Allstate received a 30 percent homeowners insurance rate increase in Oklahoma, the largest premium increase in that state since the 1980s. According to BestWire, Allstate lost money in Oklahoma in five of the last six years. When Allstate made its rate request in August, it was paying out $1.48 in claims for every dollar it took in premium. The company covers about 70,000 homes in Oklahoma, and had initially requested more than a 48 percent increase. The rate increase takes effect Dec. 17 for new customers and Jan. 17 for existing customers. It will raise the average Allstate homeowners premium in Oklahoma from $590 to $767 a year, according to a report in the Daily Oklahoman. Additionally, State Farm won approval for a 15 percent rate increase in November, and will reportedly raise rates Jan. 15 for new business and March 15 for renewing business. Farmers is also trying to secure a proposed 20 percent increase that would take effect next year.
Topics Pricing Trends Oklahoma
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