Might want to anticipate state farm insurance issues
 

State Farm sees large losses in 2023

Not a good scenario . . .

Just renewed multiple policies. Minimal increase. Non event

:MOJE_whot:
:highfive:
:cool:

great news, I am actually surprised, but good news

We have bigger issues, we have Farmers, who is pulling out of Florida entirely and has already informed us they won’t renew our policy next fall. We also have a 17 year old roof, on a 28 year old home, that insurance Companies want nothing to do with. We’re getting the roof replaced later this winter and will have to find a new insurance company later in 2024. Not something I’m looking forward to.

No worries insurance companies leave all the time in Florida. New ones come in, then original’s return years later. It the circle of life in insurance terminology

I recently talked to my former roof sales rep. I mentioned that this area is probably a gold mine for roofing companies. He said absolutely not. The new law has put an end to free roofs and he can not do what was done before the law was enacted. He also said that the lack of any major storms has hurt the business.

I thought State Farm would be there for ‘my what ifs”

Jake lied.

sorry, NOT SORRY!

grifters. .

I’m kind of in awe and kind of envious.

We just purchased an Iris in Buttonwood. The house inspector said that the roof had another 5-6 years in it. State Farm wrote the policy.

Two weeks after closing, State Farm underwriters canceled the policy and returned our lump-sum payment.

We had to pay a lot of money for a new roof and now we have State Farm again.

Our house was built in August 2010. We were told that State Farm doesn’t insure anything in this area built before 2006.

A roof near end of useful life will likely result in a major claim. They are not going to accept a third party opinion, nor should they. They are on the hook, not an inspector. No one can precisely predict when it will fail, too many variables so they will be conservative.

InterNACHI's Estimated Life Expectancy Chart for Florida Homes

Asphalt Shingles (3-tab)
10 to 12
Asphalt (architectural) 15 to 20


However, keep in mind that the harsh climate in Florida, including hurricanes, heavy rain, high humidity, and intense sun exposure, can cause wear and tear on roofs and shorten their lifespan

Problem is that replacing State Farm, Farmers or any other strong national company with an upstart Florida only company. Recipe for disasters.

Bet the roofers got 20-25% more on the free roof claims. All were working on an assignment of benefts(AOB) contract which the legislature has partially curtailed.

Florida insurance regulators just approved 6 new companies to begin writing property insurance policies in the state starting in 2024.

Don't look to State Farm for help
 

They refused to quote me since my home was over 20 years old (built in 2000, 3 year old roof).

It seems to me that insurance companies are in the business of making money. If there is money to be made they will come and offer policies here. However, with rising costs of building materials and labor, and increasingly destructive weather, it will come at an ever-increasing cost to the consumer.
I am hopeful that the new legislation will do away with the free roof scam. That has to help a bit.

And yet I keep hearing about folks with roofing shingles far older than mine who are not having these insurance problems.

It’s like an extra tax for newcomers. And it’s a really big tax.

We were in the same boat having Farmers. I went to this Independent Broker who found me great quotes at Midwest prices. After getting a new roof try
Goosehead Insurance Brokers
Richard Collins Agency Owner
904-429-4211

I’ve had State Farm for close to 40 years. I renewed in November with a bit of an increase in my homeowners and a decent sized increase in my car insurance despite an accident free rate. I asked my agent then if they were still writing new policies as a friend of mine was interested in switching to State Farm. He said yes and my friend diss switch to SF.

I recommend Nathan Thomas State Farm in Wildwood. We have our home, 2 cars and golf cart there.

same, i do house & auto

Canceled my Auto
 

I just canceled my auto with them, it went up every 6 months for 3 years. My home is with them and has gone up but is still a good price. But now they say since I canceld my auto the home will go up, so I am shopping for a new home owners policy.

Is there a list so that we can reference these new companies? My policy will renew in March. Thank you.

24.4 million State Farm CEO annual salary. He wasn’t hurt too much last year.

Insurance industry news says expect 20 percent auto increases. Not unique to SF.

And insurance rates will probably keep on rising, propelled by higher costs of replacement parts and repairs, Bloomberg Intelligence analysts said last month.

A nice/friendly agent doesn't make the insurance.

Maybe if the laws were more strict for people driving around without car insurance the rates wouldn't keep going up.

1 in 4 motorists in Florida have no auto insurance.

Other states impound the vehicle for no insurance and don't release it until you can show proof of insurance.

One problem with that (and this was the situation with the northern city I'm from) Who are those that dont have auto insurance? Low income, right? Ins. Companies realize that they
are more likely to sue each other. So forcing everyone to buy auto ins. might raise everyone's rates.

State Farm Insurance isn't going anywhere.
Just another media b.s. to tell chicken little the sky is following.

depends upon accident / ticket surcharges and how long they are added to the base rate. That penalizes individuals with accidents / tickets while having no fault insurance, SO people with accidents and speeding tickets, etc, get higher rates without everyone getting higher rates.

at least in MA, I have been paying speeding ticket surcharges for 7 years after the ticket. .
states rights!

Didn’t think Farmers was going anywhere either, right up until they announced they were pulling out of Florida.

Just replace roof like I did, my I insurance when down. Yes, I paid for it. I wouldn’t let scammers on my property.

Insurance companies have guaranteed money tree. I’d say he probably took pay cut? What’s few million here or there.

On a somewhat related note. Travelers stock hit an all-time high today.