Allstate has a big slice of the pie. They insure about 1 in 7 properties in the state. California's a big state. Enough said.
State insurance commissioner Steve Poizner recently rejected Allstate's requested for a 9% increase in its homeowner's insurance rates. Instead, Poizner signed an order that forces Allstate to rollback 25% of its rates for almost 900,000 customers. The new rates should take effect on July 18th and should save the average homeowner about $242 per year.
In a statement, an Allstate spokesman said, "While we are disappointed in this order, we respect the authority of the department and will comply."