State Farm wants to pull out of Florida

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TheTodd
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State Farm wants to pull out of Florida

Post by TheTodd »

“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.
radbag
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State Farm wants to pull out of Florida

Post by radbag »

how does that affect you todd?
a1bion
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State Farm wants to pull out of Florida

Post by a1bion »

Did you see Gov Crist's response, Todd? He basically told them not to let the door hit them in the ass.

For you non-Floridians, home owners insurance is tough to get in Florida ever since the year we had all those hurricanes. State Farm wanted to raise their rates something like 47%.
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TheTodd
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State Farm wants to pull out of Florida

Post by TheTodd »

Well, I'm not really sure rad. I'll have to find someone else for my homeowners insurance it looks like. I'll probably have to go with Citizens since not too many people are writing policies in Florida...although I'm not really in a big hurricane area like the coast. We shall see.

I didn't see it Josh. I'm sure he didn't like the fact they wanted to increase rates that much though. Should be interesting since they insure so many in the state.
“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.
radbag
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State Farm wants to pull out of Florida

Post by radbag »

what's worse? FL or LA?
DocZaius
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State Farm wants to pull out of Florida

Post by DocZaius »

The problem isn't that Florida hasn't seen a major hurricane in a few years.

The problem is that Florida WILL see a major hurricane in the NEXT few years. Some of these storms are so destructive that the insurers cannot possibly cover all the losses without jacking up the rates.

Citizen's is not immune from this, either. I wonder where the state will get the money when the next big one hits.

We ended up having to go with Citizen's when we bought our house in South Florida. No insurer would touch a house built prior to the building codes that went into effect after Hurricane Andrew.

Never mind that the house we bought has stood rock-solid with no major damage from any storm since 1968.
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TheTodd
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State Farm wants to pull out of Florida

Post by TheTodd »

Should be interesting for me since my house was built in 1941. Although I'm 20+ miles inland.
“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.
G8rMom7
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State Farm wants to pull out of Florida

Post by G8rMom7 »

Whenever I hear these things I always assume they mean they will not be writing new policies in FL...but they will still insure those who have had long standing auto/home policies, right? Or so I thought...I guess I could be wrong. I've been with State Farm since I was 15 years old and got added to my parents policy. Got my own in college at some point. Anyway, they were GREAT when the four in 04 hit...for us. We had a claim but it wasn't huge compared to others.

In any case, I can't believe they could just walk out and tell their existing customers...you're on your own. Isn't there some rule against that?

I'm naive...I know.
Okay, let's try this!

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TheTodd
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State Farm wants to pull out of Florida

Post by TheTodd »

Alli, they are going to refuse renewal of all homeowner policies. They are walking out on their current customers. Auto policies won't be effected but I imagine those with bulk policies will attempt to take their business elsewhere.
“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.
G8rMom7
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State Farm wants to pull out of Florida

Post by G8rMom7 »

^^^Yeah, I just read the article...I would definitely take my auto policy elsewhere...if I can get a discount for having more than one policy with them. I bet this is why my State Farm agents keep calling me trying to promote their credit cards, and life insurance and such. I have all my life insurance that I need (or can afford at this point) and God knows I don't need another credit card.

This is why I find it hard to believe it would make business sense to pull out...they are going to lose more than just the home owners policies...I would pull everything from them and go with some other company...and I hope I'm one of THESE types..
"There are a lot of good risks in State Farm's book of business that a lot of companies would like to get," said Lotane, the agents' spokesman.
Okay, let's try this!

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TheTodd
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State Farm wants to pull out of Florida

Post by TheTodd »

I'm one of those people IMO.
“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.
G8rMom7
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State Farm wants to pull out of Florida

Post by G8rMom7 »

Me too...plus, you'd think living in the middle of the state rather than the coast should count for something! It's one of the reasons I moved to the po-dunk town of Kissimmee from living in Miami or Fort Myers. Oh well...I hope that they at least give us enough notice so we can do something about it. It looks like it's going to happen over a 2 1/2 year period and from what the article said (that I read in the O sentinel) it isn't set in stone yet.
Okay, let's try this!

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a1bion
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State Farm wants to pull out of Florida

Post by a1bion »

It's gonna force everyone into Citizen's.
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annarborgator
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State Farm wants to pull out of Florida

Post by annarborgator »

Ok...let's get the over/under going on the state of FL's bailout...any thoughts on size?
I've never met a retarded person who wasn't smiling.
MinGator
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State Farm wants to pull out of Florida

Post by MinGator »

We already have national flood insurance, why not a national homeowner's insurance as well. I mean don't we (the gov't) already own a piece of an insurance company through all of the TARP? Let the taxpayers fund all HOI policies.
:joking:
Can I borrow your towel? My car just hit a water buffalo.
TheTodd
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State Farm wants to pull out of Florida

Post by TheTodd »

It's gonna force everyone into Citizen's.
I've actually started looking elsewhere. A buddy in NJ has insurance through a company called Amica and he likes them. I called them and I could use them if my house wasn't built in 1941.
“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.
G8rMom7
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State Farm wants to pull out of Florida

Post by G8rMom7 »

^^^I got a letter from State Farm and they provided an email address and phone number, so I emailed them. Basically expressed my disappointment and how well they treated us after the 04 storms. But told them I would be taking my car insurance elsewhere if they indeed cancelled my home policy. Let me know what you find out Todd. If anyone else has any good leads on how (or who) to start shopping with, let me know.
Okay, let's try this!

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TheTodd
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State Farm wants to pull out of Florida

Post by TheTodd »

Amica said they would insure in my area, but only houses built since 2002.
“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.
G8rMom7
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State Farm wants to pull out of Florida

Post by G8rMom7 »

My house was built in 71 so I won't go to them.
Okay, let's try this!

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a1bion
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State Farm wants to pull out of Florida

Post by a1bion »

Amica said they would insure in my area, but only houses built since 2002.
A friend of mine told me awhile back that there are companies that are willing to do policies, but only in certain neighborhoods and only a certain number of policies. He had just gotten his insurance redone through a company other than Citizen's in one of those deals and it was just because he knew someone who put him in touch with the right person. You probably found something real similar to what my other friend was telling me about, Todd. Sucks that they won't cover your house.
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DocZaius
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State Farm wants to pull out of Florida

Post by DocZaius »

Amica's a reputable company. I used to do some work for them at my old law firm. But they're in the same boat as just about every other insurance company with regard to writing new Florida homeowner's policies.
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TheTodd
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State Farm wants to pull out of Florida

Post by TheTodd »

I just don't understand why I can't get a policy on an older house. It's been there since 1941. Every storm since then hasn't taken it out.
“The Knave abideth.” I dare speak not for thee, but this maketh me to be of good comfort; I deem it well that he be out there, the Knave, being of good ease for we sinners.
DocZaius
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State Farm wants to pull out of Florida

Post by DocZaius »

I don't understand it, either. I think their policy is that it has to be built recently to ensure that it's up to the post-Andrew building codes.
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G8rMom7
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State Farm wants to pull out of Florida

Post by G8rMom7 »

^^^I agree Todd!!!! And Doc I know you're right but the houses that were torn up by the 04 storms were the new ones. I have friends whose houses had water coming through their walls because of the poor drywall and stucco jobs done on their house. Did they withstand the winds? Sure (as much as mine) but they had a lot of other issues because builders are so focused on the wind resistance that they aren't taking the time on the other stuff. Just my .02
Okay, let's try this!

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