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State Farm announced Tuesday morning that it has filed plans to "discontinue its Florida property insurance product lines." The company said its weakened financial position was a main reason and blamed an inability to get approval for rate increases.
According to the company, "This plan includes insurance coverage for homeowners, renters, condominium unit owners, personal liability, boats, personal articles, and business property and liability policies."
I have a feeling they are trying to scare the state into an approval of a rate increase. They asked for a 47% rate increase and were turned down. In an article they stated they paid out 1.21 in claims for every 1.00 they took in in premiums. Seems like they may be shooting for about a 30% rate increase.
If they leave everyone goes to Citizens then Citizens starts losing craploads of money for the state. I think Florida should approve a rate increase, not 47%, but keep them in business.
I have a feeling they are trying to scare the state into an approval of a rate increase.
If they leave everyone goes to Citizens then Citizens starts losing craploads of money for the state. I think Florida should approve a rate increase, not 47%, but keep them in business.
YOU HIT THE NAIL ON THE HEAD.. SF HAS OVER 1.2 MILLION POLICIES IN FL.. I GUARANTEE THE STATE IS GOING TO TRY TO KEEP THOSE FROM OVERWHELMING CITIZEN'S..
THE LIZZARD INSURE'S YOUR HOUSE?? HOW ABOUT FLOOD? PERSONAL ARTICLES? UMBRELLA??
The Flood insurance program is set up through the government. Geico insures homes and personal articles.
State Farm sucks!! I would do without insurance before insuring anything with them ever again. They do have a good business plan. They take money and they don't pay the claims.
THE LIZZARD INSURE'S YOUR HOUSE?? HOW ABOUT FLOOD? PERSONAL ARTICLES? UMBRELLA??
The Flood insurance program is set up through the government. Geico insures homes and personal articles.
State Farm sucks!! I would do without insurance before insuring anything with them ever again. They do have a good business plan. They take money and they don't pay the claims.
Did they deny one of your claims? Not prying or taking a jab, just wondering if you have a direct experience you would want to share.
I say cancel them before they cancel us. Drop them fast; they are still counting on the 90 days+ of coverage as we look for alternatives. Greedy slime balls.
This is simple, if you don't want to write homeowners in FL, then no auto insurance for you....., Insurance is nothing more than legalized extortion....I have never seen such criminal activity deemed legal in my life, well until the recent bailouts anyways....
They are obviously playing a card....they have my boats and house...., Charlie Christ needs to go tell them where they can rot.
jbutah3000 - 1/27/2009 1:27 PM
Did they deny one of your claims? Not prying or taking a jab, just wondering if you have a direct experience you would want to share.
No offense taken. I had several bad experiences with them. I love the local State Farm agents. They are excellent people. If they carried a different company, I would buy from them again in a heartbeat. After Hurricane Katrina State Farm held a meeting in Georgia to discuss the hurricane (bad sign initially). They decided to claim that everything (in along the Gulf Coast) was flood. They did this knowing that the government would bail them out and they wouldn't have to spend money paying claims.
Also, I have a friend that had his boat insured through State Farm. State Farm called him and told him they found his boat and that they were going to pay him to put new electronics and and new engine on the boat. The friend asked them "the boat is laying upside down several miles from where it was left before the hurricane and all they will do is pay for new electronics and a new engine?" Their response was "it layed upside down gently." The gel coat was scratched up, the wiring went under salt water, the rod holders on top of the cabin were scuffed up, and many other issues. He ended up getting paid, but it took him months before they finally agreed to total the boat. I had my boat insured through Geico and they paid it in full as soon as they looked at the boat. The adjusters were very nice and pleasant. Geico paid in full for cars, boats, planes, houses, etc. when State Farm was not paying for anything. Eventually the government ended up bailing state farm out by paying for wind damage. Unless their rates become ridiculous I am sticking with Geico.
THE LIZZARD INSURE'S YOUR HOUSE?? HOW ABOUT FLOOD? PERSONAL ARTICLES? UMBRELLA??
They take money and they don't pay the claims.
HA! WERE YOU AROUND FOR HURRICANE ANDREW? WHEN THEY WERE DISHING OUT $10K CHECKS LIKE TICTACS? OR HOW ABOUT THE PEOPLE WHO INTENTIONALLY DESTROYED THEIR PERSONAL ITEMS/FENCES/SCREENS SO THAT THEY COULD CLAIM THEM ON THEIR POLICIES?? TALK ABOUT CROOKS..
BigBite Offshore - 1/27/2009 2:03 PM
HA! WERE YOU AROUND FOR HURRICANE ANDREW? WHEN THEY WERE DISHING OUT $10K CHECKS LIKE TICTACS? OR HOW ABOUT THE PEOPLE WHO INTENTIONALLY DESTROYED THEIR PERSONAL ITEMS/FENCES/SCREENS SO THAT THEY COULD CLAIM THEM ON THEIR POLICIES?? TALK ABOUT CROOKS..
That was just my experience with them. I am sure that many people have had nothing but good experiences with them. There are probably thousands of people with equally bad things to say about Geico. I loved their local office. I just had a bad experience with the people they hired to come in and make false adjustments and surveys. I would be scared that if I was ever in a bad situation they might try to find a way out of paying. If they weren't in the wrong, they wouldn't have had to pay the claims.
This is simple, if you don't want to write homeowners in FL, then no auto insurance for you....., Insurance is nothing more than legalized extortion....I have never seen such criminal activity deemed legal in my life, well until the recent bailouts anyways....
They are obviously playing a card....they have my boats and house...., Charlie Christ needs to go tell them where they can rot.
Too bad about State Farm, I have a home & 3 cars with them. They also just wrote the loan on my new truck (last week), included free roadside and gap insurance. I had a claim after Hurricane Charley and they wrote a "starter check" in my driveway, then paid a total of almost $40K on the house and paid almost $20K for a car that got flooded.
Joe, during that time, State Farm hired third party claims adjusters who worked on a percentage basis of the claims they worked. If you git one of those guys, you were very well taken care of ( we were). They were financially motivated to "pad" the claim. My guy found a little scratch in the paint that was old and said we need to repaint the whole house. I was rebuilding my lania and the new screens were not yet installed. He saw that and started writing for screen replacment. I actually stopped the guy and told him to just fix the damn roof that lost about 20 shingles. I was afraid I would get dropped. Three years later they drop me for this crap. I should have taken the money I guess. People who git regular State Farm adjusters were in for a huge battle as they get rewarded to reduce claims amounts.
This is why their claims ratio is so high. They paid was too much for some claims and fought with people who had legitimate losses. Poor managment.
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I have a feeling they are trying to scare the state into an approval of a rate increase. They asked for a 47% rate increase and were turned down. In an article they stated they paid out 1.21 in claims for every 1.00 they took in in premiums. Seems like they may be shooting for about a 30% rate increase.
If they leave everyone goes to Citizens then Citizens starts losing craploads of money for the state. I think Florida should approve a rate increase, not 47%, but keep them in business.
Not many people understand what is really happening but the above statement I agree with. You dont shrug off the largest P&C courier. They are essential in creating competitive rates in the long run.
jbutah3000 - 1/27/2009 1:27 PM
Did they deny one of your claims? Not prying or taking a jab, just wondering if you have a direct experience you would want to share.
No offense taken. I had several bad experiences with them. I love the local State Farm agents. They are excellent people. If they carried a different company, I would buy from them again in a heartbeat. After Hurricane Katrina State Farm held a meeting in Georgia to discuss the hurricane (bad sign initially). They decided to claim that everything (in along the Gulf Coast) was flood. They did this knowing that the government would bail them out and they wouldn't have to spend money paying claims.
Also, I have a friend that had his boat insured through State Farm. State Farm called him and told him they found his boat and that they were going to pay him to put new electronics and and new engine on the boat. The friend asked them "the boat is laying upside down several miles from where it was left before the hurricane and all they will do is pay for new electronics and a new engine?" Their response was "it layed upside down gently." The gel coat was scratched up, the wiring went under salt water, the rod holders on top of the cabin were scuffed up, and many other issues. He ended up getting paid, but it took him months before they finally agreed to total the boat. I had my boat insured through Geico and they paid it in full as soon as they looked at the boat. The adjusters were very nice and pleasant. Geico paid in full for cars, boats, planes, houses, etc. when State Farm was not paying for anything. Eventually the government ended up bailing state farm out by paying for wind damage. Unless their rates become ridiculous I am sticking with Geico.
This is your State Govt. working for you and keeping business alive and well. Another screw up for our State of Florida Insurance Dept. What State is next till the only insurance will be UNCLE SAM Insurance Company. Then try and collect on a loss. All boats loss to Illegal use Import of Illegal Aliens, will be and insured with Uncle Sam will now go to the highest bidder...
No more State Farm in Florida 
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