Allstate files for rate increase

Allstate is the latest major property insurer to say it's increasing rates statewide: an average of 42 percent for Allstate Floridian Insurance, which is concentrated in South Florida, and 28 percent for Allstate Floridian Indemnity company. The increases will affect nearly all Allstate customers, which number between 350,000 and 400,000.

"The bottom line is this comes down to financial stability," said Adam Shores, an Allstate spokesman. "We’ve seen an increase in risk and the cost associated with that. We’ve consistently made a promise to our customers to be there for them when they need to have claims paid, and in order to do that, we need to have the capital in place for that."

In March, Allstate had filed to lower its rates, 14.2 percent for Allstate Floridian Insurance and 13.2 percent for Allstate Floridian Indemnity.

-- Times Staff Writer Jennifer Liberto