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Allstate Backs Away From Earthquake Insurance

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At a glance:

Allstate Insurance will discontinue earthquake insurance for over 400,000 policies in the US, and no longer offers new optional earthquake coverage for property insurance. 
 
The company has made similar decisions about hurricane policies in Florida and New York. It is part of Allstate's policy of reducing the company's exposure to high-risk disasters. 
 
Other insurance companies are expected to pick up the slack with regard to earthquake coverage.

Allstate cuts quake coverage

Salt Lake Tribune - 6/3/2006 2:30 AM

Allstate Insurance Co., as part of a nationwide effort to reduce its exposure to risky disaster coverage, on Friday confirmed it will not renew earthquake policies held by 8,800 Utah customers or to more than 400,000 homeowners nationwide.
 
Allstate spokesman Melinda Wilson said Utah policyholders should start receiving letters within the next two weeks advising them that earthquake coverage options coming up for renewal on Sept. 15 and thereafter will not be continued. The company's Utah agents were informed of the decision Friday, though it did not come as a surprise to either state or industry officials.
 
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