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Allstate to stop insuring Calif. homes »

Posted by: STONERS 2 years, 8 months ago

Archived 23 0 drops

An Allstate spokesman said the move was to help control its catastrophe exposure in the state, which is prone to wildfires and earthquakes.

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STONERS
May 11, 2007, 6:46 a.m.
Allstate Corp. will stop writing new homeowners policies in California beginning in July, the company said Thursday.
The move will not affect current customers, nor will it affect auto insurance. Allstate agents in the state will continue to work with customers, but will offer new homeowners customers insurance through partner Pacific Specialty Insurance Co.
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PsychoHosebeast
May 11, 2007, 9:38 a.m.
Other companies that have done this have been banned from doing business at all in CA, or only allowed limited access. I doubt this is all we'll be hearing about this.
The fact that there are earthquakes should have nothing to do with this, since homeowners insurance doesn't cover earthquake damage, that's a whole other insurance that usually costs more than the homeowners did by itself.
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Frankenmacer
May 11, 2007, 1:46 p.m.
Good, maybe now all those idiots who keep rebuilding homes in disaster areas only to have them destroyed again next year will finally take their insurance money and move someplace safer. If you build your house under a balancing rock, you have no right to complain when that rock finally falls.
Avg rating: (+5/-0 5)
ONEMEMPHISDUDE
May 11, 2007, 10:26 p.m.
Sounds like "you're NOT in good hands" after all.