State Farm Monster Loss Announced ~Insurance

[Jesse-Infotainment]

My son just bought a house and insured it with SF. We knew when he bought it the roof would need to be replaced in the next few years. Never expected underwriting to threaten a cancellation unless he replaced the roof within 2 weeks. Guess their managing risk.

This after we fought with them for two months over totalling out my wifes car. Both drivers were SF, the other made a left turn in front of my wife. Admitted guilt and police report said same thing. They claimed the damage was minor. Both airbags deployed. Found out their adjuster used pictures, never went to see the car.

Finally got it into our body guy (a state farm approved shop) he put the damage at 17,500. Estimate was that the repair would take 4 to 6 months, due to "supply chain issues" so they would be renting us a car for 6 to 8 months. They finally wrote the check.

We've been with SF for 42 years, son 10, and this is how we get treated.
Time to talk to USAA.

USAA wont be any better.

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[brfertig]

A lot of the issues in FL are due to roofing scams and the state keeping their head in the sand. Roof replacements should be prorated like tire and battery warranties and not full replacement when you lose 10 shingles on a 25yr old roof. It is out of control when roofing companies go door to door convincing homeowners to sign over their rights and then the roofers sue the insurance companies for roof replacement. They pay for the roof since many times it is cheaper than dealing with the lawsuits. And then they say f'it, just raise everyone's rates. Now it is very difficult to get a decent renewal or new policy if a roof is less than 15yrs old. We had to replace our roof in 2022 when it was only 15yrs old. At that time, no one would quote a policy under $4,500 and many said they'd put a waver in the policy that the roof would not be covered at all. We were told that if our roof was just a year or two younger, we could get cost that in half. So we spent 17k on a new roof.

We have Progressive for auto, pay $1300/6mos for two vehicles with higher liability limits, another $500 annually to them for our TT, and then we have State Farm for homeowners and it is $2100 annual renewal this month. SF couldn't beat Progressive for auto/TT and no one could beat SF for homeowners in our market.

My Usaa insurance used to be that low until I put a teen driver on there. Kiddo pays for his portion but man he is like 250 a month by himself.

 

[whizkidder]

I had to drop USAA a few years back when my step-daughter got her license. USAA would not separate her car from the rest of our policy, and wanted to double our total bill. Went with Farmers who were happy to put her on her own policy. Fast forward, step-daughter is no longer in the picture, and we are back with USAA after Farmers hit us with a 40% increase on our homeowner's policy. USAA was only a bit better on price, and they won't write glass coverage here in GA, so probably a wash if we don't break too many windshields. My former Farmer's agent sold his "agency," and the new guy won't even return my calls, so went back to USAA.

 

[Murrk847]

USAA is the best.

 

[Superstock 3740]

We had a once in a lifetime (you're hearing about ALOT of theses LOL) hailstorm. Destroyed my automobile, plus the roof, downspouts and siding on our home. Not only mine, but every house in the neighborhood. Dutro Fords lot was called a catastrophe as it pounded every new vehicle on their lot. Not just theirs, but everyone's in town. Entire neighborhoods looked like someone took a 50 caliber machine gun and riddled the sides of the homes. You're hearing these stories over, and over, and over. Listened to the AG report Saturday and the relentless destruction of crops from fires, droughts, hurricanes, floods, tornadoes, and frost is having a huge effect on grocery prices. And it's not going to get better. Were all in this worldwide problem together.

 

[GrandpaD]

SF is pretty much leaving the California residential market. They are discontinuing coverage for 72,000 residences and apartments. They had previously stated they'd issue no new policies in the state.

https://apnews.com/article/californ...n=TrueAnthem&utm_medium=AP&utm_source=Twitter

 

[DNASMART]

If someone is cheaper than USAA, i would still stick with USAA. The couple of times I have had to make a claim they were totally fair - no BS.

 

[UGADawg96]

USAA is the best.

Unfortunately most don't qualify.

 

[Lite4d]

I had USAA for car and home but they are getting ridiculous in FL. My homeowners went from $1600/yr to $3800/yr last year. My auto went from $1600/6mo to $2800/6mo for 2 cars 2020 Explorer ST and my 2021 F-150 both me and the wife are over 55 and no claims. I ended up going to FL Farm Bureau and they now have it down to $1015/6mo. Still looking to get my homeowners down but that’s not gonna happen because everyone is high.

 

[KirkBay]

My Progressive policy (Homeowners, Auto, Umbrella, and Motorcycle) went up 50% total. Rough. Switched to Auto Owners to save 40% of the renewal.

Been with AutoOwners for several years. House, truck and two classic cars. Nobody touches them pricewise.

 

[medic455]

A lot of the issues in FL are due to roofing scams and the state keeping their head in the sand. Roof replacements should be prorated like tire and battery warranties and not full replacement when you lose 10 shingles on a 25yr old roof. It is out of control when roofing companies go door to door convincing homeowners to sign over their rights and then the roofers sue the insurance companies for roof replacement. They pay for the roof since many times it is cheaper than dealing with the lawsuits. And then they say f'it, just raise everyone's rates. Now it is very difficult to get a decent renewal or new policy if a roof is less than 15yrs old. We had to replace our roof in 2022 when it was only 15yrs old. At that time, no one would quote a policy under $4,500 and many said they'd put a waver in the policy that the roof would not be covered at all. We were told that if our roof was just a year or two younger, we could get cost that in half. So we spent 17k on a new roof.

We have Progressive for auto, pay $1300/6mos for two vehicles with higher liability limits, another $500 annually to them for our TT, and then we have State Farm for homeowners and it is $2100 annual renewal this month. SF couldn't beat Progressive for auto/TT and no one could beat SF for homeowners in our market.

For those who have been following, insurance groups are losing big on auto and home policies. In 2022 State Farm sold $46 Billion in policies but had $43.7 Billion in claims. Add expenses for overhead and processing claims and they lost $13 Billion. The 2023 earnings were announced and WOW, combined underwriting loss of $14 Billion. If you are a State Farm policy holder, get ready for rate hikes.

https://www.statefarm.com/content/dam/sf-library/en-us/secure/legacy/pdf/2022-annual-report.pdf

Insurance is a legalized racket. You pay,pay and pay and then when you need them, they whine and stall to pay out.

 

[FirstTimeFord]

Maybe they should not have fired the original Jake….

Perfect!! SF deserves it all. Target, Disney, Boeing, United, Planet Fitness, the list goes on. Decisions at the corporate level have consequences. People are finally speaking up with their wallets. As previously posted, FL is a nightmare for insurance these days. Home and auto are out of control. "You will own nothing and be happy". Increases in squatters in homes and individuals driving with zero documents or insurance will absolutely drive up auto rates. Someone has to pay for the free ride, it's the few, as usual.

 

[FirstTimeFord]

Been with AutoOwners for several years. House, truck and two classic cars. Nobody touches them pricewise.

Not sure if this is with others but Auto Owners does see use of their "free roadside assistance" as a claim. That was a shocker to me and raised my rates. Something to keep in mind if you have other sources for roadside that wouldn't impact your monthly rates.

 

[UNCGrad]

My son just bought a house and insured it with SF. We knew when he bought it the roof would need to be replaced in the next few years. Never expected underwriting to threaten a cancellation unless he replaced the roof within 2 weeks. Guess their managing risk.

This after we fought with them for two months over totalling out my wifes car. Both drivers were SF, the other made a left turn in front of my wife. Admitted guilt and police report said same thing. They claimed the damage was minor. Both airbags deployed. Found out their adjuster used pictures, never went to see the car.

Finally got it into our body guy (a state farm approved shop) he put the damage at 17,500. Estimate was that the repair would take 4 to 6 months, due to "supply chain issues" so they would be renting us a car for 6 to 8 months. They finally wrote the check.

We've been with SF for 42 years, son 10, and this is how we get treated.
Time to talk to USAA.

USAA is no better. They totaled my car and then nitpicked it. Claimed a pitted windshield when they had paid to replace it not 3 months prior. Claimed the car's interior was bad and it was not. Their claims went on and on...it took us 4 months to finally settle with them. My husband and I both have long backgrounds in insurance claims. We had a hard time getting anything done. I cannot imagine someone not familiar with the industry. The only reason we are still with USAA is because of my son's horrendous driving history (see totaled car above plus another total plus another at fault accident), he cannot get insurance on his own and when we looked at other insurance companies, the premiums were worse with him on the policy.

 

[UNCGrad]

A lot of the issues in FL are due to roofing scams and the state keeping their head in the sand. Roof replacements should be prorated like tire and battery warranties and not full replacement when you lose 10 shingles on a 25yr old roof. It is out of control when roofing companies go door to door convincing homeowners to sign over their rights and then the roofers sue the insurance companies for roof replacement. They pay for the roof since many times it is cheaper than dealing with the lawsuits. And then they say f'it, just raise everyone's rates. Now it is very difficult to get a decent renewal or new policy if a roof is less than 15yrs old. We had to replace our roof in 2022 when it was only 15yrs old. At that time, no one would quote a policy under $4,500 and many said they'd put a waver in the policy that the roof would not be covered at all. We were told that if our roof was just a year or two younger, we could get cost that in half. So we spent 17k on a new roof.

We have Progressive for auto, pay $1300/6mos for two vehicles with higher liability limits, another $500 annually to them for our TT, and then we have State Farm for homeowners and it is $2100 annual renewal this month. SF couldn't beat Progressive for auto/TT and no one could beat SF for homeowners in our market.

You are right about the scams helping to drive up the costs. We have the highest number of litigation claims in the country. Roofs being one of the worst issues and water losses being the next. That is why so many companies are limiting water losses to $10k.

You are lucky....brand new metal roof and we had to go to Citizen's at $2,900 year. Our last insurance company wanted almost $7k a year in premiums. 1800 sq ft home 5 miles from the gulf and no flood issues as we are the highest point in the county. We are getting close to retirement and I want out of Florida due to the insurance costs and traffic. I have been here 35 years. My husband is third generation Floridian and he wants out too.

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