Allstate has agreed to reduce Florida homeowners insurance rates by 5.6 percent, totaling a19.8 percent decrease this year. They will also write 100,000 new policies over the next three years and pay the Florida Office of Insurance Regulation (OIR) $5 million in fines.
|This agreement is the result after Allstate refused to provide documentation to OIR during an investigation of Allstate's pricing practices. Allstate has since turned in the thousands of documents and has agreed to cooperate with other OIR investigations.
|Allstate maintains 5.3 percent of the Florida homeowners market share with about 330,520 policies, according to an OIR report.
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