11.3 percent. The 73,000 Allstate Indemnity Company policyholders will see an average increase of 5.4 percent as of March 1.
Allstate says the higher premiums are the result of the rising cost of reinsurance. Reinsurance is the kind of coverage that insurance companies buy to protect themselves from excessive claims.