And Watch Your Rates RISE!

Allstate, who already refuses to write flood insurance in the state of Florida, might also pull out of hazard insurance, it seems. Since they're our carrier, we're anticipating sharp rate increases and possibly loss of coverage. I hope we can afford to stay in our home when it's all said and done. The sad thing? We didn't even sustain any damage yet we might be forced to sell because insurers don't plan well.

NEW YORK (Reuters) - Allstate Corp. (ALL.N: Quote, Profile, Research) , the No. 2 U.S. home and auto insurer, warned on Wednesday its third-quarter profits would fall well short of expectations due to more than $1 billion in hurricane-related payouts.

The Northbrook, Illinois-based insurer said it now expects to earn net income of 9 cents in the third quarter and operating income of 8 cents per diluted share. Analysts anticipated the company would earn 24 cents per share, according to Reuters Estimates.

The news came just hours after Allstate said it would make Florida homeowner insurance policies harder to obtain after four of the 10 most costly hurricanes in U.S. history slammed into the state within a span of just six weeks.

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