TALLAHASSEE, Fla. (AP) _ Regulators could decide within days whether Allstate insurance companies are allowed to raise home insurance rates between 27 and 43 percent on average.
The company went before officials from the Office of Insurance Regulation this week to explain why it wants to raise rates despite a new law meant to make it cheaper for insurance companies to get backup coverage.
A decision from state regulators is expected soon, although no exact deadline has been set.
Allstate executives say that while legislative changes helped make reinsurance less expensive, it didn't cut the company's costs enough to put it in a position to cover all the claims it might need to pay in a worst-case scenario.
Several other companies have also requested a rate increase.
If OIR officials reject the Allstate request, the company could appeal.