BILOXI, MS (WLOX) - Could you see lower insurance rates in the next year and a half? Believe it or not, Mississippi's Insurance Commissioner sees cheaper rates coming soon, even though he just approved a 19.4 percent increase for Allstate.
The company wanted much more, 44 percent, from customers. Chaney said he finally approved Allstate's rate hike after a lot of haggling, and even some threats.
Now Allstate customers will have to figure out how to swallow the higher cost.
"I would tell people shop around. Call an independent agent, call another branded agent. You get two or three quotes, what you'll find is there's competition in the market and the agents will help you. That's the agent's bread and butter, to sell to you. So they'll help you," Chaney said.
Chaney also said if you get a rate increase, look at your homeowner policy, bundle your insurance and look at a higher deductible. He also suggested not using that policy as a maintenance policy.
The man running against Chaney for Insurance Commissioner, Louis Fondren, wrote to WLOX News Tuesday to stress that he believes Chaney should have never allowed the recent rate increases.
"If an insurance company cannot do business without seeking these exorbitant rates, then they need to 'stop talking and start walking' so that more reasonable rates with other companies have the chance to help Mississippi policyholders," Fondren wrote.
Louis Fondren is a democrat, Chaney is a republican. There is one other candidate in the state-wide race, Reform party candidate Barbara Dale Washer.