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NEWS…….LOUISIANA HOMEOWNERS NEWS UPDATE………NEWS
Allstate asks to increase Louisiana homeowners rates
Published: Monday, January 23, 2012, 12:21 PM Updated: Monday, January 23, 2012, 1:00 PM
By The Associated Press The Associated Press
Allstate Corp. is asking to raise rates for 144,000 Louisiana homeowners who get their insurance coverage from two Allstate companies. According to the state insurance department, Northbrook, Ill.-based Allstate wants an average 11.3 percent increase for 71,000 homeowners covered by Allstate Insurance Co. The company is proposing an average 5.9 percent hike for 73,000 homeowners covered by Allstate Indemnity Co. Together, the requests total just under $17 million in higher rates. If Louisiana Insurance Commissioner Jim Donelon agrees, higher rates would go into effect with new and renewed policies on March 1. Allstate is the state’s second-largest insurer of homes. The state’s largest insurer of homes — State Farm Fire & Casualty Co. — received an average 7.8 percent rate increase affecting 301,000 policyholders on Dec. 7. Allstate last received a homeowners rate increase in August 2010 when Donelon approved rate increases ranging from of up to 11.6 percent, depending upon which of five Allstate umbrella companies writes the coverage. Allstate Insurance received the 11.6 percent hike, while Allstate Indemnity received a 3.3 percent increase. Allstate also writes coverage for about 6,000 Louisiana homeowners through Encompass Indemnity Co., Encompass Property and Casualty Co and Encompass Insurance Co. of America. Allstate did not immediately return a call for comment.
Insurance department spokeswoman Lori Cherry said Monday that Donelon had 45 days to decide on the request — although that deadline is restarted if regulators request more information from Allstate.
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