Just when you thought BP was getting some bad press in the Sunshine State. "Along comes Allstate"
Two Allstate subsidiaries in Florida are asking regulators to approve 33 percent and 18 percent average statewide rate increases for homeowners insurance based on the fact that loss expenses are exceeding premiums, Allstate said.
Castle Key Insurance is asking for the larger increase. Castle Key Indemnity, the subsidiary writing new business in Florida, is looking for the lesser rate hike.
Allstate spokeswoman Amy Moore said the companies need the increases to offset rising costs of reinsurance and claims expenses for fires, thefts and storms.
Castle Key has not received a rate increase in about five years, Ms. Moore added. She could not speculate on the consequences of not getting the rate increases.
A hearing with the state’s Office of Insurance Regulation (OIR) is set for July 27.
The increases would amount to a $412 per year average increase on Castle Key policies and $243 per year on Castle Key Indemnity policies.
When will it end?
Folks need to realize two things...Independent Agents can get you alternatives to the increases you may be seeing. Allstate is mainly a direct writer company - meaning - one agent and one carrier offering ONLY.
If you want to get TRUE Value - we have 10 carriers to pick from...!