Ok freepers from NJ, what are the nature of the majority of claims that is causing this?
In a free market, there would be a price at which it is viable for all state or any other insurer to sell their services. We have this problem in Florida too.
Of all the slimeball businesses out there, insurance companies are right up there with oil companies and legal firms.
Do they have a right not insure homes in New jersy - of course they do.
Does New Jersey have a right to retaliate against them? Of course it does. But it won't.
NExt to the New Jersey Education Association, the Cops Unions, the Construction Unions and the Trial Court Attorneys, the Insurnace companies are the highest contributors to the prostitutes who sit in that brothel called the New Jersey State Legislature.
The insurance companies are dropping anyone who might actually make a claim.
We (in other states) need to help them fight this. If they can cherry pick in NJ, the next step will probably be Florida and the Gulf States.
travelers I believe is killing all business insurance in New Orleans next year. Nobody is getting renewed.
We get that all the time from more than just Allstate here in California,
My inlaws have had their house insurance cancelled twice in the last 5 years without filing a claim.
Companies keep splitting whenever there is a big loss here usually earthquakes. Welcome to what we've been working with for a long time.
same with NY.
my agent said they wont cancel existing accounts.
after the 2005 season they must be hurting. It sounds like a reasonable business decision to me.
All-but-one-State is now All-but-two-States. (They stopped writing insurance in the PRM years ago because of the regulatory climate.)
Allstate is worthless anyway. Homeowners will be better served with another insurer anyway. We plan to change insurers as soon as we move and never, ever insure with them again.
I quit Allstate after 30 years.
Their rates are outrageous.
I had one claim for a hail damaged roof and they kept trying to recoup those costs by rate increases.
I now have a new home twice the size of the last one at half the premium of the old one.
May be a simplistic solution, but I'm in Florida and have thought for a long time, if they want to get out of the homeowner's market fine. But keep them from writing any other type of insurance in the state as well, like auto, etc.
Insurance companies cherry pick.
Our rates went up significantly in Florida due to hurricanes in the past few years. What if we don't have any hurricanes (as in last season) or minimal hurricanes for the next few years? Will the rates go down to reflect their savings....I don't think so!
We used to have our vehicle insurance with them. Then we received an ad from NRA (we have been members for 31 years) about AIG insurance through NRA. We save $600. per year.
State Farm would not insure homes in Mississippi Pre-Katrina. Too many looking for arson payouts, my agent told me.
Delaware and Conn are also included in this.
Allstate's the same company that fired a guy for writing (on his own time) an article critical of the homo agenda.
The insurance companies are plotting to have the Feds take over wind damage the same way they took over flood insurance.
The insurance companies want to insure only the low risk people and then leave the other people in the hight risk state pool.
Why are building codes so lax as to allow easily damaged structures?
What other business are you allowed to pawn you liability off to the taxpayer?
It's not just New Jersey. I read in the WSJ the CEO of AllState just bought a beach front home in North Carolina that won't be insured by AllState either.
AllState can't handle the possible losses after the Katrina debacle.