Allstate, Like State Farm, Stops Issuing New Home, Business Insurance in California

[PatMiles]

Allstate, Like State Farm, Stops Issuing New Home, Business Insurance in California

Allstate Insurance quietly stopped selling new homeowner and business insurance in California last year, the San Francisco Chronicle reported.

www.breitbart.com

Allstate Insurance quietly stopped selling new homeowner and business insurance in the State of California last year, a new report confirms, suggesting the decision of State Farm to do so this week was not an isolated one.
The San Francisco Chronicle reports:

Allstate has stopped writing new homeowner, condominium and commercial insurance policies in California, the company confirmed to The Chronicle.
The insurer, the fourth largest property and casualty insurance provider in the state in 2021, paused new policies “so we can continue to protect current customers,” spokesperson Brittany Nash wrote in an email to the Chronicle.

The pause began last year but appeared to receive only a passing mention in industry publications. The Chronicle learned of the development this week, after reviewing an Allstate rate increase request to the California Department of Insurance.

Allstate did not explain why it decided to stop selling insurance to new customers. But State Farm decided to do so because of the increased risk of wildfires and the rising costs of construction in the state — and because the state’s regulators will not allow it to price new policies based on future anticipated risk, only on historical risk.
California is the only state in the country that imposes that restriction on insurance policies, ostensibly to keep prices down. The unintended affect is that California residents and investors may struggle to find insurance.

The chickens are coming home to roost!

 

[Im2bent]

Farmers did not, they just quintupled the rate. Their new MONTHLY rate was 1150. Was because lulz who the fuck is paying that.

 

[Ronws]

Forget a border wall to Mexico. We need a border wall to California.

Sad to say because I was born there several decades ago.

 

[Rthur]

Forcing more of the assholes who voted for this shit out to infect reasonable areas.
Going according to plan.

R

 

[Ronws]

Forcing more of the assholes who voted for this shit out to infect reasonable areas.
Going according to plan.

R

a lot like cancer.

 

[Maggot]

Not to mention mayors and governors who wont support the cops and let felons, arsonists, and pedos go. Cant blame them a bit. Why bet on a three legged horse.

 

[Oddball Six]

Would you kalifornistan please stop exporting your political radicals to Colorado?

I said please.

 

[papershredder]

For some reason this song instantly popped in my head when I read the title. I guess they no longer have to worry about insurance costs

 

[Heebhammer56]

Similar situation here in Florida. Lots of insurance companies went insolvent or pulled out now we have very limited and expensive options.

 

[Franko]

Will be interesting to see if the other majors decide to reduce exposure as well.

 

[RonA]

Really not a big deal. There is something called the California fair plan. We got cancelled 4 times before we signed up for the fair plan. It's not really fair(just really expensive) but hasn't cancelled us yet.