Florida Chief Financial Officer Tom Gallagher has assailed an agreement reached Wednesday between Allstate Floridian Insurance Co. and Insurance Commissioner Kevin McCarty that allows Allstate to implement a 9.9 percent rate hike for homeowners.
Last week Allstate Floridian Insurance Co. originally announced a 28 percent average rate hike for homeowners to be implemented by mid-August through the usage of a state statute known as "use-and-file," which allows insurers to impose new rates and file for approval within 30 days. The 9.9 percent would be the first stage of that increase.
In a statement, Mr. Gallagher, a Republican candidate for governor in 2006, said, "The agreement reached by Allstate Floridian Insurance Company and Insurance Commissioner Kevin McCarty doesn't offer any real relief to policyholders."
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