Allstate seeks 1st Calif. rate hike in 4 years

Newswire

NEW YORK, May 23 (Reuters) - Allstate Corp. said on Wednesday it is seeking its first increase in California homeowner insurance rates in nearly four years, prompting the state's insurance commissioner to say he would draw a "line in the sand" to ensure the rates charged aren't excessive. Northbrook, Illinois-based Allstate, the largest publicly traded U.S. home and auto insurer, said a hike would reflect the "true costs" of providing insurance, including potential claims for earthquakes ...

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