typical union shop... 9 people doing what machines can do better.
Posted on 01/27/2009 8:44:22 AM PST by Fawn
State Farm Florida is pulling out of the homeowner insurance business in Florida, the company said this morning, in a surprise move that will leave more than 800,000 policyholders without coverage and will cause almost certain turmoil in the Florida insurance marketplace.
"Faced with steeply declining resources to cover future claims and expenses, State Farm Florida has little choice," said Jim Thompson, president, of State Farm Florida. ''This is not an action we wanted to take, but one we must take given the realities of the Florida property insurance market.
"We regret the impact this will have on our customers, employees and agents in Florida," he added.
Thompson said the plan requires regulatory review, and State Farm Florida will not begin dropping policies under the plan until that process is complete. Florida, however, has no law on the books that would prevent State Farm from leaving the state's homeowner insurance market.
State Farm Florida emphasized that it was submitting a two-year plan that seeks to limit disruptions for customers, and if approved, will allow them time to find coverage with other insurers.
State Farm is Florida's largest private homeowner insurer, second only to state-sponsored Citizens Property Insurance Co.
State Farm is also Florida largest automobile insurer with more than 3 million policies. The company says it will continue to offer auto coverage. However, a 2007 state law pushed by Gov. Charlie Crist prevents insurers from offering only auto policies if they offer both auto and homeowners in other states.
Going through that right now, State Farm Claims Office has poor communications, even the local office grimaces when on the phone with them
That would be my guess.....but being that he's dumber than a rock he fits in nicely in the Senate.
It’s not Obama’s face they will fear - it will be his mother-in-law’s!
http://images.google.com/images?hl=en&q=obama%20mother%20in%20law&um=1&ie=UTF-8&sa=N&tab=wi
I especially love this one:
http://www.daylife.com/photo/0gfAbqRdwB6gW
The 'vermin' are mostly located around Tallahassee...so hurricanes hit that area more often than not and USUALLY left us alone here in central florida...'til 2004.
Considering Florida’s hurricane history, I am amazed any insurance company can make money.
The laws don’t make it too risky, they make it too costly.
I’ve never understood how people expect to have a poorly-built home survive a hurricane. Of course insurance is going to be high because you have a cr@p home for the wind and water you will likely experience.
I don’t see why people complain about high insurance costs when they live in a hazardous area for the fun it provides.
No incentive needed...gov't just needs to get out of the way and let the markets function. The regular rules do not apply because government is involved neck deep in the market.
So, if we have many hurricanes during the next four years, who will they blame?
That be the same locals that refused to purchase flood insurance despite being told explicitly that homeowners doesn't cover flood damage or the locals with no insurance at all that expect you and I to foot the bill?
Insurance companies are portrayed as the bad guys despite the fact that their aggressive challenging of claims and their restrictive policies are the result of years of claims fraud. Whenever someone speaks of upgrading from the settlement, or adding an extra room with the settlement money, etc they are profiting from an insurance claim that is designed to indemnify, i.e. to make one whole again. Those profits are recovered through higher rates for everyone or stricter settlement practices, there are no free lunches.
typical union shop... 9 people doing what machines can do better.
The most significant thing that I note in this article is that Florida has a state-sponsored insurance agency.
As a note, State Farm has put one totally new roof on our house after a hail storm, repaired our windshields, and also hail damage on vehicles. We have had a second roof repaired, not replaced by State Farm.
I have no doubt about what you say. I am pointing this out to ask why SF doesn’t react in a consistent manner?
“these are people too stupid to recognize economic realities and are just as likely to mandate a repeal of gravity if they think it will get them a vote”
government never learns. They mandated certain health insurance rules in NY that were not economically viable and half the insurers pulled out.
Florida State Farm Homeowners are getting hosed. Charlie Crist knows it. He will support legislation to deny this company access to the car ins. market. Look at the rate comparison. Nuff said.
The “failed Obama policies”!
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