State Farm, Allstate hike homeowners rates in November 2021

Three rate hike approvals secured by State Farm Mutual Automobile Insurance Co. subsidiaries in November 2021 could boost the group's aggregate homeowners premium by $111.7 million, the largest increase for the month.

More than 93% of the aggregate premium is expected to come from a 6.9% rate increase approved for State Farm General Insurance Co. in California, according to an S&P Global Intelligence analysis. The new rates are set to take effect Feb. 1 on both new and renewal business, affecting nearly 1.2 million policyholders.

The Allstate Corp. is expected to see the second-largest aggregate positive premium impact at $60.5 million. More than 50% of the total change looks to come from a single rate increase approved by Texas regulators.

Liberty Mutual Holding Co. Inc. looks to continue its recent trend of increasing rates, with 31 rate hike approvals that could lead to $29.4 million in total premium increase in November 2021.

Overall, there were 306 rates approved in November 2021, of which 203 were rate hikes, 29 were rate decreases and the rest had no effect.