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Jul 10, 2008 2:03 pm US/Pacific

Allstate Ordered To Cut Homeowners' Insurance Rate

LOS ANGELES (AP) ― Allstate has been ordered to cut its California homeowners insurance rate by more than a quarter for an estimated $255 million in annual savings.
 
California's insurance commissioner Steve Poizner says he has rejected Allstate's request for a 9.3 percent increase and has mandated a 28.5 percent rollback in rates to about 850,000 customers.

The reduction is one of the largest in the state and will save the average homeowner about $242 a year. The new rate takes effect at the end of the month.

Poizner's order ends a two-year effort by California's third-largest insurer to win approval for a rate hike. Allstate says it will not appeal the decision.

(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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