Allstate to stop insuring California homes

Starting in July, Allstate Insurance will no longer be issuing new homeowner insurance policies. Allstate says existing homeowner policies and auto policies will not be affected.

The California Department of Insurance has an online policy finder to compare policies. I was surprised to see how much more I am currently paying with Allstate. Probably time to find a new company even if they don’t cancel my exisiting coverage. Insurance Commission Steve Poizner commented on Allstate’s decision, saying “Other companies – such as Farmers, Safeco, State Farm, AAA, Hartford and others – have reduced insurance rates for California customers by more than $1 Billion, in direct contradiction to Allstate’s actions.” He went on to say, “Allstate’s decision to not accept new business does not entitle them to charge excessive rates.”

Yikes.