Allstate Corp. is among insurers retreating from the Long Island homeowners market after superstorm Sandy and should be compelled to offer coverage there, New York Senator Charles Schumer said.
Liberty Mutual Holding Co. and Bloomington, Illinois-based State Farm Mutual Automobile Insurance Co. are also scaling back, forcing residents to pay more for homeowners’ policies, Schumer, a Democrat, said today in a statement. He called on the Federal Emergency Management Agency to penalize home insurers if they abandon the region.
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