Insurance policy holders face an increase in interest rates


OJORF-00015430-001Illinois insurance policy holders now face an increase in their insurance interest rates starting coming July. Homeowners face an increase of 8% by Allstate Corporation.

The Northbrook-based company has also proposed to give auto insurance holders who take their policy over Geico insurance a discount of 5% on their insurance rates.
Allstate is now offering discounts of 7% of to consumers who pay their bills on the whole in one go. The company is also offering various integrated schemes for auto insurance consumers to suit their requirements.

Allstate, is the second largest insurance company in the USA. SNL Financial has said the company; Allstate is worth $17.4 Billion in premiums as of the last financial year. Berkshire Hathaway Inc is third with $13.1 Billion. State Farm precedes Allstate on the list.

Allstate has devised special schemes for consumer on their auto and home insurance policies to give them better offers based on the consumer’s specifications. Consumers who have more than one vehicle at home get discounts from their auto insurance policies, if they apply for auto insurance for multiple vehicles. Similar schemes have been put into action to increase the incentives of the consumers to use Allstate insurance.

“Although homeowners rates will increase between $67 and $82 a year … with the new and deepened discounts Allstate is introducing, current homeowner customers that don’t have their auto with Allstate can get discounts of up to 54 percent (on auto) by bringing their auto to Allstate,” Shaundra Turner an Allstate representative said.

Alllstate offers consumer who use EZPay and those who have good payback records with discounts on the original interest rates. Consumers who pay their bills without installments qualify for the discounts offered. More than 50% of consumers meet these criteria and those shifting from Geico to Allstate receive a 5% discount on their insurance rates.

The number of homeowners claiming insurance has seen a steady rise along with the extent of damage. Allstate has confirmed that they now propose to have an increase in homeowner’s insurance rates.

Amalgamated Bank of Chicago which offers loans on the large scale to entrepreneurs, union groups and even to governments have now taken over Cole Taylor Bank. Cole Taylor Bank is expected in increase in the Amalgamated Bank of Chicago profits and gives them a new range of customers. Cole Taylor’s corporate trust sector manages consumers bonds and other long term plans consumers have applied for.