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Allstate Watches LA Burn, Starts Packing

Where are those hands now? Gripping a drink and/or hailing a taxi. As of this afternoon, Allstate will no longer sell new residential policies in California, according to the LA Times, citing the need to "manage the risk of potential losses from wildfires and earthquakes that might strike the Golden State." Wimps. The company did say that it will continue to renew coverage for those whom are already covered. The company, the state's third-biggest home insurer, may decide to revisit us one day, which pisses off locals. "It would be completely unfair to California customers if Allstate tries to treat the California market like an accordion, coming in when business is good and then walking out," Douglas Heller, president of the Foundation for Taxpayer & Consumer Rights in Santa Monica, tells the newspaper. Here's the press release.
· Allstate to stop selling residential policies in California [LA Times]