August 18, 2021

Allstate Insurance is announcing that it is dropping its Flood Insurance policy, citing the “high cost of reinsurance and the risk of future flood events”.

“Our insurance portfolio is built to cover the worst of the weather events.

The risks associated with climate change, such as sea level rise and rising sea levels, have increased,” the insurer wrote in a statement.”

The risk of sea level rising has increased due to climate change.

As a result, the insurance market is shifting from a risk-based approach to an insurance-driven one.”

The company also said that its Flood Protection insurance product would not be affected by the new policy, which it called a “complete reversal of the flood insurance policy.”””

We continue to evaluate our options and will share more details as we make them available.” 

The company also said that its Flood Protection insurance product would not be affected by the new policy, which it called a “complete reversal of the flood insurance policy.”

“We continue our review of the coverage available for our customers, including this policy, and will provide more information when we are ready to make the changes necessary to protect the most vulnerable customers,” the company said. 

This is a breaking news story.

Check back for updates.

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