View Full Version : The Pull Out Method: State Farm Non Renews 72,000 California Policies
https://twitter.com/ImMeme0/status/1771630088770994352
They left FL decades ago.
If I was in charge of the legislature I would have a policy that if you don’t sell property insurance you can’t sell auto and other gravy products.
Rodnok1
03-24-2024, 5:01pm
SF left alot of counties in NC a few years back, not just along the coast either.
Overall that's a small number for California.
Several companies pulled out of the coastal counties at the same time, a few from mountain counties also.
Frankie the Fink
03-24-2024, 5:18pm
State Farm pulled a number on Florida residents after the 4 hurricane "hit" around 2004; even running their operations off shore where US regulations don't apply..
State Farm pulled a number on Florida residents after the 4 hurricane "hit" around 2004; even running their operations off shore where US regulations don't apply..
I think they started their pull out after Andrew or Opal back in the 90’s.
slewfoot
03-24-2024, 5:52pm
https://i.imgur.com/zlIjVXz.png
KenHorse
03-24-2024, 6:06pm
Like a good neighbor
State Farm is the **** outta there!
Unsuspicious
03-24-2024, 6:11pm
A state farm is one of the goals of a communist government, don't be surprised when the name is right there all along
They left FL decades ago.
If I was in charge of the legislature I would have a policy that if you don’t sell property insurance you can’t sell auto and other gravy products.
You advocate a business operating at a loss as a law? Damn, Lars. They would absolutely operate everywhere if the laws allowed them to charge what they need to make a profit. Don't hate State Farm, hate the attorneys and legislatures in south FL and CA for making it an impossible landscape.
You advocate a business operating at a loss as a law? Damn, Lars. They would absolutely operate everywhere if the laws allowed them to charge what they need to make a profit. Don't hate State Farm, hate the attorneys and legislatures in south FL and CA for making it an impossible landscape.
I agree with you. My point is why allow them to sell auto but not property?
Loco Vette
03-24-2024, 7:32pm
I agree with you. My point is why allow them to sell auto but not property?
More companies selling a product = more competition for customers and usually lower prices.
More companies selling a product = more competition for customers and usually lower prices.
Wish we had that option for property insurance in Florida.
Allstate did this to me in Kansas City back in 2001, always been part of the industry.
Swany00
03-24-2024, 7:40pm
FU SF
Loco Vette
03-24-2024, 8:13pm
Wish we had that option for property insurance in Florida.
When they can price their products so they make a profit, you will.
ZipZap
03-24-2024, 11:17pm
I agree with you. My point is why allow them to sell auto but not property?
Why not just have them satisfy your needs, rather than the demands of a company and stockholders?
No. If they can't make a profit on a product, whether it's insurance or jellybeans, then they should pull out.
If you feel you are getting screwed, why don't you self insure?
Nosferatu
03-24-2024, 11:35pm
Shockingly my insurance company after claiming a Ferrari as a total loss and getting paid out for it they still do business with me. :slap:
I took them to the cleaners. The "deductible" was laughable at the total cost they had to pay out to make me whole. They still insure my house and cars and umbrella in good 'ol Florida.
When they can price their products so they make a profit, you will.
I believe a lot of it is political. I think DeSantis and the folks in Tallahassee need to fix the problem ASAP.
Why not just have them satisfy your needs, rather than the demands of a company and stockholders?
No. If they can't make a profit on a product, whether it's insurance or jellybeans, then they should pull out.
If you feel you are getting screwed, why don't you self insure?
I'm giving that serious consideration. If I did I would still have a liability policy. :seasix:
Onebadcad
03-25-2024, 1:13pm
I have SF as HO INS for the past four years, no other comes within 20% of their premium.
They are very selective, will not insure if built before 1993, they also want a newer roof.
I would imagine they have cut 50% of their policies in the past 10 years, as many have.
Of course to get the lowest premium you must bundle with cars, and they are ripping me off at $1,500/year on each car, so I need to do some shopping.
I have SF as HO INS for the past four years, no other comes within 20% of their premium.
They are very selective, will not insure if built before 1993, they also want a newer roof.
I would imagine they have cut 50% of their policies in the past 10 years, as many have.
Of course to get the lowest premium you must bundle with cars, and they are ripping me off at $1,500/year on each car, so I need to do some shopping.
I did not know that they were back to writing policies in Florida.
And any insurer will require that the roof is less than 15 years old.
DJ_Critterus
03-25-2024, 1:26pm
I did not know that they were back to writing policies in Florida.
And any insurer will require that the roof is less than 15 years old.
I am forced to use one of the two State provided insurers here in FL because of the age of my house, but they require the roof be no less than 20 years old.
Onebadcad
03-25-2024, 1:35pm
I did not know that they were back to writing policies in Florida.
And any insurer will require that the roof is less than 15 years old.
They are VERY selective on age of home, age of roof, credit and bundling.
I also 'think' they will not take on coastal areas.
I would bet they drop many more policies than they add each year.
They are VERY selective on age of home, age of roof, credit and bundling.
I also 'think' they will not take on coastal areas.
I would bet they drop many more policies than they add each year.
I’m not coastal anymore. And my new house is north of I-10 so I don’t even need to have impact windows.
DJ_Critterus
03-25-2024, 1:44pm
I’m not coastal anymore. And my new house is north of I-10 so I don’t even need to have impact windows.
Even USAA won't insure anything other than auto here in FL.
dvarapala
03-25-2024, 1:45pm
They left FL decades ago.
If I was in charge of the legislature I would have a policy that if you don’t sell property insurance you can’t sell auto and other gravy products.
If an area is too risky to profitably sell property insurance, that's should be a big red flag to buyers to stay the hell away from such areas. There's no reason why an insurance company should be coerced into selling insurance policies in areas with excessive risk, because all that does is jack up the premiums for everyone else who selected a more prudent site to build/buy a home.
dvarapala
03-25-2024, 1:47pm
And any insurer will require that the roof is less than 15 years old.
So if I install a standing seam metal roof with a 50-year lifespan I still have to replace it after 15 years or be dropped from insurance?
ICNLT :nono:
If an area is too risky to profitably sell property insurance, that's should be a big red flag to buyers to stay the hell away from such areas. There's no reason why an insurance company should be coerced into selling insurance policies in areas with excessive risk, because all that does is jack up the premiums for everyone else who selected a more prudent site to build/buy a home.
COBRA was designed to solve that. It didn’t.
Even USAA won't insure anything other than auto here in FL.
Maybe new policies. FL still has one of, if not the, largest USAA home liability on the books.
dvarapala
03-25-2024, 2:03pm
COBRA was designed to solve that. It didn’t.
The only "solution" needed is for people to self-insure. If you're wealthy enough to rebuild your house out of your own pocket, go ahead and build wherever you want. But don't build a house in a high-risk area and expect the rest of us to bail you out when it gets flattened. :nono:
DJ_Critterus
03-25-2024, 2:18pm
Maybe new policies. FL still has one of, if not the, largest USAA home liability on the books.
And USAA, along with most other insurers, are doing everything they can to depopulate their books via not supplying policies, non-renewals, and flat out dropping policies.
The only "solution" needed is for people to self-insure. If you're wealthy enough to rebuild your house out of your own pocket, go ahead and build wherever you want. But don't build a house in a high-risk area and expect the rest of us to bail you out when it gets flattened. :nono:
The problem is defining high risk areas.
Vette40th
03-25-2024, 2:50pm
I guess the big question is, is there a contract with them? Or are these truly just monthly, month and yearly policies?
And who backs these power houses of insurance scams? They never pay out well, if they do at all. Then, rates go up for everyone
BRUIZER
03-25-2024, 2:53pm
Two sfr's and four vehicle with SF since Jan this year.
They beat-out the others quotes by a wide margin.
DJ_Critterus
03-25-2024, 2:54pm
Two sfr's and four vehicle with SF since Jan this year.
They beat-out the others quotes by a wide margin.
And you live where? ID? We know why it's easy for you to get a policy with them. They have minimal risk.
Vette40th
03-25-2024, 3:00pm
One thing I have learned about insurance prices, besides being all over the place, is to ask exactly what they cover. Rentals, damage, parts...
BRUIZER
03-25-2024, 3:01pm
And you live where? ID? We know why it's easy for you to get a policy with them. They have minimal risk.
This is for sw MT, Gallatin county. Between one of tge highest drunk driving statistics in the country, weather related accidents/deaths and vehicle collisions with game/livestock it's rated fairly high/risky for insuring vehicles. Surprising I know.
So if I install a standing seam metal roof with a 50-year lifespan I still have to replace it after 15 years or be dropped from insurance?
ICNLT :nono:
Legitimate question :seasix:
So if I install a standing seam metal roof with a 50-year lifespan I still have to replace it after 15 years or be dropped from insurance?
ICNLT :nono:
Believe it or not but it’s true.
Last year I sold a 28 year old all steel commercial building with a metal roof. The buyer could not get property insurance. He went with liability and self insured the building.
I personally spoke with the insurance broker and then the underwriter. I told both of them that a roofer could go out and remove the roof panels and the same day reinstall the same panels and then it’s a “new” roof.
One said no the panels would need to be replaced. I said that is ridiculous and how would you know anyway.
Crickets.
Legitimate question :seasix:
Answer above.
dvarapala
03-25-2024, 4:28pm
The problem is defining high risk areas.
We could start with areas that historically have had a lot of claims. :D
dvarapala
03-25-2024, 4:29pm
Believe it or not but it’s true.
Must be liberals in charge of that insurance company. :rolleyes:
We could start with areas that historically have had a lot of claims. :D
True. But in reality most of the state is a high risk for wind and there are many places that are not coastal that are high risk for flooding.
Must be liberals in charge of that insurance company. :rolleyes:
Insurance lobbyists in Tallahassee are the problem.
And USAA, along with most other insurers, are doing everything they can to depopulate their books via not supplying policies, non-renewals, and flat out dropping policies.
I have no issue with a company I hand money to making good business decisions.
I would be for going back to O ranks only if it could happen.
Aerovette
03-25-2024, 4:55pm
How awesome. Now that their exposure is less and potential payouts will be lower, when will my discounts begin?
And you live where? ID? We know why it's easy for you to get a policy with them. They have minimal risk.
I live in CO. At a place where just ten years ago had a billion dollar forest fire. I asked USAA to come out and survey my yard work. They pointed out a single tree on my 3 acres that did not have crown clearance. Zero were not cut to min's.
Actually saw a one-time decrease in HO after they were here.
Hail and wind deductibles have gone up because there are too many shady roof repair guys.
I live in CO. At a place where just ten years ago had a billion dollar forest fire. I asked USAA to come out and survey my yard work. They pointed out a single tree on my 3 acres that did not have crown clearance. Zero were not cut to min's.
Actually saw a one-time decrease in HO after they were here.
Hail and wind deductibles have gone up because there are too many shady roof repair guys.
But pot is legal. Any correlation there? :waiting:
But pot is legal. Any correlation there? :waiting:
No. It was put up or shut up time. I live in a forest and take fire very seriously. Been through Hurricanes, Earthquakes, Torrential rains, Snowmageddon. Fire scares the shit out of me.
BTW, THC use in CO is falling fairly quickly w/r/t population.
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