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.

Florida Homeowners Insurance Rate Hike

State Farm, Florida's second-biggest property insurance company, said that it will need to raise homeowner insurance rates for Florida residents by almost 70% in some parts of Palm Beach County, and an overall average increase of 47% across the entire state of Florida. State Farm did not mention plans to raise their Florida auto insurance rates