What Is Allstate Indemnity Property Insurance?
The Allstate Corporation, headquartered in Northbrook, Illinois, is the parent holding company of a number of subsidiaries, one of which is the Allstate Indemnity Company, also with home offices in Northbrook. According to Allstate Corporation, Allstate Indemnity Company was founded in 1974 to provide alternative options for high-risk customers. The company offers property as well as health insurance. Types of property insurance offered by Allstate Indemnity Company include coverage for airplanes, automobiles, boats, homes and businesses.
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History
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Sears, Roebuck and Company founded Allstate Insurance in 1931. According to Sears Archives, the name Allstate originated from a contest the company held to name its new brand of automobile tires. Sears eventually used the name to brand different types of automobile parts and a number of household items. In 1952, the company released the Allstate automobile. By this time, the insurance company was better known, and in the 1970s, Sears quit using the name on products other than insurance. In 1995, Allstate insurance became independent of Sears Brands. Publicly owned, Allstate Corporation is a stock company traded on the New York Stock Exchange under the symbol ALL.
Understanding Terms
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Indemnity, used synonymously with restitution or compensation, specifically means in the insurance industry, payment in compensation for loss or injury. Property insurance mainly provides compensation for loss by covering the costs incurred from damages resulting from unexpected or unusual circumstances. As Allstate says, property insurance policies cover most unfortunate events. For example, fire and vandalism are two "unfortunate events" covered under most property insurance polices.
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Clarification
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In the insurance industry, property insurance is thought of as a separate product from automobile insurance. One reason is that property insurance differs from liability or casualty insurance in that property insurance pays the policyholder for loss or damage to their own property, whereas liability insurance pays someone else for damages or loss that result from actions of the insured or from hazards on the policyholder's property.
Allstate Indemnity Policies
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Allstate Indemnity Insurance Company offers policies for homeowners including manufactured homes and condominiums. Homeowners' insurance generally covers the structure and adjacent buildings. Allstate policies for manufactured homes usually do not include detached buildings, and condominium policies may not cover the exterior structure of the residence. Policies for personal property offered by the company can be purchased to include most or all of a home's inventory, as well as individual possessions. The company states that your Allstate agent should explain specifically what is and is not covered under an individual policy as well as any limits imposed on particular items.
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References
- Allstate: History and Timeline - Allstate Insurance Digital Newsroom
- Allstate: Home & Property - Home Structure Coverage
- Allstate: Home & Property - Personal Property Coverage
- American Insurance Association: Insurance Glossary
- NYSE: New York Stock Exchange Listings Allstate Corporation
- Sears Archives: Allstate: 1926-1995 (Sears' Divestment)
