Allstate Dropping Most Earthquake Insurance Nationwide
June 5, 2006....The "Good Hands People" announced that they are dropping earthquake insurance to most of their insurance customers nationwide as part of a larger move to reduce exposure to catastrophic losses.
Eagle Harbor Insurance is a an independent agency and brokerage. We are not limited to the actions of one company. We have many options for our customers regarding their insurance needs and many options for Earthquake Coverage.
The problem with dropping cover for earthquakes is many of those insured may not actually realise its been discontinued.
The same thing is happening in Florida regarding Homeowners Insurance. All zip codes within 2 miles of the coast are being non-renewed. This makes the Florida state sponsored plan the largest insurer in the state. God help us if Florida takes a big hit because I don't think the state can make good on all the policies they've had to take over.
We need to find a way to prevent insurance companys from dropping customers. If you have never filed a claim, you should not get punished.
We should punish the ones who file the fraudulant claims and make the rest of the people have to pay higher rates because of them!
While I don't live in an area that has earthquakes often, I do have to say that it would be a good idea for anybody to have insurance against "disasters" of the kind.