Mississippi Denies Allstate’s 44% Homeowners Rate Hike Request

Mississippi Insurance Commissioner Mike Chaney has denied Allstate Property and Casualty Insurance Co.’s requested 44 percent statewide homeowners rate increase.

“Based on our internal reviews and that of our actuary, I do not believe a 44 percent increase is justified,” Chaney said.

Chaney has been reviewing Allstate’s rate increase since March.

The 44 percent increase filing came after Chaney denied a 60-65 percent rate hike for the company.

“We have worked very hard, very diligently, very openly and very honestly with Allstate on this rate increase,” Chaney said. “However, I will not approve a 44 percent rate increase for Allstate without a court order.”