Three cheers for Allstate. They are trying to find a way to DO BUSINESS with residents in these areas which have such high risks (because local government doesn\’t increase security against these risks and take actions on levees that cannot withstand a common catastrophic event!). If the commissioner doesn\’t allow big companies to do business on their terms, they will simply withdraw from the market completely, and homeowners will be left paying thousands of dollars annually to small, financially unstable insurance companies who will take the risk and insure the property. Good luck to residents trying to get a claim paid from these small bankrupt companies after the next big storm. People need to stop building houses below sea level or on the coast in hurricane paths and expecting corporations to insure them affordably. Allstate is doing a service to LA residents by trying to find a way to stay in the market before withdrawing completely. Insurance commissioners are known for grandstanding on customer sensitive issues such as this.
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Three cheers for Allstate. They are trying to find a way to DO BUSINESS with residents in these areas which have such high risks (because local government doesn\’t increase security against these risks and take actions on levees that cannot withstand a common catastrophic event!). If the commissioner doesn\’t allow big companies to do business on their terms, they will simply withdraw from the market completely, and homeowners will be left paying thousands of dollars annually to small, financially unstable insurance companies who will take the risk and insure the property. Good luck to residents trying to get a claim paid from these small bankrupt companies after the next big storm. People need to stop building houses below sea level or on the coast in hurricane paths and expecting corporations to insure them affordably. Allstate is doing a service to LA residents by trying to find a way to stay in the market before withdrawing completely. Insurance commissioners are known for grandstanding on customer sensitive issues such as this.