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.
Allstate will not renew nearly 100,000 FL homeowner policies
Moderator: S2k Moderators
We have had AllState for 15 years, and I really do not like that company, but if we switch, we will have a much, much higher deductible than we do now. I really feel for all of those people. Heaven only knows what they will do, because if you have had a large claim, most of the time other insurers won't insure you either.
0 likes
- drudd1
- S2K Supporter
- Posts: 466
- Age: 65
- Joined: Thu Sep 11, 2003 4:33 am
- Location: Chuluota, FL
- Contact:
Hmmm, according to MSN Money, Allstate had revenue of 34.3 Billion, with a net profit margin of 9.8%, or 3.4 Billion over the last 12 months. Amazing how the hurricanes damaged them so badly that they could only post a meager 3.4 billion in profit. Actually, they are cancelling because settling hurricane damage claims goes against their policy of collecting as much as possible, while paying out as little as possible.
We have had Allstate for 19 years, and several times they have talked about cancelling us, but it hasn't happened yet. The last time we got a cancellation notice, I took it in to my agent and told him they were nuts if they thought they could cancel the homeowner's policy but continue to collect premiums for the cars, camper, and boat. They had a change of heart at that point. That is probably what should be done in the state of Florida, tell 'em they can either insure everything, or get the heck out. If they don't like the concept of having to pay out on claims, get into another line of work.
Sorry for the rant. I am just so sick and tired of hearing the major insurance companies whine, while the folks that really had to face a hardship got screwed.
We have had Allstate for 19 years, and several times they have talked about cancelling us, but it hasn't happened yet. The last time we got a cancellation notice, I took it in to my agent and told him they were nuts if they thought they could cancel the homeowner's policy but continue to collect premiums for the cars, camper, and boat. They had a change of heart at that point. That is probably what should be done in the state of Florida, tell 'em they can either insure everything, or get the heck out. If they don't like the concept of having to pay out on claims, get into another line of work.
Sorry for the rant. I am just so sick and tired of hearing the major insurance companies whine, while the folks that really had to face a hardship got screwed.
0 likes
- cinlfla
- Category 2
- Posts: 687
- Joined: Mon Aug 16, 2004 7:16 pm
- Location: Titusville, Florida on the Spacecoast
We live in Cocoa, Florida and in December we sold our house and we are renting a manufactured home until our house is built, we have not been able to get a content policy or rental coverage we have tried allstate because that is who our cars are insured with. I have tried State Farm no go... so I went online and found lots of sites for homeowners and rental insurance but the minuted I put my state in which is Florida it tells me there are no quotes for my state at this time. We are still without coverage and hopeing for a cane free summer : )
0 likes
- vbhoutex
- Storm2k Executive
- Posts: 29096
- Age: 73
- Joined: Wed Oct 09, 2002 11:31 pm
- Location: Cypress, TX
- Contact:
bosag wrote:What would happen to those people (and hopefully not me) who will lose their insurance and are unable to find another carrier? Will they lose their homes? If you carry a mortgage on your house you are required to carry insurance on it right? Barb
Yes you are required to carry insurance in order to have a mortgage. In TX we have a state pool that those having insurance woes can go to to get coverage. Don't know if the same is available in FL.
0 likes
- CentralFlGal
- S2K Supporter
- Posts: 573
- Joined: Mon May 16, 2005 9:32 pm
- Location: Cocoa Beach, FL
drudd1 wrote:Hmmm, according to MSN Money, Allstate had revenue of 34.3 Billion, with a net profit margin of 9.8%, or 3.4 Billion over the last 12 months. Amazing how the hurricanes damaged them so badly that they could only post a meager 3.4 billion in profit. Actually, they are cancelling because settling hurricane damage claims goes against their policy of collecting as much as possible, while paying out as little as possible.
We have had Allstate for 19 years, and several times they have talked about cancelling us, but it hasn't happened yet. The last time we got a cancellation notice, I took it in to my agent and told him they were nuts if they thought they could cancel the homeowner's policy but continue to collect premiums for the cars, camper, and boat. They had a change of heart at that point. That is probably what should be done in the state of Florida, tell 'em they can either insure everything, or get the heck out. If they don't like the concept of having to pay out on claims, get into another line of work.
Sorry for the rant. I am just so sick and tired of hearing the major insurance companies whine, while the folks that really had to face a hardship got screwed.
I'm in total agreement with you here. Insurance companies are in the gambling business and don't mind when the policyholder loses, but threatens to pull out if they think their bottom line will be cut into.
I believe that if they stop writing policies for homes, then they should not be allowed to write any other type of policy in the state of Florida.
0 likes
- drudd1
- S2K Supporter
- Posts: 466
- Age: 65
- Joined: Thu Sep 11, 2003 4:33 am
- Location: Chuluota, FL
- Contact:
Just an update, we have Allstate, and I was told by my agent we are not in the list of policies to be cancelled. He told me that for the most part, those being cancelled are ones with only homeowners with Allstate. Folks that have a combination of policies with them, i.e. home and auto, etc. were not being cancelled. I was also told that they had already made arrangements for all the cancelled policies to be picked up by another carrier, and the option was going to be given to switch to the new carrier immediately upon notification of cancellation with Allstate. He also said Allstate would actively help in the switch to the new carrier, without exception. I don't know first hand about this switch, just what I was told, but I have no doubt the premiums will increase.
0 likes
Personal Forecast Disclaimer:
The posts in this forum are NOT official forecast and should not be used as such. They are just the opinion of the poster and may or may not be backed by sound meteorological data. They are NOT endorsed by any professional institution or storm2k.org. For official information, please refer to the NHC and NWS products
The posts in this forum are NOT official forecast and should not be used as such. They are just the opinion of the poster and may or may not be backed by sound meteorological data. They are NOT endorsed by any professional institution or storm2k.org. For official information, please refer to the NHC and NWS products
I've got Allstate for car and home, and I filed a $25,000 claim with them after Ivan. Our policy has been renewed, and the premium is approximately $50 more this year. But you have to consider that I live just north of Pensacola. I have a feeling that most of the policies that were cancelled were probably people living close to the coast and those in flood prone areas. I have little sympathy for those people who keep building expensive homes on the beach and then expect insurance companies to replace it every time a storm hits. In this area they are likely going to need to rebuild every 10 years . . .
0 likes
Return to “Hurricane Preparation”
Who is online
Users browsing this forum: No registered users and 16 guests