California Insurance Commissioner Steve Poizner on July 8 adopted a chief administrative law judge's July 3 order approving a 28.5 percent rate decrease for Allstate Insurance Co. and Allstate Indemnity Co.'s homeowners multiple-peril line of insurance. The decrease will become effective July 28.
Chief Administrative Law Judge Marjorie A. Rasmussen's order rejected Allstate's initial request for a 9.3 percent rate increase for its homeowners multiple-peril line of insurance.
"In today's sputtering economic environment, people need all the help they can get just to pay the bills. That's why I am pleased to order this tremendous rate cut today, which will save homeowners a quarter of a billion dollars on their insurance," said Poizner in a July 10 press release.
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