Allstate's approved rate hike of 34.1% reflects a deepening property insurance crisis in California, primarily driven by increasing wildfire risks and costs.
The insurer's decision to raise premiums comes after a series of double-digit hikes across the state, indicating a trend that has financial stability at stake.
Spokesperson Michael Passman stated, "Higher home values and repair costs coupled with more frequent, severe weather lead to higher payments for recovery, necessitating rate adjustments."
With some policyholders seeing increases up to 650% and others a decrease of 57%, the impact of these rates is substantial for California homeowners.
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