Posted on 12/08/2006 6:17:12 AM PST by Hydroshock
NEW YORK - Allstate Corp., the largest publicly traded U.S. home and auto insurer, said Thursday it will stop writing new homeowner policies in New Jersey on Feb. 5, citing concern a hurricane might strike the state.
The state's second-largest home insurer after State Farm said the change will not affect 230,000 homeowners who already have policies with the company.
Allstate will no longer write new policies for owners of homes, condominiums, mobile homes and landlords. It said it will also not renew policies for about 300 commercial customers in eight coastal counties.
(Excerpt) Read more at msnbc.msn.com ...
That's probably Allstate's intention ... screw a few in N.J. with the Hurricane pretext to set a legal precedence. Then do the same to the millions in the gulf states.
It is not a choice if you have a mortgage.
Not as hard as the guy who lived in Murrell's Inlet, South Carolina, who could only manage to drag himself across the street to the beach, where he read "the Bible and books on pain" all day.
The attorney let him go on and on for about three hours and then pulled out a local paper with a picture of this guy in it and asked him, "Is that you holding that 450 marlin," whereupon the "deponent" blurted out, "It was 460 pounds!"
Case over.
From the article: In this year's third quarter, Allstate posted a $1.16 billion profit, helped by an unexpected lack of major storms, compared with a year-earlier $1.55 billion loss.
It always help to read the article.
Ungrateful and thankless? That's a good one!
The bank does not loan me money to do me a good turn; they loan money to collect interest and make a profit, its their business. If I default on a secured loan, they take my property.
Thank goodness they do so anyway.
There is no thank goodness about it. Its their freely chosen business to do so. Its a profit making endevor and they do their level best to minimize (or transfer) risk.
Many business analysts jumped on the bandwagon and supported the claim that the only way to prevent the economy from coming to a standstill was for the federal government to get into the reinsurance business. Insurance executives told Congress that the government needed to act before December 31, 2001, when about 70% of U.S. commercial policies containing terrorism insurance clauses were set to expire.1 They claimed that lenders and insurance companies would renew terrorism clauses in insurance contracts, preventing an economic crisis, if and only if they knew that the government would step in when necessary.
Kind of sounds like blackmail - subsidize our risk or suffer an economic crisis. Some free market.
Because I don't believe that just because people live in
New Jersey they have "mob mentality."
I feel that every single state has their share of takers...."hey, how can I profit from this?" They are everywhere ....in every state. Just look at how many frivolous lawsuits there are, from drinking hot coffee at McDonalds to blaming some innocent Duke guys for rape. The accuser is trying to profit financially. Look at the guys suing Michael Richards..... it's all about money. The immoral people will try to collect no matter where they live.
I just don't like someone saying that there is a "mob mentality" in NJ. If you read the article I posted, you'll see it isan't all about NJ.
You have to wear shoes in a restaurant.
Going barefoot is still a choice you have.
Having a mortgage is a choice.
Not your property...theirs. They paid for it, not you.
How prototypically liberal to think of something that someone else paid for as "my property".
But, I get your drift; Americans suck..bankers suck, insurors suck, lawyers suck, yeah..yeah..yeah. They owe you a house, and a life free of responsibility.
NO! For what? Chosing not to enter a high-risk business should be NO BUSINESS of the Govt and certainly should not result in retaliation.
What a crappy statist idea that is! Let's punish companies using the crushing power of the state when they don't offer services we want.
Kind of sounds like blackmail - subsidize our risk or suffer an economic crisis. Some free market.
The risk was too great for the insurance companies to handle.
And no, there is no such thing as a 100% free market in an industrialized society.
Kind of sounds like blackmail - subsidize our risk or suffer an economic crisis. Some free market.
The risk was too great for the insurance companies to handle.
And no, there is no such thing as a 100% free market in an industrialized society.
Tried to explain that to the police officer who pulled you over recently? I don't know where you live, but liability insurance is mandatory in Texas. Even as a homeowner, I'm required to carry "slip and fall". I could legally (although my lender wouldn't allow it) forgoe property coverage, but insurance isn't limited to property coverage.
Tried to explain that to the police officer who pulled you over recently? I don't know where you live, but liability insurance is mandatory in Texas. Even as a homeowner, I'm required to carry "slip and fall". I could legally (although my lender wouldn't allow it) forgoe property coverage, but insurance isn't limited to property coverage.
Ohio might rank up there if they rated beaches made of busted up cinder-block.
Not many of the top NFL teams are in Ohio either.
Sheesh, how can I be so optimistic?
I lived my information. I don't need a worthless news story. Take your google and stick it. It tells you nothing about what I know.
I don't know about 5 years, but we have to start thinking about other business models for insurance. The original idea of insurance is to pool money and provide for those when they have a loss. Unfortunately, insurance companies see all that money as their own and refuse to pay valid claims, often engaging in bad faith practices. They rely on state courts not enforcing bad faith laws, like here in Texas where the Supreme Court virtually refuses to nail insurance companies when they don't pay valid claims.
All this business about tort reforms and frivilous suits. What people don't understand is that when you have a claim the insurance company doesn't want to pay, they'll hire a law firm to write a coverage opinion for the sole purpose of getting out of that claim. Its hard to find your own attorney for first party insurance litigation, so you may be left high and dry.
I live around Houston, you are preaching to the choir.
I seem to remember, but I may be wrong, that various companies asked for rate hikes when they lost big time in the real estate market some years back.
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