Brrrr – MID throws Allstate’s requested rate increase out in the cold

Officials say the Mississippi Insurance Commission has rejected a company’s request to increase rates 65.1 percent on more than 50,000 homes statewide.

Mississippi denies Allstate rate increase makes a great headline; but there is more to the Clarion Ledger story:

Deputy Insurance Commissioner Mark Haire says the rejection order was sent Thursday to AllState Property and Casualty Insurance Co. of Northbrook, Ill.

Haire said Mississippi Insurance Commissioner Mike Chaney made the decision after specialists reviewed the request and found the large increase was not justified.

The requested increase would have covered 51,097 homeowners.

As with the initial denial of State Farm’s request, this is not the end of the story:

Haire said AllState has the option of having a hearing on the matter or filing a new request for a lower increase.

Brrrrr.