It will homes in coastal counties. If you are in a county that touches the coast of Florida then you will be seeing a non renewal from your good neighbor. We used to call that red flagging where you only insure in the areas least likely to have a claim.
A well known company that used to be based out of Atlanta has been doing that for years, which is why their rates in our area have been the lowest for the last 10 years so that isn’t a shock.
for those of you who think SF is the bad guy, think about the basics of insurance:
1) they need to make a profit to stay in business
2) the premium charge should match the exposure
3) territorial rating makes perfect sense and has those with different exposures to loss pay different premiums, based on that exposure
So quit whining about what a bad guy SF is. I don’t like them either, but what they are doing is perfectly logical – which can’t be said for the Governor or his state insurance program.
If State Farm could make their reasonable one or two percent profit margin for the owners of the company, the policyholders, then I am sure they would stay. If not, then coastal homeowners can always band together and start their own insurance company and REALLY SHOW STATE FARM HOW TO DO IT!!!!!
Boy, what a statement. Maybe they should have let State Farm charge a rate adequate premium after all.
State Farm is crying about making a profit while they pay over inflated reinsurance pricing to themselves. It is easy to cry poor while you send money back home to Papa State Farm. State Farm is not trying to be the perfect company who just wants to make a couple of bucks in Florida. They are greedy and are looking for any way to gouge people so they can continue to do things their way. I don’t like them either but I am not brainwashed into thinking this company is doing this for the good of the people or Florida. That doesn’t mean I think Florida or it’s powers that be are doing anything right either but lets please get off the State Farm band wagon.
How do you know that State Farm is paying “over inflated” reinsurance rates to their parent company? Based on the distribution of their book of business with respect to age of home, lack of recent inspections, location of homes, etc., I would guess that reinsurance in the private market is almost cost prohibitive for them. Doesn’t mean it isn’t their own fault. Let’s face it, part of the reason that several Fl domestics have failed or are close to failing is due to the resinsurance issue. And many of these have followed a much different course than SF.
Good business move for State Farm. Nobody is complaining about Hartford cancelling all their homeowners policies, Auto Owners Canceling half of theirs or for that matter every other good carriers decission to stop writing homeowners policies in the State of Florida.
Comon Man! You guys sound like consumers instead of insurance professionals. Is this a Ralph Nader Blog?
We will be saying “good ridance” to Charlie long before that spineless weasel
says it to SF.
It’d be nice to know where & how those non-renewals are distributed, besides “Coastal”.
It will homes in coastal counties. If you are in a county that touches the coast of Florida then you will be seeing a non renewal from your good neighbor. We used to call that red flagging where you only insure in the areas least likely to have a claim.
A well known company that used to be based out of Atlanta has been doing that for years, which is why their rates in our area have been the lowest for the last 10 years so that isn’t a shock.
for those of you who think SF is the bad guy, think about the basics of insurance:
1) they need to make a profit to stay in business
2) the premium charge should match the exposure
3) territorial rating makes perfect sense and has those with different exposures to loss pay different premiums, based on that exposure
So quit whining about what a bad guy SF is. I don’t like them either, but what they are doing is perfectly logical – which can’t be said for the Governor or his state insurance program.
If State Farm could make their reasonable one or two percent profit margin for the owners of the company, the policyholders, then I am sure they would stay. If not, then coastal homeowners can always band together and start their own insurance company and REALLY SHOW STATE FARM HOW TO DO IT!!!!!
Boy, what a statement. Maybe they should have let State Farm charge a rate adequate premium after all.
State Farm is crying about making a profit while they pay over inflated reinsurance pricing to themselves. It is easy to cry poor while you send money back home to Papa State Farm. State Farm is not trying to be the perfect company who just wants to make a couple of bucks in Florida. They are greedy and are looking for any way to gouge people so they can continue to do things their way. I don’t like them either but I am not brainwashed into thinking this company is doing this for the good of the people or Florida. That doesn’t mean I think Florida or it’s powers that be are doing anything right either but lets please get off the State Farm band wagon.
How do you know that State Farm is paying “over inflated” reinsurance rates to their parent company? Based on the distribution of their book of business with respect to age of home, lack of recent inspections, location of homes, etc., I would guess that reinsurance in the private market is almost cost prohibitive for them. Doesn’t mean it isn’t their own fault. Let’s face it, part of the reason that several Fl domestics have failed or are close to failing is due to the resinsurance issue. And many of these have followed a much different course than SF.
Good business move for State Farm. Nobody is complaining about Hartford cancelling all their homeowners policies, Auto Owners Canceling half of theirs or for that matter every other good carriers decission to stop writing homeowners policies in the State of Florida.
Comon Man! You guys sound like consumers instead of insurance professionals. Is this a Ralph Nader Blog?