Insurance giant stops home insurance sales on Long Island
One of the nation's top insurance providers has stopped selling home insurance on Long Island.
The decision by Allstate, which also includes New York City and Westchester County, comes in the wake of the devastation caused by Hurricane Katrina along the Gulf Coast. Allstate officials say it is a common business decision for a company to stop writing new insurance in an area where potential exists for a major storm.
Some experts fear the decision will hurt Long Island's economy and real estate market, while others suggest it might provide an opportunity for smaller brokers to increase their presence in the area. No current Allstate policy owner will be affected by the decision.