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Allstate units seek double-digit homeowners insurance rate increases at Tuesday hearing

Allstate will pitch double-digit rate increases for homeowners covered by its Florida-based Castle Key Group during a public hearing Tuesday in Tallahassee.

Allstate seeks an average 33 percent statewide rate increase for its Castle Key Insurance policyholders and an average 18 percent increase for Castle Key Indemnity policyholders.

Allstate Insurance spokeswoman Amy Moore said the property insurer hasn't had a significant rate increase in five years, and higher premiums are needed to keep pace with expenses. Moore said the average increase would be about $412, or $34 a month, for Castle Key Insurance policyholders and $243, or $20 a month, for Castle Key Indemnity policyholders.

Castle Key has about 250,000 policies statewide. Only Castle Key Indemnity, which accounts for about a fourth of the Florida unit, is writing new policies.

The hearing will be at 1 p.m. Tuesday in the Sen. Jim King Committee Room, 401 Senate Office Building, in Tallahassee.

Florida law mandates a public hearing for homeowners rate filings seeking an increase of 15 percent or more.

Allstate units seek double-digit homeowners insurance rate increases at Tuesday hearing 07/26/10 [Last modified: Monday, July 26, 2010 7:18pm]
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