June 7, 2006
Allstate Dropping Quake Coverage!
As the insurance industry debates how to handle billions of dollars in potential claims from natural disasters, Allstate is dropping earthquake coverage for 352,000 policyholders in most states to cut its risk of losses from catastrophes.
Allstate spokesman Mike Trevino said Tuesday that the Northbrook, Ill., insurer has 407,000 homeowners' policyholders with quake coverage, but not all will lose it.
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