Insurance Rates – Allstate Using Driving Records to Set Homeowners’ Rates in Oklahoma
March 6, 2012
The Northbrook-based company confirmed that it has begun considering the driving records and auto-claims history of people who apply for a new homeowner’s product in Oklahoma called House & Home.
House & Home, introduced in the Sooner State last October, effectively could make homeowners pay more of the cost of their roof repairs. Allstate said last week it plans to roll out the new product to additional states through 2014. Speaking to investors last week, Allstate Chief Executive Tom Wilson said House & Home could help the company reach its target of a 13 percent return on equity by 2014. Allstate’s ROE was 4 percent at year end.
An Allstate spokesman confirmed Tuesday that House & Home marks the first time that the company has used a potential policyholder’s driving records and auto-claims history when giving quotes on home coverage.
via Allstate using driving records to set homeowners’ rates in Oklahoma – chicagotribune.com.
