Allstate to Stop Selling New Homeowners' Insurance in California

Allstate, the largest publicly traded home and car insurer in the United States, said on Thursday it would no longer offer new homeowner and landlord coverage in California.

Allstate said it would still provide homeowner's coverage to existing property insurance customers in California and Allstate agents would help customers obtain coverage from a third party.

The insurer said it took the latest of a series of cutbacks in its nationwide homeowners coverage in order to "responsibly manage" its exposure in "catastrophe-prone" California.