Allstate returns to California homeowner market after nine year absence writing new policies
News: 2016 Press Release
SACRAMENTO, Calif. — Insurance Commissioner Dave Jones welcomed Allstate Insurance back into the California homeowner insurance market this week, after a nine year absence writing new homeowner policies. Allstate also entered into an agreement with the commissioner to reduce its homeowner insurance rates by an average of 12.6 percent.
"Allstate's return to California's homeowner insurance market is good news for consumers," said Insurance Commissioner Dave Jones. "More competition and choice in the insurance marketplace benefits consumers. Allstate joins the nearly 100 existing companies offering homeowner and rental coverage in California, where consumers have more choices when shopping for the coverage they need."
In May 2007, Allstate announced they were no longer writing new policies for homeowner insurance in California in an effort to more effectively manage their exposure to catastrophic risk. During that time Allstate agents continued to offer homeowner insurance through brokered carriers and renewed existing business. Allstate is third in market share in the California homeowner market.
"We are excited to begin offering the Allstate homeowner product to new customers in California. This product will complement our existing brokered products in certain areas throughout the state," said Phil Telgenhoff, Allstate's field senior vice president in California.
Consumers shopping for homeowner insurance can visit the department's website for a number of resources to help them price and compare insurance products and estimated premiums.
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- Links to 2007 stories on Allstate exit from California homeowner market:
- CNN Money story, (originally posted May 2007; updated on April 13, 2009 - http://money.cnn.com/2007/05/11/pf/insurance/allstate/
- SF Chronicle - http://www.sfgate.com/business/article/Allstate-to-quit-selling-in-state-Insurer-won-t-2595547.php
- USA Today - http://usatoday30.usatoday.com/money/industries/insurance/2007-05-11-allstate-california_N.htm
- LA Times - http://articles.latimes.com/2007/may/11/business/fi-allstate11
- East Bay Times - http://www.eastbaytimes.com/business/ci_5871151
- KPBS - http://www.kpbs.org/news/2007/may/16/come-july-allstate-to-stop-writing-homeowners/
- Los Angeles Business Journal http://www.bizjournals.com/losangeles/stories/2007/05/07/daily51.html
- Allstate entered into an agreement with the commissioner to reduce their homeowner rates by an average of 12.6 percent.
The California Department of Insurance, established in 1868, is the largest consumer protection agency in California. Insurers collect $310 billion in premiums annually in California. Since 2011 the California Department of Insurance received more than 1,000,000 calls from consumers and helped recover over $469 million in claims and premiums. Please visit the Department of Insurance website at www.insurance.ca.gov. Non-media inquiries should be directed to the Consumer Hotline at 800.927.4357. Telecommunications Devices for the Deaf (TDD), please dial 800.482.4833.