A settlement with Texas will cost Allstate $71 million dollars.

Texas customers of Allstate Insurance will get $71million in refunds, credits and rate reductions for homeowner policies in a settlement that resolves legal disputes with the state dating to 2004.

The settlement was announced by Texas Insurance Officials monday.

Allstate will refund almost $37 million for new and renewal policies written between Dec. 1, 2004-April 23, 2006, a period when
the state said its rates were too high.

The Texas Department of Insurance estimates as many as 700,000 policy holders will be affected by the settlement.