Allstate Raising Louisiana Homeowner Rates
Allstate Corp. is raising rates for 144,000 Louisiana homeowners who get their insurance coverage from two Allstate companies.
The company announced Tuesday that about 71,000 homeowners insured by Allstate Insurance Co. will see their rates increase by 11.3 percent, while 73,000 Allstate Indemnity Co. policyholders will see an average increase of 5.4 percent as of March 1.
Allison Hatcher, spokeswoman for Allstate’s southern region, says the higher premiums are the result of the rising cost of reinsurance, an industry-wide trend.
Reinsurance is the coverage that insurance companies buy to protect themselves from excessive claims.
Insurance Commissioner Jim Donelon tells The Advocate the rate increase will be the same regardless of the area percentagewise because the change is entirely due to higher reinsurance charges.
- Insurer Chubb Prepares to Pay $350M in Baltimore Bridge Collapse
- Growing Progressive Set to Hire 10,000 for Claims, IT, Other Roles
- Work Safety Group Releases List of ‘Dirty Dozen’ Employers
- Insurers Get Green Light to Pay Less Than Billed Charges in Florida PIP Cases
- Florida’s Home Insurance Industry May Be Worse Than Anyone Realizes
- Millions of Recalled Hyundai and Kia Vehicles, With Dangerous Defect, Remain on Road
- Report: Vehicle Complexity, Labor ‘Reshaping’ Auto Insurance and Collision Repair
- Poll: Consumers OK with AI in P/C Insurance, but Not So Much for Claims and Underwriting