Allstate Looking to Raise Homeowners’ Insurance Rates By 34.1% On Average

Allstate aims to raise average homeowners’ insurance rates by 34.1%. If approved, it would be the largest rate increase this year, impacting more than 350,000 policyholders. The Department of Insurance is reviewing their request.  Allstate already hiked prices three times over the past five years.  The company says it costs more to help residents recover from accidents and disasters. The request is larger than the 30-percent increase State Farm is pushing for and requested last month. Approval from the Department of Insurance could take several months.