Allstate Floridian promises policyholders a 14 percent cut in their
premiums thanks to expansion of the state's hurricane catastrophe fund.
That amounts to $53 million back in the pockets of consumers.
They may not keep it for long.
Allstate contends its rates still are not adequate in Florida, and
that in September, when it is required to file for the "true" savings
actually realized, it will likely seek a rate hike "to reflect our
actual current rate need." That includes a "reasonable return for profit."
Thanks to a mild year, Allstate Floridian collected $289 million more
in premiums from Floridian in 2006 than it incurred in new claims.