The approval for Allstate's average 34% increase in home insurance rates marks a significant escalation in California's ongoing insurance crisis, affecting over 350,000 homeowners.
In regions like San Mateo County, rates are expected to rise by 63% to 136%, with some policyholders in high-wildfire risk areas facing their rates doubled.
California's insurance providers are increasingly frustrated by Proposition 103, which complicates the process of raising rates and limits their ability to use catastrophe modeling.
As many insurers pull out of California or opt not to renew policies, homeowners have turned to the costly FAIR Plan, the state's insurance program of last resort.
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