Allstate Stops Insuring Californians! - EarthQuake Coming Soon?

Allstate Stops Insuring Californians! - EarthQuake Coming Soon?

www.foxnews.com

The Largest publicly traded U.S. Insurance Co. says the cutback is part of effort to 'responsibly manage' its exposure in 'catastrophe-prone' state.

NEW YORK (Reuters) -- Allstate, the largest publicly traded home and car insurer in the United States, said Thursday it will no longer offer new homeowner and landlord coverage in California.

The insurer said it will still provide homeowner's coverage to existing Allstate customers

(visit the link for the full news article)

California is one of the Weathliest States in the Union. They wouldn't leave that much $$$ on the table just because of fires...

Does Allstate know something that we don't?

Is The Big One Coming Soon???

www.foxnews.com
(visit the link for the full news article)

[edit on 11-5-2007 by Where2Hide2006]

Eh, I still have my insurance and it is with Allstate.

They have written fewer policies onver the last year and thier prices have gone up a bit. Its all about risk and profit. They feel they can make more money elsewhere with less risk.

AFAIK Allstate is doing that other places as well. They stopped writing new policies in Connecticut, Delaware, Florida and New Jersey as well as in eight coastal New York counties.

The article I saw said its an effort to limit their risk exposure, and if you think about it those states are prone to floods, hurricanes, fires, earthquakes, terrorist attacks etc..

What is the point of being an insurance company, when you are going to turn down people that need insurance. This does seem a little fishy that Allstate is turning down each and every person in Cali that needs their services.

Do they know something that we dont, and is this the same company that wouldnt help their customers in New Orleans after Katrina because they said their policies were not covered by Huriicane damage?

Companies are getting shadier and shadier.

Time to move to Canada?

This is absolutely nothing new. I used to live in California while I worked for an insurance company. It's a way of lowering their risk and in the end, making more money.
I know of other insurance companies that have done similar things.

You got to know when to hold 'em, know when to fold 'em, know when to walk away...

Yep insurance is just legal gambling, for the companies. For the customers well, the gamble is if they will pay out or if they will pay to replace and not devalue everything to make the payout worthless. But should you file that claim you may have your policy dropped or have your rates raised prohibitively high.

If Bush had been a real man, he would have forced the insurance companies to pay out in full in New Orleans and surrounding areas or face charges of treason for betraying the public trust. The things done to the people were absolutely criminal.

Insurace companies have the seat right next to the lawyers in hell.

Originally posted by Ahabstar
You got to know when to hold 'em, know when to fold 'em, know when to walk away...

Yep insurance is just legal gambling, for the companies. For the customers well, the gamble is if they will pay out or if they will pay to replace and not devalue everything to make the payout worthless. But should you file that claim you may have your policy dropped or have your rates raised prohibitively high.

If Bush had been a real man, he would have forced the insurance companies to pay out in full in New Orleans and surrounding areas or face charges of treason for betraying the public trust. The things done to the people were absolutely criminal.

Insurace companies have the seat right next to the lawyers in hell.

Exactly. Insurance companies have raised the cost of health care, prescriptions, hospital care, driving a car, and well alot of other things, too. They need to be far more controlled and restricted.

Pretty soon Insurance companies are only going operate in states with no risk...this way they keep collecting the Mandatory Insurance fees, while they wont have to pay out anything in damages. this should be criminal! Insurance should NOT be required by law, the people should have a choice to not have coverage, especially if they are in a low risk area.