California Approves Allstate's 34% Home Insurance Rate Hike

The increase, effective in November, impacts 350,000 policyholders as insurers grapple with wildfire risks and regulatory challenges.

Homeowners in wildfire-prone areas will see the highest rate increases, with some premiums rising by over 600%.
Allstate's rate hike is the largest approved by California's Department of Insurance in three years.
The decision follows similar moves by other major insurers like State Farm, which has also sought significant rate increases.
California's insurance market faces instability as insurers withdraw or limit coverage due to escalating wildfire risks.
Consumer advocacy groups have negotiated some protections, including a temporary halt on policy non-renewals by Allstate.