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Allstate Will Reorganize Florida Residential Insurance Policies.(Originated from The Miami Herald)
Knight Ridder/Tribune Business News, June, 1996 by Cordle, Ina Paiva
Jun. 5--Allstate residential property insurance customers in Florida may be in for some drastic changes, beginning later this year.
In an effort to reduce its catastrophic risks in the state, the company announced a reorganization plan for its Florida business Tuesday that would affect every home, condominium or rental policyholder statewide. The plan, which must be approved by the state Insurance Department, would leave little choice for consumers.
As part of its proposed plan:
Allstate would transfer about 137,000 homeowners, condominium unit owners and renters policies -- including wind coverage -- to private insurer Clarendon National Insurance Co. The transfers would take effect for policies renewed on or after Nov. 1. The former Allstate...
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