Florida Insurance Rates and Allstate

According to CBS4, Florida homeowners insured by Allstate Corp. will get an additional 5.6% rate cut, and will now pay nearly 20% less since June 1, 2007

Allstate also agreed to forgive a $175 million loan to its Florida subsidiaries, pay a $5 million fine and insure 100,000 more Florida homeowners.

Allstate currently has 2 million Florida car insurance customers in Florida, including 250,000 with homeowner policies, however only those with homeowner policies will get the new rate cut.