The insurer said it paid out $36 million in claims, the most since Hurricane Hugo
Farm Bureau announced it will drop 3,000 South Carolina homeowners after paying out millions of dollars in storm damages. WYFF reports that the company is notifying property owners by letter in 17 counties that they will not be renewed. A Farm Bureau spokeswoman told the station the company paid $36 million in claims last year, the most since Hurricane Hugo in 1989. Also this week, Allstate announced it was dropping 10,000 South Carolina home insurance customers who don't also carry Allstate auto coverage, have older homes and who insure their homes for less than $220,000.
Insurance giant will drop customers who don't have Allstate auto coverage, have older houses and insure their homes for less than $220,000.
About 10,000 insurance customers in South Carolina will find that they are not in "good hands" with Allstate. The insurance company plans to drop customers who don't have Allstate auto coverage, have older houses and insure their homes for less than $220,000, according to the Post and Courier. Allstate spokesman Tracy Owens told the paper it was a difficult decision but the company needs to drop the customers to remain financially strong for all its customers. With 140,000 policies, Allstate is the second-largest writer of homeowner insurance in South Carolina, second to State Farm's 300,000 policyholders, the article states.