Allstate is non-renewing all of their monoline homes in North Carolina

Posted by Benji Riggins on January 27, 2010 under Insurance News | Be the First to Comment

You may have heard that Allstate is non-renewing all of their monoline homes in North Carolina. The company released the following reasons:

Increasingly difficult to maintain the ability to attract the capital necessary to run the business while remaining financially strong in the NC insurance environment including:
- Pressure from underperforming segments within the homeowner line resulting in growing loss results
- Increased storm activity
- Potential exposure to large assessment from Beach Plan

They will begin non-renewing all monoline homeowners, LPP and manufactured homes that do not have auto support beginning in May 2010. There are approximately 44,000 home policies impacted.