Posted on 12/08/2006 6:17:12 AM PST by Hydroshock
NEW YORK - Allstate Corp., the largest publicly traded U.S. home and auto insurer, said Thursday it will stop writing new homeowner policies in New Jersey on Feb. 5, citing concern a hurricane might strike the state.
The state's second-largest home insurer after State Farm said the change will not affect 230,000 homeowners who already have policies with the company.
Allstate will no longer write new policies for owners of homes, condominiums, mobile homes and landlords. It said it will also not renew policies for about 300 commercial customers in eight coastal counties.
(Excerpt) Read more at msnbc.msn.com ...
Ok freepers from NJ, what are the nature of the majority of claims that is causing this?
Katrina. Allstate is also pulling out of MS and LA. They are trying to raise rates through the roof in TX and FL.
In a free market, there would be a price at which it is viable for all state or any other insurer to sell their services. We have this problem in Florida too.
Of all the slimeball businesses out there, insurance companies are right up there with oil companies and legal firms.
Do they have a right not insure homes in New jersy - of course they do.
Does New Jersey have a right to retaliate against them? Of course it does. But it won't.
NExt to the New Jersey Education Association, the Cops Unions, the Construction Unions and the Trial Court Attorneys, the Insurnace companies are the highest contributors to the prostitutes who sit in that brothel called the New Jersey State Legislature.
The insurance companies are dropping anyone who might actually make a claim.
We (in other states) need to help them fight this. If they can cherry pick in NJ, the next step will probably be Florida and the Gulf States.
NJ doesn't get that many huricanes ... but boy are the Folks in Jersey gonna be ticked about this
travelers I believe is killing all business insurance in New Orleans next year. Nobody is getting renewed.
We get that all the time from more than just Allstate here in California,
My inlaws have had their house insurance cancelled twice in the last 5 years without filing a claim.
Companies keep splitting whenever there is a big loss here usually earthquakes. Welcome to what we've been working with for a long time.
Any recall of the last hurricane that hit New Jersey? I can't think of any, other than the storm coming up north after already hitting land. Just trying to think of a Hurricane that made landfall itself in NJ and my mind is drawing a blank.
I honestly think that in 5 years the only insurance you will be able to get within 100 miles is government sponsored insurance similar to the flood insurance policies that are out there now.
same with NY.
my agent said they wont cancel existing accounts.
after the 2005 season they must be hurting. It sounds like a reasonable business decision to me.
That may be coming. In fact I think it is.
Yeah, I looked at it, and at rough blush, about 17 people have been killed over the past 50 years from Hurricanes in NJ. Most of these storms hit other states first, and were tropical storms when hitting NJ.
NJ's risk seems really low considering.
I'm thinking Isbelle a few years back .. but don't quote me on that
All-but-one-State is now All-but-two-States. (They stopped writing insurance in the PRM years ago because of the regulatory climate.)
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