Beware State Farm is canceling policies

[Ravenwatcher]

Just a heads up , We just got a letter from State Farm saying they are canceling our home owners policy They say we have had to many claims - Well we have had 1 claim in the 4 years we have had them at $350 per month we had 1 claim of $10,000 for the once in the life time storm that hit last year our pipes froze and took out our kitchen ceiling , Was a nightmare dealing with them also plus we have a $2500 deductible .  So after just one claim we are being dumped we have our house cars and just incase policies with them also so over a $10,000 claim they are willing to lose a $350 per month customer .

If anyone has them I would cancel now They don't want to pay they don't want your business if you file a claim . You would think thats Illegal .

[loam]

It's not just State Farm. I predict the disaster that is taking place in the insurance industry will be the sleeper story of 2024. It's everything: home, auto, health.

Things are pretty bad out there.

[DontTreadOnMe]

I've heard that State Farm is cancelling polices in some states, like Florida, that have a lot of natural disaster claims.
But is that really a new thing?  In the series Treme, State Farm was mentioned as not paying claims citing dubious reasons.

$350 per month seems rather steep for coverage.
Do you have special riders, like for floods or earthquakes?

[Ravenwatcher]

I've heard that State Farm is cancelling polices in some states, like Florida, that have a lot of natural disaster claims.
But is that really a new thing?  In the series Treme, State Farm was mentioned as not paying claims citing dubious reasons.

$350 per month seems rather steep for coverage.
Do you have special riders, like for floods or earthquakes?

Nope just a big house they base it off of rebuild cost hence the $2500 deductible we do h ave a 1 million dollar policy incase someone falls off our roof and decides to sue us thats only like $30 a month other then that It's just House and Cars nothing special .

[DontTreadOnMe]

Nope just a big house they base it off of rebuild cost hence the $2500 deductible we do h ave a 1 million dollar policy incase someone falls off our roof and decides to sue us thats only like $30 a month other then that It's just House and Cars nothing special .

EEEK!!!!!  
So I quesstimated if we still had our home [live in a condo now]  the replacements cost, with an umbrella policy like you have, and our one car.  At the time, we had a modest 3-bedroom ranch.
I came in at about $275 per month insurance.  
We don't pay monthly, so it was a shock to me to see how much we would pay.

I really despise insurance companies.
And, FWIW, we do not have a large, national insurer.

[KKLoco]

Just a heads up , We just got a letter from State Farm saying they are canceling our home owners policy They say we have had to many claims - Well we have had 1 claim in the 4 years we have had them at $350 per month we had 1 claim of $10,000 for the once in the life time storm that hit last year our pipes froze and took out our kitchen ceiling , Was a nightmare dealing with them also plus we have a $2500 deductible .  So after just one claim we are being dumped we have our house cars and just incase policies with them also so over a $10,000 claim they are willing to lose a $350 per month customer .

If anyone has them I would cancel now They don't want to pay they don't want your business if you file a claim . You would think thats Illegal .

It’s happening across the board on all insurance policies.

My commercial auto policy went from $1350 a month to $2550 a month. My last claim was almost 3 years ago….

[CoyoteAngels]

State Farm is totally pulling out of CA, except for existing customers.   Im looking for a good insurer for both home and auto if anyone can recommend one.

[argentus]

It is happening and has been happening here in the Caribbean as well;  we pay nearly $2000 per MONTH for health care, and that isn't sustainable for us.   Will soon have to give it up.   Our homeowners insurance is about $5,500 per year for a very small home and contents.   Our auto insurance is around $700 per vehicle per year, and that is liability only.   We are spiraling down insurance-wise, and will just have to downsize and ride it out any way we can.   

I have said it before, and I'll say it here:   Insurance is betting against yourself and hoping you lose.  

[Nugget]

It seems like insurance joined the ranks of Big Business when the ACA went into effect; now they've branched out to increasing their wealth via home owners and I fully expect car insurance to become so exspensive vehicle ownership will be the next thing to become a distant memory.