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+--- Thread: Beware State Farm is canceling policies (/Thread-Beware-State-Farm-is-canceling-policies)
Beware State Farm is canceling policies - Ravenwatcher - 12-26-2023
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 .
RE: Beware State Farm is canceling policies - loam - 12-26-2023
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.
RE: Beware State Farm is canceling policies - DontTreadOnMe - 12-26-2023
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?
RE: Beware State Farm is canceling policies - Ravenwatcher - 12-26-2023
(12-26-2023, 03:50 PM)DontTreadOnMe Wrote: 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 .
RE: Beware State Farm is canceling policies - DontTreadOnMe - 12-26-2023
(12-26-2023, 04:22 PM)ravenwatcher Wrote: 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.
RE: Beware State Farm is canceling policies - KKLoco - 12-26-2023
(12-26-2023, 02:12 PM)ravenwatcher Wrote: 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….
RE: Beware State Farm is canceling policies - CoyoteAngels - 12-29-2023
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.
RE: Beware State Farm is canceling policies - argentus - 12-30-2023
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.
RE: Beware State Farm is canceling policies - Nugget - 12-30-2023
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.
