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(From Reinsurance)
Allstate has said that it isn't renewing some of its homeowners' policies in the New York City area for fears that a major hurricane could strike there, leaving the insurer overexposed.
Allstate has already said it wouldn't take on new home insurance in Westchester County, Long Island and the five boroughs of New York City. Allstate spokesman Michael Trevino has now said his company will no longer renew a percentage of existing homeowner policies in those areas.
However, according to New York state superintendent of insurance Howard Mills, by law an insurer can't cancel 4% or more of its policies in a state each year without filing formal notice, ...