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.Allstate has stopped writing new homeowner, condominium and commercial insurance policies in California, the company confirmed 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.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.on Sirius XM Patriot on Sunday evenings from 7 p.m. to 10 p.m. ET . He is the author of the new biography,
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