Reason? Global Warming.
Straight from the post:
Allstate plans to stop offering property insurance in nearly a dozen counties along the Chesapeake Bay starting in February.
The reason: the increased risk of hurricane damage due to rising ocean temperatures, possibly caused by global warming.
According to the Baltimore Sun, Allstate is part of a growing number of insurance companies that are refusing to cover hurricane-prone areas. The trend started in Florida, which sustained millions of dollars in damage from Hurricane Andrew, and is now moving up to our neck of the woods.
Washington Post, Global Warming Ate My Insurance Policy, Annys Shin | December 22, 2006; 7:50 AM ET