Liberty Mutual will follow Allstate and no longer tie renewal of New York coastal residents' homeowners insurance policies to their purchase of other Liberty insurance products, the state's insurance department announced today.
New York Insurance Superintendent Eric Dinallo said today that Boston-based Liberty will offer coastal homeowners that were not renewed, partly because they did not have other policies with the company, the opportunity to get new homeowners coverage.
The move follows a directive from Mr. Dinallo on Aug. 28 banning the practice called tying, where a company denies renewal to customers who do not have other lines of coverage with the carrier.
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