Allstate and State Farm insurance companies will be raising rates for wind and hail coverage, Insurance Commissioner Mike Chaney told the Sun Herald on Wednesday.
Chaney said State Farm has not increased rates since 2004. He said that he approved the Allstate increase so the company would continue to offer Coast customers coverage rather than sending them to the state wind pool, insurer of last resort for South Mississippi. Allstate increased rates – up to 90 percent for some Coast customers – in 2007.
Chaney has approved a statewide average increase for Allstate of 13.9 percent on policies with wind and hail coverage. The new rates go into effect Sept. 22 for new business and Nov. 6 for renewals.