Allstate not renewing nearly 100000 FL homeowner policies

[alicia-w]

According to WEAR TV in Pensacola:
Allstate Cuts Florida Coverage

The state's third largest insurance carrier, Allstate, will not renew nearly 100,000 homeowner policies in Florida, and the company says it will no longer provide any coverage for commercial properties in the state. In Escambia, Santa Rosa, and Okaloosa counties, more than 8,000 homeowners will be affected.

Allstate will continue to maintain more than 650,000 homeowner policies in Florida, but it's seeking permission for a rate increase.

The company says it will continue providing automobile policies in Florida.

There was also a big article about it in the Ft Walton newspaper.

[StormChasr]

"You're in good hands" Yeah right........

[southerngale]

Well, to their credit, the company lost over a billion dollars due to the hurricanes last year, wiping out all profits they'd made in Florida since Hurricane Andrew in 1992.

I'm not really giving an opinion one way or another as I need to read more, but I did want to point that out.

[StormChasr]

Well, to their credit, the company lost over a billion dollars due to the hurricanes last year, wiping out all profits they'd made in Florida since Hurricane Andrew in 1992.

I'm not really giving an opinion one way or another as I need to read more, but I did want to point that out.

Agreed--that is true. The reason they had over a billion in losses is that they were the ONLY Florida insurer that chose NOT to go for reinsurance--all the other biggies shared the risk with other parties, and as a result, did not sustain as much loss.

[zoeyann]

Well the really bad thing is those people will not be able to get insurence that will go into affect for this upcoming season. That is a group of people who will have to rely on FEMA for relief if they are affected by a storm.