Allstate Corp. is set to increase home insurance rates for California customers by an average of 34.1%, marking the biggest jump in premiums for a major insurer in three years as the state faces a deepening property insurance crisis.
The rate hike, which will take effect from November, will impact about 350,000 policyholders across California. Some customers will face premium increases of up to 650%, while others may see their rates drop by as much as 57%, according to company filings.
The increase is part of the broader upheaval in California’s insurance market, with top insurers like State Farm, Farmers …