Democratic Underground - Allstate Calls A Halt (to selling homeowner insurance in CT, NJ, DE - hurricane fears)

Allstate Calls A Halt (to selling homeowner insurance in CT, NJ, DE - hurricane fears) [View All]

Pale Blue Dot

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Fri Dec-08-06 07:51 AM
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Allstate Calls A Halt (to selling homeowner insurance in CT, NJ, DE - hurricane fears)

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Edited on Fri Dec-08-06 08:22 AM by Finnfan

The insurance companies seem to believe in global warming...

http://www.courant.com/business/hc-allstate1208.artdec08,0,6268567.story?coll=hc-headlines-home

In a dramatic move to limit future hurricane claims, Allstate Corp. said Thursday it will stop selling new homeowners' insurance policies Feb. 12 anywhere in Connecticut - not just at the shore - in a move that some critics said was an overreaction.

Allstate, the largest homeowners insurer in Connecticut, said it won't drop its 121,000 existing home policies here and will keep renewing them. It will also continue to sell new auto policies.

The insurer, which is based in Northbrook, Ill., also confirmed that it will stop selling new homeowner policies in New Jersey and Delaware next year.

<snip>

"The risk of a catastrophic event occurring in New England has increased dramatically," said Tim Knapp, Allstate's Northeast regional counsel.

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Allstate Calls A Halt (to selling homeowner insurance in CT, NJ, DE - hurricane fears) [View All]