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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Allstate Corporation | NYSE:ALL | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-1.00 | -0.59% | 168.18 | 169.06 | 165.235 | 167.96 | 1,668,028 | 21:11:24 |
NORTHBROOK, Ill., May 25, 2016 /PRNewswire/ -- In a move to better protect customers who rent out their homes on a temporary basis, Allstate has filed plans to offer home-sharing protection in six states - Arizona, Colorado, Illinois, Michigan, Tennessee and Utah - starting in mid-August. Allstate becomes the first major insurer to offer personal property protection targeted to the needs of home-sharing hosts.
Home-sharing companies represent an evolving economy, which creates new protection needs for homeowners considering renting out their homes on a temporary basis. With participation in the home-sharing economy expected to quadruple over the next few years, Allstate is preparing to help customers be better protected when they choose to be home-sharing hosts.
"This new level of protection is a continuation of Allstate's innovative spirit when it comes to personalizing the customer experience and being a leader in our industry," says Allstate Senior Vice President of Product Management Julie Parsons. "We're excited to be first-to-market with this unique coverage option that can help our customers be a part of the home-sharing economy."
Pending regulatory approval, here's how Allstate's HostAdvantageSM endorsement will work:
While some home-sharing companies like Airbnb or HomeAway may have coverage options for their hosts, Allstate's HostAdvantage targets the specific needs of its customers who participate in home-sharing and provides a trusted brand that enhances a customer's current homeowner policy. Allstate anticipates making this protection available in additional states in 2017.
"Generally speaking, home insurance is pretty broad with respect to coverage for the house itself, so many losses that might occur in an occasional rental situation could be covered," says Parsons. "But, personal property coverage doesn't necessarily work the same way. So, if your tenants decide to throw a party and damage your stuff, you'll want to know what might be covered in advance."
Allstate offers a few tips to keep in mind for anyone who chooses to occasionally rent out their home to temporary tenants:
The Allstate Corporation (NYSE: ALL) is the nation's largest publicly held personal lines insurer, protecting approximately 16 million households from life's uncertainties through auto, home, life and other insurance offered through its Allstate, Esurance, Encompass and Answer Financial brand names. Now celebrating its 85th anniversary as an insurer, Allstate is widely known through the slogan "You're In Good Hands With Allstate®." The Allstate brand's network of small businesses offers auto, home, life and retirement products and services to customers in the United States and Canada. In 2015, The Allstate Foundation, Allstate, its employees and agency owners gave $36 million to support local communities. Allstate employees and agency owners donated 230,000 hours of service across the country.
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/allstate-plans-to-offer-home-sharing-protection-in-six-states-300274685.html
SOURCE Allstate Insurance Company
Copyright 2016 PR Newswire
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