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Twice Burned
Despite Allstate's decision, Miller, the Insurance Information Institute's spokesperson, argues that it would defy economic logic for carriers to abandon the state. With a $6.59 billion homeowner's insurance market, California makes up nearly 11 percent of total homeowner premiums in the U.S. "Go back to the size of the economy," she says. "It's huge. You can't afford to ignore it. Insurers don't want to walk away from California." A small consolation, perhaps, for Californians bracing for the next disaster.
© 2007
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Member Comments
Posted By: peaceonyou_evc @ 11/14/2007 11:49:02 PM
Comment: All insurance companies are doing business, and profit is a must. All we can do is figured out what kind of disasters that prequently involve in our area then buy an appropriate insurance. And ofcourse, tricky is a way for insurance companies to make profits.
Posted By: christopherkidwell1 @ 11/12/2007 5:21:09 AM
Comment: Allstate is being idiotic here. They keep on saying "We don't have enough money to insure more people!" while their industry is pulling in quite big profits just like the oil and gasoline companies are.
It's gotten to the point where I think that the states should start to step in and tell insurers "Time to put up or shut up! Either you insure all people who come to you whose houses meet a certain standard, or you get the hell out of our state with your insurance."
Posted By: mike@QRR @ 10/31/2007 2:09:36 PM
Comment: Bottom line is having the right coverage. You may have big expensive items in your house which is fine. If you have a loss your insurance company will pay for them unless your LYING. Big ticket items aren't usually paid with CASH so keep your receipts and take pictures. I work in the insurance claims industry for a private company help replace people property they lose in a loss. Time and time again I see claims with no receipts for $10,000 item. Well they will pay you for it but they will depreciate it till you replace it and that means you will have to front money till you get reimbursed. Trust me take pics. and when a company like mine wants to help trust us we know the business. We can get you back up and running faster then they can and they listen to us more then you.