The state’s third-largest insurer is seeking an average statewide increase of more than 22 percent for customers of Allstate Floridian and a 33 percent increase for customers of Allstate Floridian Indemnity.
A spokesman for the state says Allstate has some explaining to do.
"They’re increasing their expenses while they’ve cut 240,000 policies," said Bob Lotane with the Florida Office of Insurance Regulation. "So to our view, the expenses should be going down, not up if that's the case."
Allstate blames the massive growth in coastal building among other things on its need for higher rates.
The Office of Insurance Regulation expects a ruling on the Allstate request before the end of the month.
In a related development, Thursday the Office of Insurance Regulation denied USAA’s request for a rate increase of an average 40 percent statewide.
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