Allstate gets California OK to raise home insurance rates 34% in wildfire areas

By Nadia Lopez | Bloomberg

Allstate Corp. is set to increase home insurance rates for California customers by an average of 34.1%, marking the biggest jump in premiums for a major insurer in three years as the state faces a deepening property insurance crisis.

The rate hike, which will take effect from November, will affect about 350,000 policyholders across California. Some customers will face premium increases of up to 650%, while others may see their rates drop by as much as 57%, according to company filings.