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This is the most recent version of this article. View article
history.

Allstate to Stop Insuring Calif.
Homes

1 day ago

» Allstate to Stop Insuring Calif. Homes «

1 day ago

Allstate
to stop writing new homeowners policies in
California

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Friendly | PDF | Email

May 11, 2007 4:14 AM (1 day ago)
AP

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CHICAGO (Map,
News)
- Allstate Corp. (ALL,
News)
will stop writing new homeowners policies in California beginning in
July, the company said Thursday.

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

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.

Northbrook, Ill.-based Allstate and other homeowners insurers
have had a contentious relationship with insurance regulators in the
state over homeowners insurance prices.

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Though several large insurers cut prices in the state lately,
Allstate in September asked for an average 12 percent increase. The
request is still pending.

The spokesman said the move to stop writing new policies in
California was not driven by insurance rates, but was purely a move
to limit its exposure to catastrophe.

Allstate has already tightened its standards for writing coverage
in the state, one of its largest in terms of customers, and has
already stopped offering earthquake insurance.

In the first quarter of 2007, Allstate said it wrote 11,000 new
homeowners policies in California, a drop from the 16,000 it wrote
in the first quarter of 2006, the spokesman said.

Allstate has also trimmed coastal exposure in other states that
are prone to natural catastrophes. Allstate has also stopped writing
new homeowners policies in Connecticut, Delaware, Florida and New
Jersey as well as in eight coastal New York counties.

Copyright 2007 The Associated
Press. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.

Article History

1 day ago - Allstate
to Stop Insuring Calif. Homes Currently Viewed

1 day ago -
Allstate
to stop writing new homeowners policies in California

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