Anyone have State Farm homeowners insurance and get a letter about them trying to pull out of FL?
01-30-2009, 04:18 AM
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Anyone have State Farm homeowners insurance and get a letter about them trying to pull out of FL?
The letter indicates they submitted a plan to pull all homeowners/renters/boatowners/personal articles and a few other coverages out of FL. Basically leaving oar insurance as about all they would do.
Since I'm a current State Farm homeowners policy holder (for 5 years now) I assume that means all existing people would loose it. I know they stopped writing for new policies years ago.
Letter states the plan has to be passed by the state of FL, which I sure as hell hope they don't do. I get some HEFTY discounts on my car insurance for multi-line as I have car/home owners/individual articles policies with them and my multi-line car insurance discounts across 3 cars totals about $350/year, and I know those bastards won't honor the discount if they pull out the other policies.
Since I'm a current State Farm homeowners policy holder (for 5 years now) I assume that means all existing people would loose it. I know they stopped writing for new policies years ago.
Letter states the plan has to be passed by the state of FL, which I sure as hell hope they don't do. I get some HEFTY discounts on my car insurance for multi-line as I have car/home owners/individual articles policies with them and my multi-line car insurance discounts across 3 cars totals about $350/year, and I know those bastards won't honor the discount if they pull out the other policies.
01-30-2009, 04:27 AM
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exactly my thought, found this article too
I have my 3 cars and a personal articles policy. Had the personal articles 5 years and car insurance about 10 years now. I was also going to get life insurance through them (but haven't gotten there yet).
Well if they pull my homeowners, I'm leaving them all together. The prices on car insurance have been very good, primarily due to the huge multi-line discount, but if I loose that, then they are no cheaper then everyone else.
This article says there have been 30 new companies eager to insurance home in FL. My concern is how many of them could actually pay out claims in we have another 2004 season and I have damage to my home (I've had zero hurricane damage thus far over past 5 years).<ul><li><a href="http://www.msnbc.msn.com/id/28900404/">http://www.msnbc.msn.com/id/28900404/</a</li></ul>
Well if they pull my homeowners, I'm leaving them all together. The prices on car insurance have been very good, primarily due to the huge multi-line discount, but if I loose that, then they are no cheaper then everyone else.
This article says there have been 30 new companies eager to insurance home in FL. My concern is how many of them could actually pay out claims in we have another 2004 season and I have damage to my home (I've had zero hurricane damage thus far over past 5 years).<ul><li><a href="http://www.msnbc.msn.com/id/28900404/">http://www.msnbc.msn.com/id/28900404/</a</li></ul>
01-30-2009, 05:36 AM
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I was in the same boat- here's what I found
I had homeowners/cars/motorcycle/personal property etc all with multi line discount.
Multi line discounts paled in comparison to what I save with Progressive. I went with higher coverage and still saved about $600/year. The highest premiums I've had with Progressive is when I had the Accord, my wife's car (and her driving record) and the Miata for $1450/year. Full coverage and matching coverage for uninsured motorist.
When I moved to the new house, they wouldn't write a policy for me. I went with a different carrier (same coverage as my last house) and my premiums dropped $200 despite the fact that I am now less than 2 miles from the water.
Short story, you may find out that you're better off without state farm.
Multi line discounts paled in comparison to what I save with Progressive. I went with higher coverage and still saved about $600/year. The highest premiums I've had with Progressive is when I had the Accord, my wife's car (and her driving record) and the Miata for $1450/year. Full coverage and matching coverage for uninsured motorist.
When I moved to the new house, they wouldn't write a policy for me. I went with a different carrier (same coverage as my last house) and my premiums dropped $200 despite the fact that I am now less than 2 miles from the water.
Short story, you may find out that you're better off without state farm.
01-30-2009, 06:15 AM
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I know there isn't much to save on the car insurance side based on my current prices
I've already shopped that around over the years. I left progressive to go to state farm 10 years ago as well.
Because I'm a long time state farm customer with good standing, I get their best rates they offer. It also gets be some benefits like I can get rack up 4-6 points and have it not effect my rates (tested numerous times with tickets. Its kind of like accident forgiveness, but it's "bad driver forgiveness")
But, if I loose multi-line discounts, then I know it won't be such a sweet deal.
I'm pretty confident I can get cheaper HO insurance though.
At the end of the day, I don't have issues with State Farm and the woman I work with at my local agent has been the same lady for 10 years and she kicks ***. It would just be a hell of a lot easier if the state of FL denied State Farm from pulling out of the state so I don't have to be Inconvenienced. I'd gladly pay $200/yr more to just not have to go through the ordeal.
Because I'm a long time state farm customer with good standing, I get their best rates they offer. It also gets be some benefits like I can get rack up 4-6 points and have it not effect my rates (tested numerous times with tickets. Its kind of like accident forgiveness, but it's "bad driver forgiveness")
But, if I loose multi-line discounts, then I know it won't be such a sweet deal.
I'm pretty confident I can get cheaper HO insurance though.
At the end of the day, I don't have issues with State Farm and the woman I work with at my local agent has been the same lady for 10 years and she kicks ***. It would just be a hell of a lot easier if the state of FL denied State Farm from pulling out of the state so I don't have to be Inconvenienced. I'd gladly pay $200/yr more to just not have to go through the ordeal.
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01-30-2009, 02:39 PM
#8
not yet, but i started shopping today! so far i've gotten quotes $300 - $500 cheaper!
and they are A-rated companies! I will be looking for new auto policies also. Boy is State Farm gonna lose big time! ...and like a good neighbor State Farm is there?! ...yeah right! sucks to be a State Farm agent these days.
01-31-2009, 05:56 AM
#10
So far the only A-rated companies I've gotten quotes for are...
ASI and Tower Hill. The latter is cheaper, but has policies only in Florida, which make me wonder about their financial stability if a large portion of their policy holders make claims against a hurricane. ASI costs more, but their policy holders are covered in like 5 states, so the risk is more spread out. Search for some insurance agents/brokers in your area and see what they come up with.