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.
About Allstate
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