CALIFORNIA, USA — Allstate is among the insurance giants not currently taking new homeowners insurance policies in California.
While recent headlines have followed State Farm pulling out of the new homeowners insurance market in the state, Allstate says they paused it last year.
"We paused new homeowners, condo and commercial insurance policies in California last year so we can continue to protect current customers," Brittany Nash, spokesperson for the company, told ABC10 in an email.
It's also not clear why the insurance company paused policies unlike State Farm who recently released a statement explaining its decision last week.
"State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market," said State Farm in a press release. "It’s necessary to take these actions now to improve the company’s financial strength. We will continue to evaluate our approach based on changing market conditions."
In a statement to ABC10 a spokesperson for the California Department of Insurance (CDI) said current customers will not lose their insurance.
CDI said Allstate paused new homeowner's insurance policies in November 2022. They represented 4.9% of the homeowners market in the state in 2022.
The state’s online Insurance Finder tool can help residents locate an agent in their area. Experts with the state Department of Insurance can also answer California insurance coverage or claim questions by phone at 800-927-4357 or via online chat.
