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 ...
Why are oil companies slimeballs?
Put me in the anti-Allstate club.
As someone insured in a state other than Florida, I see this as the right thing to do. I do not want to subsidize the insurance costs of those that choose to live in higher-risk areas.
Oh they're not really.
They are a cartel of international charities seeking to redistribute American wealth to poverty stricken oil shieks and other worthy third world nations sufering from western exploitation.
I have not had an insurance claim in 25 years, yet my rates go up every year. Obviously I'm subsidizing someone. That is how insurance works.
The problem is that I don't live in a high risk area in Florida. It seems that all the hurricanes either are south of us or hit the Panhandle. We don't live on the water either. We have never had a loss nor made any claims thou are premiums keep rising. It appears to me that most large insurance companies do spread their risks over several states instead of just one state. I'm suprised that Florida would allow insurance companies to have a separate company just for Florida losses.
I have a good friend who owns an Insurance Adjuster Agency in West Texas.Many times when he had to travel a long distance,I would go along.Claims of all kinds he handled.He always said he worked for the Insurance companies,and it was his obligation to them, was to oversee nonsence claims.He has been referred to an expert on policies.He can spot the littlest insertion that could have an overall impact on any given claim.On the same token,if a claiment has legitimate claim,he ensures they get any and all due them.The things I learned from him were invaluable.As you posted,some of the claims were so far fetched,one would think an alien thought it up!I also learned,people can get VERY nasty,belligerant,and dangerous,if they do not recieve what their perception of a fair settlement should be.He is fair and honest to a fault,but he always carries a gun!!
One last note RE:the scratch on the door.I am in the Auto Body repair business,and people will go to great lenghts to try and have you embellish an estimate.One person wanted me to write up damage on the rear of a vehicle,when the damage was in the front.I had to explain that the damage was not due to the accident,as it was severely rusted.I oltd the person that if I wrote up that damage,the INS.CO.would think I was nuts!I did see some incredible acts of stupidity while road tripping with my friend.As the saying goes,just when you think you have seen it all,you haven't!
-The bank requires insurance on the home because it is the loan collateral.
-You begged, and borrowed money from the bank. You were not compelled.
-I can easily believe the continuous problems with your car loan, and that it was entirely their fault. Idiots usually do idiotic things everyday. Although most cars are financed, most do not encounter the problems you suffered. Your experience is not an indictment of the banking industry; only a couple of people at that one bank.
-There are some in every walk of life that are cheats. That is not, and should not be an indictment of all.
-If insurance were a branch of government, it would not function as it does now.
-As has already been clearly explained, there is no legal requirement to carry an auto liability insurance policy. There are other legally acceptable avenues to choose from. Nor do you have to borrow money to purchase a home. That, also, is a choice you make.
Again I ask; if insurors are so despicable, why do you continually choose to send them money?
The value of your home, and the cost to replace it, has also gone up considerably over the past 25 years.
Insurance companies accept risk. People who purchase insurance transfer their risks onto the insurance companies. Risk is constant, 24/7. As such, insurors earn their premium everyday; not just when there are claims.
You don't just pay firemen when there are fires.
"Right, only problem with your answer is we live in a nation of folk who can't add the numbers and want everything to be free."
Yes, Unfortunately brought on during the LBJ, welfare, civilrights movememt years.
Well, the state of California does require auto insurance as a condition of licensing a car. I believe that one can get around that requirement by demonstrating financial responsibility, however I am not in that income bracket.
Sure, I make the choice to borrow money to purchase a home. The alternative is renting or living under a freeway overpass.
Like I said, taxes are voluntary too and I do not need money in the bank to write a check.
I am reminded of a depression era song - one line goes, "Some rob you with a six-gun and some with a fountian pen".
Right. They accept risk just as a liberal accepts reponsibility. When its time to pay the piper, they look for any concievable way out.
NJ has had several horrific floods in the past few years. Frenchtown under water several times. Lots of damdage!
Trenton under water. Too bad it didn't float out to sea.
The entire state of Florida is now considered high risk, coastal and inland as witnessed last year when hurricanes crossed the state and cause major damage in the central part of the state. Of course, the risk factor in south Miami is much higher than a home in Orlando. If you owned two equal homes in Orlando and South Miami you would see a substantial difference in the premiums.
This is tough on the guys who are Allstate agents in NJ as well. It's got to hurt.
"Any recall of the last hurricane that hit New Jersey?"
I'm thinking Floyd in '99. (September). There was mainly flooding in the low lying areas in northern NJ.
You all know them... Wayne, Little Falls, Hackensack, etc.
bill from NJ
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
"Show me just what Mohammed brought that was new, and there you will find things only evil and inhuman, such as his command to spread by the sword the faith he preached." -Manuel II Paleologus
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