Allstate has agreed that 55,000 New York coastal residents whose policies were not renewed in part because they did not buy other insurance products from the company should be allowed to obtain coverage, the state insurance department announced.
However, those who accept renewed coverage will have to relinquish any legal claims against the carrier over its actions, the department warned.
State Insurance Superintendent Eric Dinallo in a statement reporting the agreement said that its terms will still allow the company to cut back the number of policyholders it has along the coast.
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