State Farm asks for big hike

Florida's largest private property insurer has filed a rate filing with the Office of Insurance Regulation that would increase rates statewide on average 47.1 percent. Read the 526-page filing here.

“We’ve tried to do everything we can to stay in the market and our focus hasn’t changed,’’ said Chris Neal, spokesman for State Farm Florida. “We’re making this filing so we can continue to do business in Florida."

Comments

[Try building on Dry Land - Problem Solved!]

I hope they've done what's fair and raised rates for those living right on the water by about 1000%, and reduced the rates for the rest of us who chose to live in areas where we don't need to file a claim every time a hurricane passes within 100 miles of Florida.

[sean davis]

State Farm is on crack !

[Dee]

Are they crazy? I hope this is NOT APPROVED!!! We're being gouged by insurance companies. Keep raising rates, people will drop policies. Vicious cycle.

[M]

Great. Then get out of Florida.

Nothing is stopping you from buying your policy from another company.

[Sandy]

call your representatives and voice your opinion on this!

Their puppet, JD, has an opponent for relection. State farm needs more money to donate to his 527s.

And still it has not yet occurred to anyone that Bill Nelson's move a few years back to make the change regarding coverage in Florida is greatly responsible for alot of this... Spreading Florida risk across Florida only is about as stupid as paying 224 million to someone for the remote possibility that we might need to borrow up to 4 billion more (plus interest). What a bunch of freaking morons running this state - into the ground.

[Donald Lance]

I realize the link is over a year old, but still telling!

http://articles.latimes.com/2007/jan/04/business/fi-statefarm4

4:37-

Oh it's occurred to some of us...they allowed companies to set up special "Florida Only" subsidiaries, which inflates the price, because, as you said, the risk is only spread amongst those in Florida.

If i buy a policy, i want my risk spread worldwide amongst any other policy holders with the same company.

[candi]

OMG !!
How in the world is the average, hard working person supose to survive ??? Ya do whats right...recycle,treat others w/ respect, get a job..sometimes 2..to keep going and not need assistance and now...average person just cant survive...needs help, and there is nowhere too turn and people look down on each other for getting the courage to even ask for help...its all awful..just awful !!

[A Message from State Farm]

Based on our own self serving WAG we raised premiums nearly 100% from 2006-2008. We did this because our computer models told us we would have a record number of hurricanes in Florida in 2006 and 2007. Now it is true that we actually had NO HURRICANES in either year...but we were happy to continue to collect the dramatically increased premiums that were based on our self-serving albeit inaccurate predictions. We are worried that this trend of record profits will not continue if we do not jack up rates again...even though we still have not been hit by a hurricane in Florida for several years...and we don't really know when we will be...all we know is...we are making lots of money and we want to keep doing so.
-State Farm-

[steve]

i bought a mobile home 6 years ago for $22k had it insured for $38k, burnt it to the ground, collected off it, now im livin for free in a $15k mobile home i bought with the xtra insurance settlement, dont ever get insurance down here, its not worth it

[Omega83]

The march towards 100% socialized insurance continues.

Every economist said that this is exactly what would happen. Yet Crist's people called it a "free market approach."

Clowns run Tallahassee.

4:48

When Bill Nelson runs with Obama, you can thank him personally for that.

dear 4:48.....Do you think that if you lived in a "relatively safer" area as far as natural disasters are concerned (Sotuh Dakota or Kentucky, for examples), you would think it fair to average out the risk across that nation? I doubt it. This is Florida, paradise as far as many are concerned, and we have to deal with the not-so-great parts of living here too. (Loooong muggy summers, HURRICANES APLENTY) If you want lower insurance rates, maybe you should leave the most hurricane rich state in the country.

signed,
not living in la-la land

[HCB]

There should be NO insurance for condos, houses or businesses on the beach. Period. Anything built on the beach should be built with the idea it will be lost in a bad storm and will have to be rebuilt at the owner's sole expense.

However, if people insist there be buildings on the beach, then it should be a separate class all by itself - just like young drivers and nursing homes. The premiums should reflect the dramatically greater risk of a building next to the water compared to an inland structure. There is absolutely NO justification for forcing inland owners to share the risk of a hurricane blowing down a condo on Sand Key. Don't forget, also, those sand key monstrosities not only destroy the beach, they prevent most people from using the beach - it's private. And they are much more expensive so the cost to replace them is much higher. In other words, the condos prohibit you from using the beach while they force you to pay much more for your insurance. You not only have no benefit from them being there, they are a substantial burden. And all that while they destroy what used to be the natural beauty of the state. And, of course, you get to fund their taxpayer underwritten flood insurance.

Here's an idea - an impact fee equal to the cost of the beachfront condo payable in cash at closing. It goes into a fund to insure the condos on the beach. Only condo owners get to use it but they can't participate in inland insurance policies.

[Insurance Guru]

It's now their time to go to court. Let's see if Charlie can squeeze millions out of them like he did Allstate.

I say if you can't afford to live in the state, move. You have to pay to live in paradise.

[scaredstiff]

I can garantee that If State farm is granted such a hike,and other insurers follow suit I WILL forclose on my mortage because we live hand-to-mouth as it is,and that is with 2 adults working full time(I make just a bit above min.wage.It may screw our credit to the wall,but in light of teh way things are NOW,with NO relief in sight,RENTING will defiantely be the way to go.PERIOD.HOW sad is this?And it is NOT limited to Florida with our outrageous insurance fees and TAXES..it is the DAMN ECONOMY that good ol'Georgie boy has driven straight into the ground!!!!Now I think I will go drink a Bud...soon NO LONGER to be AMERICA's beer!

State Farm is crazy!! What a bunch of hacks! The screw the people, buy reinsurance at a top rate from their own reinsurance company, have obscene profits and then lie through their teeth that they are loosing money!!! Get out of Florida and take your car, health and all other insurance with you!! A bunch of pigs!

Insurance Guru, you are a nut case insurance agent. Get out of town and take your crap with you!

[terminator]

remember with Chuckles the clown Crist as your Governor "you're in good hands"....oh sorry, wrong company....."State Farm is there".
Chuckles would never let you down. He doesn't need insurance since he rents and we the people pay for the mansion, so.....I guess the rest of you guys are screwed.
Told you not to vote for Chuck!

5:22

If you are working 2 minimum wage jobs, how do you pay for your computer? your internet access? time spent posting?

[candi]

HCB...
I like your thought...
I would never tell someone where to live or not to live, however it is horrible to have all of us suffer in more ways then one to fix, maintain and deal w/ the condos, homes etc... on the beach that allways suffer damage, repairs and at times complete losses.
I dont live on the beach for that reason...I LUV the beach and would luv to have it keep beautiful as it was intended !

[dth]

Hey HCB, get your facts straight. Remember 2004? Five hurricanes hit FL, with three of them cutting tracks of destruction all the way across the state. There is no such thing as an inland owner in FL that is immune to the effects of hurricanes.

[dth]

Now don't go thinking that means I agree that State Farm, or any of the insurance companies, are deserving of these huge rate increases. Their "models" are all guesses meant to increase their own profits. I have no sympathy for a company that whines about paying out 4-5 billion for a hurricane, then crows to its shareholders about 10's of billions in profits the next year!

[HCB]

dth:

Sure I remember. But what's your point? Insurance premiums are risk based - it's a lot better bet there will be damage on the beach than inland from a hurricane. But it's a completely sure bet that if a hurricane gets inland, it first did a number on the beach. So - the inland owners have to pay for their relative risk and so do the beach owners. It seems to me, however you look at it, the risk on the beach is far greater than inland. And the premiums should reflect that. And, by the way, Oldsmar is not "inland" being at the top of Tampa Bay as the deep end of any flood surge.

While you're at it, why should the taxpayer be funding flood insurance for all those condos? If it wasn't for that taxpayer subsidy, no banks would loan money to build or buy the things. So we underwrite the construction of buildings that don't belong there and then underwrite the insurance that keeps the owners happier with lower than fair premiums.

[Jill]

Well I'm sure we can count on more mtg foreclosures. I'll gladly move out of state if I could but I'm only 8 years away from retiring. I didn't ask to live in Florida but what can you do when your parents bring you down from years ago. Hopefully I can make it for a few more years and I'm out of here!

[State Farm....more like State Crime!]

Something inherently dishonest about State Farm. It's bad enough that they are allowed to raise premiums based on the expectation of hurricanes, but I don't see them issuing a rebate when said hurricanes do not hit.

Unfortunately, every insurance commish in the last 40 years in FL has been in bed with the industry. If I were with State Farm, I'd dump them immediately. Vote with your dollars, even if it means doing without homeowners insurance. In my 44 years of living in FL, I've made one $500 claim!!

[mr bill]

You have to be joking. My parents (father deceased 4 years) have had thier home, life & auto with State Farm since I was a kid 50 years ago and these people last month cancelled my mom's home insurance. Throw the bastards out of the State.

Does anybody have absolute and unequivocal proof that all of these people on the beach are paying such astronomically low prices for insurance? They might feel the same way about those of you that are riding the system with your bogus underpaid property taxes because of the inequitable soh bullsh!t.

Additionally, for all of the inland areas, there are oftentimes many more flooded areas and TORNADOES than there is on the coast.

As for spreading the risk nationally, yes, it is fair. After all, there are natural disasters all over the place. Look at the midwest right now. Flooding, etc. There are tornadoes in many states and other storm damage in cold weather states. Any idiot can figure out that if the pool of money is being added to by everyone and the risk is spread, we all would ultimately pay less.

But since Charlie and the other morons in Tallahassee think it's better to pay 224 million for the privilege of maybe having to borrow an additional 4 billion, so we can keep our risk within the state, well, we'll all just keep our fingers crossed and hope for the best. As for the risk models, fine, if the insurance companies want to reset their rates each year based on the models, then each year that there ISN'T a hurricane, we should get an equivalent refund distributed back to all of us.

[mr bill]

"State Farm...." get the big picture. Where do you think the premiums that were not paid out in cliams for 30 years prior the Andrew went. THE STOCKHOLDERS! If they had gone into the bank the insurance companies would have had adequate funds to pay those claims.

[Tom]

I just received notice that State Farm will Cancel my policy after 40 years with no claims, 2 homes and 8 cars in the family, why, because I live .97 of a mile from Tampa Bay, anything under a mile is gone, even my agent who lives east of MP hospital was cancelled, my next step is Citizens along with him. I say get rid of State Farm, no increase. If they will treat there agent of 50 years that way, what will they really do!!!

[john]

You can not just go shopping for homeowners insurance unless you have a cancellation notice in your hand, at least that was what I was told by an agent.
When is it enough 47.1% Paradise my butt. Let the insurance company Brass and share holders take a smaller cut.

Give up. Christ will let it go through. No rocking the boat for sunbed-man!

Give up. Christ will let it go through. No rocking the boat for sunbed-man!

[Reality]

Crist is an idiot. You all voted for him to get in office.......then you voted for amendment 1.....then he followed McCain to allow offshore drilling.....so who is the real idiot?? You idiots that vote for or with this guy.......he is the ONLY republican I havent voted for in many years!!!! too bad there are more not like me!!!!!

Warren Buffett, can I buy some reinsurance off of your $224???

The Insurance Industry is the ONLY industry in America that is not subject to Federal Anti-Trust Laws.

Go figure?!?!

to 5:26..I have 2 kids in school that use the computer for classwork/papers/etc.,so it is a MUST.Hubby works full time,I work as well and take care of kids/home/etc.We have limited phone/cable,paid off older cars,keep thermo set at near 80*/no well-watered grassy lawn,buy and eat only foods we can afford (much p-nut butter and tuna)and very few frills or perks of any kind.A large amount of $$ goes out the door in the way of health ins.,homeowners,taxes,and basic bills that everyone pays:we are NOT special:a VAST majority are in the same boat.We are well above poverty level,but we are being squeezed to death,as so many are.HAND TO MOUTH.Unless someone in our gov.puts a foot down,what I was proposing (forclosure & renting)will ABSOLUTELY become the NORM...NATIONWIDE!!

[Randy]

One posting spoke of Florida as hurricane rich. Check the insurance rates in Oklahoma, Nebraska, Missouri, etc. which are tornado rich states. Check the news. 18 tornados in one day. Not an uncommon thing. By comaparison, Florida residents are getting ripped off. Time to stop the madness...

[jp]

People on the beach pay about 3x's the premium for homeowners insurance than everyone else. By the way, why isn't earthquake insurance mandatory in California? They have had billions in damage over the past 20 years. California Earthquake Authority sells it for about a 1/2% of the covered value in the riskiest areas of the state. $300,000.00 in coverage = $1,500.00 per year with a 10% deductible. What about wildfires, floods, terrorist attacks and blizzards? Sh!t happens everywhere not just Florida.

[Gene]

Thank you Sen. Atwater for allowing this rate hike to be possible. You have collected millions of dollars from insurance companies and this is your way of paying them back. In November you will be out of office.

[This is nuts!!!!]

This worst part is that the insurance would love for the public to think that the only way they make money is through premiums...not so, they are actually finacially invested in most of our banks, REIT's and other holdings companies...they aren't even scathed by claims, where they start to loose money is when their investments start to fall like the stock market, lending companies and above all, their RE investments. With claims it an easy association with an insurance co for the public to understand a loss and it's an even easier way to cover other REAL losses for the company. Don't be snowballed by these idiots they aren't loosing money because of claims paid out it's their other investments that they must now cover!!! State Farm sucks anyways!!!! And they certainly AREN'T like a good neighbor...more like one whose house you want to burn down!!!

[Chris in FL]

Hey STATEHARM. HIT THE BRICKS!

You can't afford to be in Florida because people have started to wise up and see that your ALREADY OVER-PRICED to begin with.

This would be the perfect time for everyone to make a quick claim on their State Farm policies. That'll screw em' enough they won't be able to stay and steal from us anymore.

[Patrick]

Wonderful, Florida's growth rate has slowed dramatically. I can assure you this will increase the flight. Progress Energy will charge the remainder of us for nuclear power plants for a diminishing population. Probably will sell excess power to out of staters, Customers alway take it in the shorts.. always.... my lower extremities are pulsatin violently... oh the pain... this is obscene..

[Uncle]

I don't understand what you people are complaining about. If you don't like what State Farm is charging, you are perfectly within your rights to go purchase a Citizens Property Insurance Corporation Home Insurance Policy which is essentially a socialized government home insurance policy. This is what you all have asked for, so if socialized insurance is what you want, go buy it. All you need to qualify is for the Citizens rate to be 15% less, or you can just cancel your regular policy, then pay the no prior insurance surcharge to Citizens, and there you are, government insurance, for the idiots, by the idiots.

No problem HCB...and those of us who live on the coast where all the property taxes are collected shouldn't have to send our tax dollars to poor inland counties to pay for their roads, schools, judicial systems or anything else you can't otherwise afford because you choose to live in a county with no tax base.

[HCB]

9:26
I've been waiting for you and knew you'd have to come sooner or later. You're exactly right and I wish you'd follow through on it. Keep ALL your tax dollars - every last cent. BUT - the toll gates go back up on the bridges. And you can buy your own water supply, fire department, police, hospitals - all the things you people living in your ant colonies in the sand rip off the inland owners. I wish - as you have so often threatened - you all would secede. But no - You've ripped off the beaches, blockaded them and keep demanding more. Keep the beaches. But it's $100 at the toll gate. And stay away from all the parks and other amenities you aren't paying for.

[j]

TOM,

It was not State Farm that said everyone with in one mile of the coast had to be cancelled. That was the office of Insurance Regulation. SF wanted to reward loyalty and the OIR said that they could not do that.

HCB you are an idiot. 75% of the taxes collected in Florida come from the coastal region...we won't have to do without anything...we are sending money to the interior...without money from the coastal region more than half of the counties couldn't pay for their roads, schools, courts, parks or anything else....

[give me a break]

What you've already raised mine by 400%, I didnt even begin to read pass raising them by 47% because I've already read so much crap it isnt even funny. THERE HAS NOT BEEN ANY HURRICANES TO HIT FLORIDA IN YEARS,SCREW YOUR PROFITS GIVE US A BREAK.

[jess]

what retard thought this up

[HCB]

OK - I don't talk to people who go directly to "idiot." People like you try to hide your ignorance with nastiness. Talk to yourself.

It was Bill Nelson who socialized the RPJUA. The heretofore smooth running Windstorm Association was added and became Citizens. Because it is a government run company, pandering is the rule of the day. Citizens writes policies on what were once uninsurable risks. Citizens has no ability whatsoever to handle claims in the event of a major catastrophic occurence. Neither does it have the reserves to pay its claims. It would never meet licensing standards if it were a private company. Then Florida used a part of the premium that they collected to pay undercapitalized "Pups" to create mini-me paper insurance companies. Crist has attempted to use Citizen's as a lever to beat up on the private insurers. Considering the hostile environment and untenaable state of affairs, State Farm is doing the smart thing. Why do they want to write business in Florida when Florida's esteemed governor is using them as straw men for his own inability to deliver on his campaign promise to reduce insurance rates. State Farm is run by grown ups. Florida is run by a pack of pandering politicians. I trust the guys in Bloomington much more than the clowns in Tallahassee. So State Farm by jacking up their rates, limits their exposure both to both natural and political windstorms. Can you blame them?

HCB - you are right on from your first post. I would add that the state needs to gather the info from all the numerous storms that have devastated the US recently and perform their own, independent risk study. This is very do-able and would answer those questions about exactly how much risk and $$$ damage from storms such as Charlie which penetrate far inland and do considerable damage (rare, I suspect) compared to the ones which inflict a total loss of property on only the two or three blocks closest to the water, and rapidly taper off inland. The facts will tell.

As for actual costs of insurance for beach dwellers, I can offer only one anecdotal story. For years I joked with a friend of mine who lived right on the water in Treasure Island that I was subsidizing her insurance because her insurance cost was almost exactly the same as mine and I live well inland. (My house was about 1.5 times the size of hers for rebuilding purposes.) So for what its worth, beach dwellers were not paying 3X inland rates 5 years ago.

10:51 - Crist vetoed the portion that took Citizens surplus for the pups... and for financial stability, do your homework... you are wrong.

How's that $240 working out for y'all?

Who needs lower property insurance, when our caring Legislature gave us $240!

And you pinheads will vote them all right back into office.

Hahahahahahahaaa...

Is there anyone left on or near that coast who isn't already in Citizens? I don't think we can continue to complain that we're underwriting coastal risk with our larger and larger premiums. I think State Farm and all of the others have dumped everything but the least risky of property in Florida. No, now that they've minimized risk to the lowest possible point, they want to use the excuse of Florida's higher risk to make up for their 2005 losses.

9:05 is absolutely right (finally, someone) Everybody on or near the coast is already in citizens. Those people have not been State Farm customers for years. So now SF is moving on to the lower-risk groups, and looks like the pols using their money to get elected will go right along with it. Prove me wrong, mr. incoming senate president.

10:51 You obviously know nothing at all about take out credits. You, sir, are the one who is wrong. What Christ did was all for show.

10:01 Which is why we have a right to an independent, impartial, non-partisan risk study comissioned by the State, which I suspect will show that even Citizens should be charging coastal dwellers 10X the inland rate and both the State and the Insurace Industry have been conspiring to overcharge inland properties to subsidize rich coastal fat cats for years.

The people near the coast were already in the Windstorm Pool when Nelson socialized the RPCJUA and the Windstorm Pool. Keep in mind, any losses suffered by both of these entities were made up by assessment to the State Farms, Allstates, etc....Nelson let them off the hook and he realized it at the time because he wanted to run for the US Senate and assure their campaign contributions. And he did get a lot of money from the and insurance companies, their people and their lobbists in appreciation. By the way RPCJUA stands for the Residential Property and Casualty Joint Underwriting Association - which states in its name that the insurance companies underwrite any losses.

[wendy hathaway]

How can this be happening? I'll tell you, our state legislature is incompetent. Didn't they promise to help fix the housing insurance crisis? What have they done but line their own pockets? We need a change. November will soon be upon them!

I heard an interesting quote about insurance companies paying out $1.2 dollars for every $1 dollar in premiums for the past 8 years...

My question is... why 8 years... I know shorter will show a greater number per $1 in premiums...

What if you go to 9 years... is it $1 in payments for every $1 in premiums...

Does is show a profit if you go to 10 years?

If companies are looking at 8 year profit margins, why do they pay for and pass along charges for buying the 1 in 250 year storm reinsurance???

Require insurance coverage for outstanding mortgage balance only.

Require insurance companies to repay all premiums (plus interest) to any customer they choose to drop or non-renew, provided said customer has made no claims.

Problem Solved!

3:16 is the same person who only eats half a plate of food when he goes to a restaurant, and wants to only pay half the cost on the menu.

[shari]

Dear State Legislature,

People need to be able to live in AND afford their homes. Time to make the connection between insurance coverage, housing, homelessness and the general well-being of our society. Haven't you been elected to help improve Florida's worsening reputation, and to protect and serve the citizens of Florida? Hope you lose some sleep over this. You certainly won't be alone, if you do...

Since when has homeowner's insurance become a right guaranteed by the government. Its primary purpose is to protect the security of the mortgage companies. If government backed out of the insurance business, there might be some competition. But if people want to buy homes in high risk regions of Florida, then accept the risk and don't ask all of us other taxpayers to
support you.

Congressman Wexler is the first to come out publically chastizing State Farm and calling for an investigation into possible abusive tactics...

Hellp state level folks... where are you??? Oh yeah, Europe, nevermind.

[Doug Leavy]

I am a local independent insurance agent & we currently have 15 carriers that are actively writing homeowner's insurance throughout Florida & all throughout the Tampabay area. You can visit us online & request a quote directly at www.tampabayinsurance.net or call our office at 727-213-1890.

[Sherman]

"Continue to do business in Florida", indeed. Especially so since State Farm is the largest insurer in FL. Catastrophes, natural (hurricanes) or American-made (potential oil spills, anyone?), are disgusting means of producing wealth between big business and government.

Somehow, I don't think getting the rich richer are what Floridians had in mind.

Had an interesting thought... saw a post about stopping SF from writing auto if they want to drop homeowner policies...

I say OIR should require SF to drop 10 policies they have in non-wind prone areas for every 1 policy they drop along the coast...

OIR should take it one step further and require SF to drop 50 percent of the policies where SF is providing everything but wind coverage...

at least that way some of the newer companies and Citizens who ARE writing policies can enjoy some of the non-risk premiums that SF is oh so willing to keep to boost their bottom line.

[Miriam "Grail2012"]

In a competitive economy, large insurance cartels get together in private meetings to set the price hikes and influence the rates to their favor. What may covertly seem like a competitive market economy between big competing corporations, it is not. Any citizen with intelligence and common sense knows that corruption and private meetings between conglomerate directors and officials take place to set prices between themselves that increment in their favor.

Who do you think got us into the economic challenges our great country is in? It is because of a corrupted competitive market economy that has led to the increase in gas prices (there are different gas companies aren't there?, but they all Shell, Mobil, Amoco, etc get together to fix the incremental increases in prices), as well as health insurance companies, medical doctors, human and pet food industries, and the topic of this commentary --- property insurance companies.

Curtailing and setting a maximum salary for each insurance company board of directors, management,their lawyers, etc, and mandating a corporate budget cut of 75% of their operating expenses on these greedy corporations should be established and mandated by government in order to stop these greedy and corrupted individuals that run the insurance companies from feeding on American citizens livelihood. What they do onto others, so should they experience themselves.

It is about time that elected officials start thinking about the people of Florida and this great country and the financial impact that most are facing. It is about time to step up to a higher level of awareness and consciousness. Say NO to State Farm property insurance rate hikes, and YES to continuous government intervention in controlling price hikes in all areas and Yes to proctect the livelihood and subsistance of American citizens.

P.S. A reduction of 80% of our oil and gas consumption can be achieved if Nicola Tesla's technology is applied. I urge everyone to view the video documentary of the achievement of this great electrical physicist. No matter how much the oil cartels try to put him under the rug and away from public eye. Florida is a Treasure and Nature's gift to all of us Floridians. Our beaches are the most beutiful in our Great Nation. Florida's fauna, flora and waterways and diversity of rivers, marshes, lakes, springs are Nature's gift to all of us Floridians. Lets not abuse this natural gift by allowing oil to be drilled in our coast line. Lets not abuse this gift by the killing of birds that come in contact with the spoilage of oil spills, our beaches darkened with tar, having to scrape our feet from stepping on tar on a once cleared beach. Swimming under toxic spilages. NO, NO, NO...Lets raise our level of consciousness and protect our great state and our citizens from corruptive abuses of all these conglomerate underhanded schemes. No governmental official seeking position or power should risk putting our Great State in jeopardy or jeopardize the financial livelihood of our citizens. Right actions sooner or later brings right rewards to those that stick to their true characters of good inner priciples to protect our citizens and our State.

[ANDO INSURANCE]

Someone commented that you have to have a cancellation notice in your hand to shop for homeowners insurance--NOT TRUE...unless you're going to Citizens which I believe is Statefarm Agents' only alternative. Other companies don't require a notice of cancellation...you can switch whenever you want! My two agencies represent many different homeowner companies with good rates!
ANDO INSURANCE 904-641-1333 or 904-645-8880 WE'D LOVE TO HELP YOU!!
WE WRITE AUTO INSURANCE TOO!

[ACS]

You people are completely warped!!! Do you realize that State Farm Florida has had to pay out $1.20 in homeowners claims for every $1.00 of premium collected!?!?!?! If this rate increase is not approved, I can guarantee that they will cancel all of the homeowners policies in the state. Who are you going to insure your home through??? ABC Insurance or Citizens??? Just to let you know that Citizens is garbage and so are most independent insurance companies in the state.

If Citizens doesn't have enough to pay out claims, they tax all homeowners insurance policies in the state (yeap, go check your insurance policy and you will find the Citizens surcharge). They didn't have enough money to pay out claims in 2004 or in 2005. I bought a home a year ago and my policy has this surcharge which I find to be extremely unfair since I was not a homeowner in 2004 or 2005.

Independent insurers aren't charging the right amount of premiums to pay out claims. So what do you think will happen when the next big one hits???... The company will go belly up and you will be stuck without a house and without a company to pay for your damages. I would suggest that any one that is looking to change from State Farm to another carrier look up that company's rating in AM Best Rating (AMBest.com). I've got a friend who has State Farm and got a quote from another company that was $300 per year cheaper than State Farm. When she looked up that company's AM Best Rating, they only had $10 million dollars of capital to pay out claims. State Farm has from $750 million to $1 billion dollars. Who do you want to insure your home when the next storm hits??? I would want State Farm to insure my home because they have the capital to pay out claims.

You people should do your research before rattling off random comments on this site. Thanks!

[Doug Leavy]

State Farm right now has a B+ rating in Florida. There has been debate on this blog about newer companies & I myself can say as an independent agent you are wise to research the company for their financial strength. HOWEVER, the bigger issue is are they an admitted or a non-admitted carrier. I start this blog with the comment about State Farm being a B+ insurer to show that even the biggest (and at one time the best) have financial rating issues insuring homes in Florida.

The fact that a company is admitted ensures that your claim will get paid per the FIGA (Florida Insurance Guaranty Association) fund. Most of the newer carriers ARE admitted carriers & are monitored by the state to ensure initial financial stability. Beyond that all insurers have reinsurance (insurance for insurance companies) & that is key as well to help further spread the risk.

With that being said I represent 15 various insurance companies that write homeowner's insurance throughout the state of Florida. If you have been cancelled, non-renewed or want to shop your current insurance feel free to call me at 727-213-1890 or visit us online at www.tampabayinsurance.net to request a quote.

Sincerely,
Doug Leavy
Principal Agent
Strategic Insurance