With the state-backed Citizens Property Insurance Corp. continuing to see massive growth, regulators late last week took up a proposal that would lead to double-digit rate increases for Citizens customers across Florida. The proposed increases would vary based on factors such as types of policies. But Brian Donovan, the chief actuary for Citizens, said during a hearing held by the Florida Office of Insurance Regulation that Citizens is recommending 12% increases for all homes that are primary residences and have what are known as multiperil policies — the most-common type of coverage.

Insurance companies are pulling back on homeowners’ policies in vulnerable areas nationally out of fear of floods, storms and fires made worse by climate change and soaring costs of rebuilding. 

Allstate Insurance quietly stopped selling new homeowner and business insurance in the State of California last year, a new report confirms, suggesting the decision of State Farm to do so this week was not an isolated one.

The San Francisco Chronicle reports:

Allstate has stopped writing new homeowner, condominium and commercial insurance policies in California, the company confirmed to The Chronicle.