Allstate expands home insurance
CA Insurance Commissioner Dave Jones is welcoming Allstate back into the California homeowner insurance market this week, after a nine year absence writing new homeowner policies. Allstate also entered into an agreement with the commissioner to reduce its homeowner insurance rates by an average of 12.6%. Time traveling to 2006. The Northbrook-based insurer asked for an average of 12.2% increase for its homeowners. The request was still pending in 2007, when the insurer decided to manage its risk in catastrophe-prone California and stop offering new homeowners insurance. Bottom Line: CA homeowners respond with a collective yawn. Off On a Tangent: Jones is urging the US Department of Justice to block Anthem’s $54 billion acquisition deal of Cigna, saying he’s concerned it will raise premiums in the state.