AllState rate hike denied
JACKSON — Officials say the Mississippi Insurance Commission has rejected a company’s request to increase rates 65.1 percent on more than 50,000 homes statewide, The Associated Press reports.
Deputy Insurance Commissioner Mark Haire says the rejection order was sent yesterday to AllState Property and Casualty Insurance Co. of Northbrook, Ill.
Haire said Mississippi Insurance Commissioner Mike Chaney made the decision after specialists reviewed the request and found the large increase was not justified.
The requested increase would have covered 51,097 homeowners.
Haire said AllState has the option of having a hearing on the matter or filing a new request for a lower increase.
Allstate didn’t immediately respond to questions from the AP about its next move.
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