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 ...
Just wanted to add:
I don't ever recall seeing the phrase "Acts of God" in any insurance policy.
Sorry... Meant to say they haven't been able to build new refineries....
C
Yes, and used car salesmen
Good posting.
Allstate wants to pick and choose who places the bets. Allstate needs to decide if it wants to be in the gambling game or not. They shouldn't be allowed to pick and choose.
The state has a right to regulate insurance companies - I think most of them do, if not all.
This is merely another form of regulation.
In states like Jersey, Insurance companies have waxed fat on certain lines of coverage and lost some on others. Cutting off all homeowners policies is outrageous.
Any homeowner who has had their homeowner's policy eliminated by Allstate, and who also carries auto insurance with them should also drop that.
The Insurance Companies have become far too big for their britches.
Whether its actions like this one,or refusing to insure peole who keep certain breeds of dogs, or have guns in their houses, they are out of order.
Perhaps not.
If thier other lines of coverage weren't so lucrative, they would be eliminating them also.
But according to you, I don't own, the bank does.
They are not in the real estate business; nor are they interested in a second home. They invested in you.
Then why do they require insurance on the home and not on me?
There is no more clear a way to demonstrate that you are/are not a good investment than by protecting/ignoring that investment.
I am not asked to demonstrate, I am compelled to comply.
I bet they charged you an outrageous amount for that insurance too.
Yes they did, and interest also.
As loan collateral, the bank wisely insisted the auto be protected with insurance. Rightly, or wrongly; they obviously were of the opinion that you had failed to do so.
OK, they made a mistake once - I can accept that, but over and over again? Come on - you can't really believe that - can you?
It is a product...an insult...an outrage by your indictment of entire industries, staffed by your fellow Americans, of being cheats & scammers.
Some of my fellow Americans are cheats, scamers and worse. If it were not so, we would have no need for prisons, police, or courts.
If insurance functioned as it does now, but was a branch of government would you think it was an honorable institution?
Again I ask; if insurors are so despicable, why do you continually choose to send them money? It is your choice.
Because I choose to drive without the potential complication of being cited and fined for driving without insurance. As far as insurance on a home, I can buy a home and be required to purchase insurance as a condition of the loan, or I can rent and pay the landlord's insurance. Its as much a choice as the IRS claiming that tax payment is voluntary..
Where do you live? I stand by my post that anywhere in the US, there are high risks. I don't argue that insurance companies should be able to insure who they want. They provide a customer service and if the customers aren't buying they figure out and fix things.It may not affect you directly but it will with time IMO.
See #231
see #231
Hell, Insurance is nothing more than a legal way to scam people. When they need it after paying years on a policy they will either not pay,raise rates or cancel you.
Ugh yes, and the insurance companies must be allowed to take appropriate measures to limit their RISK in HIGH RISK areas in order to maintain sane business practices. They either make rational decisions or go BELLY-UP.
Should you be allowed to pick and choose what you do with your money? Ok for you, but not for others -- the government should decide for them I guess. You sound like a BIG LIB!
Thanks Zulu. I'm glad you got the point of my post. Insurance agencies who DO NOT insure reasonable properties/lives, and those who use suspect (illegal?) means to set rates, should be out of business.
Where's the oversight in the insurance industry?
Oh, I hear you on that Mamzelle. I'm not trying to make the point that all policy holders are angels. And the kind of insurance fraud you mention hikes the rates for those of us who don't wait for a hailstorm to replace our old roofs.
I guess the answer is to have more investigators out there busting all kinds of insurance fraud, be it from the policy holders or the individual agencies or the industry itself.
I haven't read up on Jersey's approach to home insurance, but I seem to recall some rather draconian measures by the state that caused auto insurers to pull out of the state.
If that's the case, then the problem I see is that the legislature has any say in rates at all. Over-regulation.
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