Posted: Jan 23, 2012 10:09 AM by AP
NEW ORLEANS (AP) - Allstate Corp. is asking to raise rates for 144,000 Louisiana homeowners who get their insurance coverage from two Allstate companies.
According to the state insurance department, Northbrook, Ill.-based Allstate wants an average 11.3 percent increase for 71,000 homeowners covered by Allstate Insurance Co. The company is proposing an average 5.9 percent hike for 73,000 homeowners covered by Allstate Indemnity Co. Together, the requests total just under $17 million in higher rates.
If Louisiana Insurance Commissioner Jim Donelon agrees, higher rates would go into effect with new and renewed policies on March 1.
Allstate is the state's second-largest insurer of homes.
The state's largest insurer of homes - State Farm Fire & Casualty Co. - received an average 7.8 percent rate increase affecting 301,000 policyholders on Dec. 7.