Allstate Will Insure California Homes Again, Under One Condition
More than half of the major property insurers in California have cut back on business in the state in recent years in response to the increasing severity of wildfires.
Photographer: David Odisho/BloombergAllstate Corp. will end its years-long pause on underwriting in California as soon as the state regulator adopts proposed regulatory changes to make it easier for insurers to raise rates, according to a company spokesperson.
“If the regulations were in effect today, we would begin selling new homeowner insurance policies tomorrow,” said Gerald Zimmerman, senior vice president of government relations for Allstate, in a public hearing on April 23. “Let me repeat that: As soon as we can use catastrophe modeling and incorporate the net cost of reinsurance into our rates, we will be open to business in nearly every part of California.”