This is typical BS from the Dept.! I was at the NYC hearing 18 months ago and Allstate was very upfront with the SID about the reasons that they would use for non-renewal of HO policies. At that time thee Allstate Rep specifically told the SID that “no auto policy with Allstate would be one of the 3 criteria used in the non-renewal process” Now Geico is complaining. People have chosen to put their largest assett (their home) at risk so they can save a few hundred dollars on their auto insurance. Why doesn’t the Dept make Geico write Home Owners policies then?
It would appear that if we carved out New York and set it adrift it would be it’s own country and could screw those that are in that new country. Leave the rest of us alone. God I wish that state would just sink!
Of course they want to be their own country so what is the problem with this wish on my part???
Why doesn’t Allstate (and its wholly owned Encompass) raise their downstate HO rates a little, stay on their book of business, and lay off some risk by ceding some of that premium to reinsurers such as Warren “geico” Buffett’s General Re?? Geico by the way does market homeowners as a broker for The Travelers! Sweet deal there. This entire issue just shows how little these carriers care about THEIR AGENTS, much less their policyholders.
I don’t understand the “..the insistence that Direct Writers write Homeowners?”. If they aren’t filed in the state to write HO, what is the big deal? They have chosen to not write HO in NY, no big deal. What is the relationship between Allstate trying to non-renew if you don’t have multiple lines and Geico not writing HO at all? Doesn’t make any sense to me…
Good hands and LI agent seem to think it’s good practice to force companies to write business they do not want to. Why would you do that? They would just flee the state and make the auto market very uncompetitive.
You do realize that there are a ton of people who don’t own homes that drive?
Ray, I’ll try to paint you a picture. Due to the threat of loss of their Home Owners coverage, many people were smartly keeping their Auto policies with the same carrier as the Home Owner policy. Geico is crying that they are losing current and potential customers. Auto insurance is very profitable and does not carry the same reinsurance costs as Homeowner Insurance exposures. When coupled with the potential exposure to their stock price, HO carriers are very worried. It is a huge deal as Geico is only writing the “cream” while the other carriers are being forced to remain on business that they no longer want to write. I am no shill for Allstate, but they were up front with the Insurance Dept 18 months ago. Now, the SID wants to change the agreement. Typical gov’t BS!
PS. Let’s not forget that Geico was bailed out 20 years ago…and now they want help again.
LLCJ, on the contrary, my point is that the SID is changing the rules on Allstate and already, Homeowner Carriers are forced to stay on business they may not want due to the restrictions on non-renewals. And the people who only have auto insurance have no problem getting that insurance. Every carrier wants auto business these days.
If Allstate is cancelling coastal homes because of no auto or life policies, shouldn’t they be cancelling non-coastal homes for the same reason? What were the other criteria they gave?
This isn’t a valid reason to non-renew, it’s just a dodge to get off an exposure they don’t want without admitting it.
Anyone who believes that Allstate’s actions are fair and non-discriminatory should become a used car salesman. It looks like the company’s hands, including their extended middle fingers, need washing. Just be careful what you do in the bathroom with Sen. Craig. That’s our stand.
Who is the other insurance company using the same tactics and WHY won’t the insurance department name them? Whose side are THEY ON ! ?
This is typical BS from the Dept.! I was at the NYC hearing 18 months ago and Allstate was very upfront with the SID about the reasons that they would use for non-renewal of HO policies. At that time thee Allstate Rep specifically told the SID that “no auto policy with Allstate would be one of the 3 criteria used in the non-renewal process” Now Geico is complaining. People have chosen to put their largest assett (their home) at risk so they can save a few hundred dollars on their auto insurance. Why doesn’t the Dept make Geico write Home Owners policies then?
It would appear that if we carved out New York and set it adrift it would be it’s own country and could screw those that are in that new country. Leave the rest of us alone. God I wish that state would just sink!
Of course they want to be their own country so what is the problem with this wish on my part???
LI agent is right. Where is the insistence that Direct Writers write Homeowners?!
is Liberty Mutual
Too bad the good hands people have their middle fingers fully extended.
Why doesn’t Allstate (and its wholly owned Encompass) raise their downstate HO rates a little, stay on their book of business, and lay off some risk by ceding some of that premium to reinsurers such as Warren “geico” Buffett’s General Re?? Geico by the way does market homeowners as a broker for The Travelers! Sweet deal there. This entire issue just shows how little these carriers care about THEIR AGENTS, much less their policyholders.
I don’t understand the “..the insistence that Direct Writers write Homeowners?”. If they aren’t filed in the state to write HO, what is the big deal? They have chosen to not write HO in NY, no big deal. What is the relationship between Allstate trying to non-renew if you don’t have multiple lines and Geico not writing HO at all? Doesn’t make any sense to me…
Good hands and LI agent seem to think it’s good practice to force companies to write business they do not want to. Why would you do that? They would just flee the state and make the auto market very uncompetitive.
You do realize that there are a ton of people who don’t own homes that drive?
Ray, I’ll try to paint you a picture. Due to the threat of loss of their Home Owners coverage, many people were smartly keeping their Auto policies with the same carrier as the Home Owner policy. Geico is crying that they are losing current and potential customers. Auto insurance is very profitable and does not carry the same reinsurance costs as Homeowner Insurance exposures. When coupled with the potential exposure to their stock price, HO carriers are very worried. It is a huge deal as Geico is only writing the “cream” while the other carriers are being forced to remain on business that they no longer want to write. I am no shill for Allstate, but they were up front with the Insurance Dept 18 months ago. Now, the SID wants to change the agreement. Typical gov’t BS!
PS. Let’s not forget that Geico was bailed out 20 years ago…and now they want help again.
LLCJ, on the contrary, my point is that the SID is changing the rules on Allstate and already, Homeowner Carriers are forced to stay on business they may not want due to the restrictions on non-renewals. And the people who only have auto insurance have no problem getting that insurance. Every carrier wants auto business these days.
If Allstate is cancelling coastal homes because of no auto or life policies, shouldn’t they be cancelling non-coastal homes for the same reason? What were the other criteria they gave?
This isn’t a valid reason to non-renew, it’s just a dodge to get off an exposure they don’t want without admitting it.
Anyone who believes that Allstate’s actions are fair and non-discriminatory should become a used car salesman. It looks like the company’s hands, including their extended middle fingers, need washing. Just be careful what you do in the bathroom with Sen. Craig. That’s our stand.