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 ...
DelMarVa Ping (Delaware is included in this AllState policy)
It is becoming more and more difficult to get homeowners insurance on DelMarVa as we learned earlier this year when our policywith NorthernNeck was not being renewed because we live within 100 miles of the coast or other large body of water. We are now insured by Lloyd's of London.......
The oil companies?
Nothing is wrong with the oil companies.
They get paid money for pumping out oil from the ground, help subsidize Islamofascist states like Saudi Arabia, drain American money overseas, get an oil depletion allowance, manipulate the international markets, ship crude and refined material from one country to another to confuse nations and consumers, collaborate with an international cartel dedicated to screwing America, but otherwise they are fine and dandy.
I can't move my car or heat my house without them - they know it and love it and want to keep it that way.
Oil companies are great!!!!
Love State Farm. Loathe Allstate. Sorry for the poor English. Guess what I want to teach?
Every word, comma, font size, font color, coverage provided, exclusion, form number, page number, definition, and rate charged on a homeowners insurance policy is dictated by the government.
"The overwhelming majority of those in the insurance industry are honorable, and honest people. "
Excuse me while I recover from laughing.
Insurance comapnies are gamblers who want to bet that the sun is going to come up tomorrow, and get paid for it.
Thanks to insurance companies we have mandatory seat belt laws and a host of regulations and restrictions that never existed a few years ago - but their brothers in conspiracy -the trial court attorneys with their frivolous lawsuits contribute to that too.
Hey, I said that Allstate has everyright in the world not to sell homeowners insurance in New Jersey if they don't want to - or any other state either.
And New Jersey should tell Allstate that if they are unwilling to insure homeowners in New Jersey, they should take ALL their business elsewhere.
Insurance companies are parasitres run by a bunch of shysters who compete with their fellow shysters - the trial court attorneys in screwing Americans.
There is nothing wrong with making a profit.
There is also nothing wrong with a state telling an insurance company that if it wants to limit its share of the market, it should take its business elsewhere.
Insurance companies are in a position to really screw the average policy holder at every turn and they take every opportunity to do so.
If they had their way, they would require car owners insurance on every vehicle and have the state mandate that all cars be kept off the roads.
You are right, I do remember seeing a number of houses built of cardboard with mud floors. But the Reader article was on why insurance companies won't insure in Mexico. Mexico is very corrupt. Therefore, housing is preferably built of brick and stuuco because of the lack of fire insurance per the Reader.
I suppose that's true, unless you are a conservative and are in favor of free markets. Then there's something horribly wrong with it.
To each his own.
No. Not at all.
Your dislike for them is all too obvious.
Although insurance is fairly easy to explain, it cannot be heard through an ear of hatred and willfull ignorance.
You clearly want to despise them. I will not try to dissuade you from that perverted embrace.
The overwhelming majority of those in the insurance industry are honorable, and honest people.
Insurance is a scam.
In the PRM, anyone writing insurance had to offer auto insurance on terms dictated by state regulators. All State said adios around 1990, because they were losing too much money on auto insurance and they've never come back. I remember video of two All State execs marching up the Statehouse steps to surrender the company's insurance license. (The commissioner of Insurance was still making empty threats...)
Every state regulates insurance, at a minimum to assure the financial integrity of insurers. It's unlikely that anyone is "buying in" to the New Jersey homeowners market by taking a loss to drive out competitors, so I assume that All State decided, for whatever reason, that they could not make money there. Occam makes me suspect regulators.
The insurance companies are plotting to have the Feds take over wind damage the same way they took over flood insurance.
Then, why do you insure? Insurance is a choice, not a requirement.
.....The insurance companies are dropping anyone who might actually make a claim......
No, that is not at issue.
The issue painfully learned down south is that insurance for homeowners in cosatal areas subject to hurricanes is simply no longer feasible.
To adequately cover the risks, premiums must be so high people will not pay them. Property values have inflated to the point that insured values aren't adequate for recovery.
Rather than put up with the hassle of lawsuits about coverage and coverage valuations it is best to abandon the business.
Insurance companies are among the most highly regulated companies in the US. Most states stringently regulate what kind of investments insurance companies can make to make more money off of unspent premium. Real Estate, compared to the stock market itself, is among the safest and most lucrative investment options, but like you said, if a particular real estate market goes soft, so does the insurance companies bank account.
"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
Having written many auto estimates over the years,it never ceases to amaze me at how many people attempt to use the insurance companies as their personal bank account.They want you to write and add things that do not pertain to the original damage.It is more pronounced around the Holidays,when money is tight,and they have no intention of repairing the vehicle.Instead,the money is for Christmas.I have no love lost for the ins.companies,as they also will go to extremes to save what they can,but ultimately the consumer pays.I do what I think is the best way,and if the ins.company disagrees,they can take the vehicle elswhere.I do inform the customers the reasons.They are who I work for.My 2 cents
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.