SACRAMENTO, Calif., Nov. 29, 2010 /PRNewswire/ -- California renters and condominium owners are catching a big break from one of the state's biggest insurers. Allstate Insurance Company is dropping the price California consumers pay for renter's insurance coverage 19.6 percent statewide. The company is also cutting condo insurance rates in California six percent.
The rate changes are effective now. The company says favorable renter's and condo insurance loss trends in California have created the opportunity to pass savings on to consumers.
"Allstate is committed to delivering the right products at the right price," says Yumi Sam, an Allstate agency owner in San Francisco. "Right now that means reducing renter's insurance rates at a time when many California renters are leaving themselves uninsured."
Millions of Californians Uninsured
According to a 2008 Allstate study, more than 5 million Californians rent and fewer than forty percent have renters insurance. The study showed that more than half of Californians surveyed value their possessions at more than $10,000. Nearly one third estimate the value of their possessions at more than $20,000. According to Allstate, one of the biggest mistakes renters make is presuming their belongings are covered by whatever insurance their landlord has on the property. Generally, Allstate says, it's up to the renter to get coverage for their possessions. In most cases, the landlord's insurance only covers the structure and not the tenant's possessions. Leaving it up to the landlord will leave you unprotected if your belongings are lost, damaged or stolen from a rented house or apartment.
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer. Widely known through the "You're In Good Hands With Allstate®" slogan, Allstate is reinventing protection and retirement to help more than 17 million households insure what they have today and better prepare for tomorrow. Consumers access Allstate insurance products and services through Allstate agencies, independent agencies, and Allstate exclusive financial representatives in the U.S. and Canada, as well as via www.allstate.com and 1-800 Allstate®.
SOURCE Allstate Corporation