(AP) Allstate says it will stop writing new homeowners policies in California beginning in July.
An Allstate spokesman says the move is to help control its catastrophe exposure in the state, which is prone to wildfires and earthquakes.
The move will not affect current customers, nor will it affect auto insurance. Allstate agents in the state will continue to work with customers, but will offer new homeowners customers insurance through partner Pacific Specialty Insurance.
Allstate has also trimmed coastal exposure in other states that are prone to natural catastrophes. Allstate has also stopped writing new homeowners policies in Connecticut, Delaware, Florida and New Jersey as well as in eight coastal New York counties.
(Copyright 2007 by The Associated Press. All Rights Reserved.)
