A new report suggests that consumers in Mississippi may wish to compare home insurance quotes for a possible new policy, as rates may increase.
Allstate Property and Casualty Insurance are looking for a public hearing with Mississippi Insurance Commissioner Mike Chaney over a request to raise rates by as much as 44 percent.
The insurer may look to appeal for an additional hearing, due to past comments made by Chaney. The commissioner had previously stated he would not approve a rate increase without a court order, Insurance Journal reports. Cheney responded by saying Allstate is attempting to price itself out of the coastal market.
“I don’t want a fight with Allstate but you have to wonder why they would do this,” Chaney said in September, the Journal reports.
Chaney denied a request for a 60- to 65-percent rate increase earlier in the year, the news source says. Mississippi legislators have not approved a rise in home insurance rates since September 2008.
Allstate argues that Chaney and other officials have overlooked reports favoring the proposed increase in rates.
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