Allstate will renew 2,300 coastal policies These and other homeowners’ coverage had been slated for cancellation

Citing changing market conditions, Allstate Insurance Co. said Monday it is renewing 2,300 homeowners’ policies previously slated for cancellation.

In December, Allstate announced it would cut about 12,000 policies in the eight counties east of I-95 as it tried to limit its risk nationwide.

Another 8,000 policies along the coast were not renewed by insurers State Farm and S.C. Farm Bureau.

Allstate officials say the change is due to improving market conditions, such as expanding the S.C. wind pool.

The wind pool is a fund insurers can dip into when they suffer catastrophic losses in a particular area.

Wind and hail will be excluded from policies of Allstate customers renewing in the wind pool region. This protection can be written into the S.C. Wind and Hail Underwriting Association. Allstate will contact the policyholders being offered renewals.

More than a quarter of all homeowners’ policies in the state are along the catastrophic storm-prone coast. Those coastal policies cover about $150 billion worth of property.

By BEN WERNER - bwerner@thestate.com

My Recent Insurance story
by: Thea Riley

"Great news for local homeowners!  As Charleston saw wild weather with high winds this weekend, a tree in my yard landed on my neighbor's minivan and our shared fence.  Our Insurance Companies are hashing out the details and we are trying to see this as a great learning experience.  Hopefully one that will help me better serve my clients in similar situations.  I advise that all policy holding homeowners review the details of your wind & hail coverage before this year's hurricane season.  Good luck!"  Thea Riley, Realtor The AgentOwned Realty Co.