State Farm Wants To Increase Rates By 47%! Crazy! (Jacksonville: rent, homeowners insurance)

[riveree]

The part of the article that really stuck out for me was this:

Glover said insurer has spent roughly $1.20 for every dollar collected in premiums in Florida since 2000. State Farm paid out more than $4.4 billion in claims after eight hurricanes struck Florida in 2004 and 2005.

Spent $1.20 for each $1.00 spent on what? It can't be for claims only, it must include the multi-million dollar packages for the CEOs, right?

State Farm Requests 47% Hike On Homes - Jacksonville News Story - WJXT Jacksonville

Jax being one of the lower risk hurricane areas (for a direct hit), I wonder how many local residents will end up seeing an increase? Or will the increases be focused more towards South Florida and the Gulf areas?

[travelingfood]

Unless the last statement is true, they need an editor.
"State-backed Citizens Insurance is the larger carrier of Florida homeowner policies with roughly 1.2 customers."

Any guess what our gov. would respond to State Farm? I'd tell them to F-off.

[TiggnTaz]

Makes me happy that I rent. But then again I can see my rent going up next year.

[Katie1]

They jacked up premiums here [WV] same dumb excuses!

[Karla with a K]

hmmm they claim they had to pay out $4.4 billion over 2 years
Now they say they have 1 million policy holders so lets say the average policy is $1000 a year and we all know south fl folks can be paying 5 or 6 times that amount
You do the math !!!!
What about the years they didn't have to pay out large claims
where did that money go

It is the same "song" that the subprime mortgage companies are "singing"
"woe is me,we lost $xxx million dollars" but what they fail to mention is the $xxxx millions they made off of subprime mortgages each year. Subprime mortgages are very profitable.

Another thing that caught my eye unless the office has duties other than regulating insurance
Why does the Insurance Commissioner need to travel to Europe on the states money for a 10-day trade mission

[riveree]

Originally Posted by Karla with a K

What about the years they didn't have to pay out large claims
where did that money go

Right, somehow, I'm sure they've been making a profit, otherwise they wouldn't be around any longer, right?

It's something I'm watching because if State Farm is allowed to do it, then all the insurers will be allowed to do it - so it's bad for all of us.

I hope the state shoots them down. State Farm has already been reprimanded for how they treated Floridians and the state told them to stop or they would no longer be allowed to sell homeowner's insurance in the state...I hope the state hasn't forgotten that.

[Rismiller]

If someone on City Data hadn't shared this website on here, I'd still be with State Farm and lining up for my share of the 47% increase.

I'm glad I didn't hang around for the rest of the Florida homeowners insurance fun with State Farm......

[ShakenStirred]

Originally Posted by riveree

Right, somehow, I'm sure they've been making a profit, otherwise they wouldn't be around any longer, right?

It's something I'm watching because if State Farm is allowed to do it, then all the insurers will be allowed to do it - so it's bad for all of us.

I hope the state shoots them down. State Farm has already been reprimanded for how they treated Floridians and the state told them to stop or they would no longer be allowed to sell homeowner's insurance in the state...I hope the state hasn't forgotten that.

I've had Amica since I bought my house 6 years ago and they are the best. Plus, you get a dividend from them every year since policyholders are part owners of the company.

[riveree]

Originally Posted by ShakenStirred

I've had Amica since I bought my house 6 years ago and they are the best. Plus, you get a dividend from them every year since policyholders are part owners of the company.

Amica is great, I was very tempted to go with them . They do charge a lot more though, so at this point, I had to weigh price into the equation more heavily. But when I finally get to my "dream home" and I want to be sure I have the very best in coverage, Amica is on my short list for sure .

[vpdianne]

They are asking for 47%, they will go to the commissor and he says you can have 20%. They agree knowing full well they really only wanted 15%. The Dept of Ins will look great and the commissior will be re-elected and State Farm will get what they wanted in the first place, everyone is a winner except the homeowner.