Allstate homeowners insurance could go up more than 55%

"Allstate is warning customers their homeowners insurance premiums could be hiked more than 55% after the insurer asked the state to approve a series of rate hikes. Allstate broke the news to customers in an undated letter that was mailed sometime after its most recent request to regulators. It asked for an increase of 36.9% in a filing with the Department of Banking and Insurance on Feb. 14. The hike is in addition to several other increases, approved in late 2023 and early 2024, of 6.9%, 4.9% and 7.0%, it said."

For Allstate customers here what, if any, companies are you considering changing to? A few days before reading this a contractor had told me that he had heard that Allstate was leaving NJ. Maybe these insane increases are a prelude to that?

OnTheEdge OnTheEdge
February 25th

Got the same letter. Time to shop around.

not sack
February 25th

I called Geico just for info, and they have already instituted the auto price hike. I guess the rest will follow when your policy ends.

Njm - price went down this year. Same coverage.

Based on recent posts, just have to add: did allstate raise their minimum wage by 55%?

Truthfully, this is a good example of issues with reglatory pricing. It takes so long for market conditions to be reflected in price, often because of red tape and beauracracy, that price increase are staggered in huge increments rather than adjusting quickly and frequently to actual market conditions.

You get spasmic saw tooth price changes rather than a more gradual slope.

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