A day of confrontation, rare approval for insurers
By TOM ZUCCO
Published December 20, 2006
After months of wrangling, state regulators in Tallahassee on Tuesday approved a property insurance rate increase of 8.2 percent on average statewide for both Allstate Floridian and Allstate Floridian Indemnity insurance companies.
The companies had originally requested rate increases of 22.5 and 33.2 percent, respectively. After a contentious public hearing last month, the companies lowered their requests to 19.1 and 26.4 percent, respectively.
Once the second-largest property insurer in the state, Allstate has dropped about 240,000 policies over the last two years, leaving it with about 500,000 policies. The changes are effective for new and renewal business as of Feb. 11 for both companies.