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Allstate ordered to lower rates
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More from BusinessAllstate has been ordered to cut its California homeowners insurance rate by more than a quarter for an estimated $255 million in annual savings.
Commissioner Steve Poizner signed an order rejecting Allstate's request for a 9.3 percent increase and mandating a 28.5 percent rollback in rates to about 850,000 customers.
Polzner told a Los Angeles news conference Thursday the reduction will save the average homeowner about $242 a year.
While he said he was disappointed with the order, Peter DeMarco, senior corporate relations manager at Allstate, said the company will comply and is reviewing the process for adjusting its rates with the department.
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