Allstate is once again purging its books of unprofitable unbundled policies, this time in South Carolina.
This fall, the state's second largest home insurer will drop 10,000 South Carolina homeowners insurance customers who don't also insure (or "bundle") their autos with the company and have older homes of modest worth.
Last November, Allstate announced plans to drop 45,000 customers in North Carolina who failed to bundle their auto insurance with their Allstate homeowners insurance.
Allstate spokeswoman Nance Lemke told Insurance Journal that the South Carolina statewide purge would begin with policies that renew on Oct. 9. Homeowners who have not bundled their auto insurance with Allstate as of March 11, 2012 and whose homes are more than 10 years old and insured for less than $240,000 will not be renewed.
The move, which represents a purge of less than 10 percent of Allstate's 140,000 homeowners policies in South Carolina, comes just five months after Allstate ceased writing insurance policies for mobile homes along the South Carolina coast.
Spokesman Tony Owens says Allstate needs to shed its less-profitable policies for the financial wellbeing of the rest of its customers.
Allstate agents are reportedly referring dropped homeowners to Coastal Risk Underwriters, a program manager and wholesale broker of surplus lines property/casualty policies.
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