Allstate New Jersey Insurance Co. in Bridgewater, says it will stop writing new homeowner insurance policies starting Feb. 5, 2007, because it wants to avoid a potential financial disaster like some companies experienced on the Gulf Coast.Allstate New Jersey Insurance Co. in Bridgewater, says it will stop writing new homeowner insurance policies starting Feb. 5, 2007, because it wants to avoid a potential financial disaster like some companies experienced on the Gulf Coast.
Due to the increasing frequency and intensity of hurricanes, the company feels it needs to protect the assets of its customers, says Walter Tomasheski, spokesperson. ÂWeÂve taken incremental steps [in the past year] to protect ourselves and manage Allstate New JerseyÂs exposure to catastrophes,Â he says. Steps include reinsurance and underwriting changes, like distance to water, for newer policy holders, he says.
AllstateÂs current 230,000 customers with homeowner policies will not be affected by the change. ÂAt this time Allstate New Jersey will continue to renew customers subject to underwriting standard guidelines,Â says Tomasheski. Underwriting includes claims history and condition of the home, but not distance to water for existing customers.
As far as changing coverage in other Atlantic states, Tomasheski says ÂRight now itÂs just New Jersey.Â The new guidelines will not affect auto insurance or renterÂs insurance.
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