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State Farm in Florida [update: will not withdraw]
- Thread starter realtordanielle
- Start date
grant blackwell
Beach Comber
State Farm is Leaving and AAA is coming in
AAA Auto Club a household name is bringing their package insurance program to the panhandle. It is the first prgram in many years that gives the homeowner packaged with the auto the way State Farm and Allstate did it for years. Coastal Insurance Agency in Seagrove and in Destin will be the AAA agents for our area. Will be interesting to see how competitive AAA is and how they demonstrate a committment for the long run.
AAA Auto Club a household name is bringing their package insurance program to the panhandle. It is the first prgram in many years that gives the homeowner packaged with the auto the way State Farm and Allstate did it for years. Coastal Insurance Agency in Seagrove and in Destin will be the AAA agents for our area. Will be interesting to see how competitive AAA is and how they demonstrate a committment for the long run.
grant blackwell
Beach Comber
State Farm Pulling OUT THE REAL STORY
State Farm lost their shirts in Misssippi after Katrina. Even after denying claims that should not have been denyed, they lost mega money. In Florida they are ABSOLUTELY playing a shell game. They are announcing their intention to pull out of Florida in order to force a Federal Catastrophe Fund vs. a State of FL fund. This would give them profit guarantees. Gov. Christ knows it and congrats to him for not playing their game. If you think insurance is expensive now, you let those guys in Washington be in control and you will see how expensive it can be.
State Farm lost their shirts in Misssippi after Katrina. Even after denying claims that should not have been denyed, they lost mega money. In Florida they are ABSOLUTELY playing a shell game. They are announcing their intention to pull out of Florida in order to force a Federal Catastrophe Fund vs. a State of FL fund. This would give them profit guarantees. Gov. Christ knows it and congrats to him for not playing their game. If you think insurance is expensive now, you let those guys in Washington be in control and you will see how expensive it can be.
scooterbug44
SoWal Expert
boo-hoo insurance companies
I'd love to see the amount of premiums people paid in versus the amount the poor insurance company had to pay out. :roll:
It's a rare case when insurance companies don't make a profit. They may have a rough year, but in the long haul they still make $$$.
I'd love to see the amount of premiums people paid in versus the amount the poor insurance company had to pay out. :roll:
It's a rare case when insurance companies don't make a profit. They may have a rough year, but in the long haul they still make $$$.
Jdarg
SoWal Expert
Yikes!
State Farm Insurance won't sell Florida property policies
Anyone who has a SF auto policy, it's time to cancel immediately.
I had already canceled the autos- Will turned 16 and SF is twice as much as other companies for under 21 males. Our SF office confirmed this- they can't compete. So we found other coverage.
Jdarg
SoWal Expert
Geico. Same coverage- and savings from switching to Geico from SF offset adding a 16 year old. My annual Geico premium for 3 cars/2 "mature" drivers and one 16 yr old boy is the same as 3 cars/2 mature drivers, NO 16 year old with SF.
I am sure people have horror stories about Geico. Whatever. There is not an insurance company on the planet that doesn't have multiple complaints about them- nature of the biz.
grant blackwell
Beach Comber
State Farm
State farm is a VERY mainstream insurance company. They have been around for a billion years becasue they do not deviate from their PLAN. I think they are the largest personal lines insurance company in the U.S. . If they can't do it their way, they "PUNT"..
They are trying to use their influence to have their way in Florida. Thankfully for those of us in Walton County, their decision will have little effect. State Farm hasn't been a player here in the homeowner insurance market for a long time. I own Coastal Insurance Agency and in the eight years that we have been here I can't recall losing a client or propspective client to State Farm. Even in the State as a whole, their decision will be frustrating to long term customers, but as you have stated, there are companies (for now) willing to pick up their slack. The insurance market in Florida overall is better than it has been in a long time. (A couple of major storms will of course change that, as we have all seen.) Lets hope Jim Cantore' doesn't come see us for a long time.
State farm is a VERY mainstream insurance company. They have been around for a billion years becasue they do not deviate from their PLAN. I think they are the largest personal lines insurance company in the U.S. . If they can't do it their way, they "PUNT"..
They are trying to use their influence to have their way in Florida. Thankfully for those of us in Walton County, their decision will have little effect. State Farm hasn't been a player here in the homeowner insurance market for a long time. I own Coastal Insurance Agency and in the eight years that we have been here I can't recall losing a client or propspective client to State Farm. Even in the State as a whole, their decision will be frustrating to long term customers, but as you have stated, there are companies (for now) willing to pick up their slack. The insurance market in Florida overall is better than it has been in a long time. (A couple of major storms will of course change that, as we have all seen.) Lets hope Jim Cantore' doesn't come see us for a long time.
30abob
Beach Lover
Anyone who has a SF auto policy, it's time to cancel immediately.
While I totally understand this type of reaction please remember that unlike some internet based auto insurers all State Farm policies are serviced by a local agent. These local agents are your neighbors and friends and just experienced the brunt of a decision that they had no control over. Not only did they lose the residential home insurance market but also the commercial insurance business; two-thirds of their revenue stream just evaporated. They are "exclusive" agents, meaning they can't simply pick up another carrier.
While many people will have an ax to grind against State Farm (corporate) please don't forget that the simple act of changing your auto insurance may put your neighbor down the street, ON THE STREET. Just like every other bit of bad news we hear in this current economy there are real live people behind every headline.
disclosure: I'm not connected with State Farm in any way, even as a client, but I do have a close friend who has been an agent in Niceville for many years. He grew up there and insures his family, friends, neighbors and fellow church members. He is one of dozens of agents in our local area that shop at the same stores you do; or at least they used to.