In an attempt to limit future losses from hurricanes, AllstateInsurance will not renew 95,000 residential homeowner policies inFlorida due, in large part, to the $2 billion in claims it paidafter Hurricanes Charley, Frances, Ivan, and Jeanne.
“The hurricane season of 2004 was an unprecedented event, but itillustrated to us the reality of hurricane risk in the state ofFlorida,” Allstate spokesman Bill Mellander said. “It altered theworld of doing business in Florida.”
Allstate Floridian, an independent branch of Allstate Corp.,will keep about 663,000 homeowner policies in the state, andUniversal Insurance Co. of North America has agreed to sellpolicies to any Allstate customers who are not renewed, accordingto an Allstate press release.
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