Allstate Floridian Insurance, the state’s third largest home insurer, is lowering its proposed rate increase in the face of resistance from state regulators.
The company said that it was still seeking a rate increase, but one that would average just under 20 percent statewide instead of nearly 25 percent.
Another Allstate company, Allstate Floridians Indemnity, made a similar move, notifying state regulators that it will seek a 26.4 percent increase on average rather than the 31.6 percent average increase it initially proposed.
Company officials said Allstate had originally included the cost of reinsurance for some policies that it now plans to shift to another company as it seeks to reduce some of its exposure.
If approved by the state Office of Insurance Regulation, the new rates would take effect around the end of the year.
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