by GarySpicuzza » Wed Jan 28, 2009 12:22 pm
See THIS LINK.
Like a fair weather neighbor, State Farm's NOT there!
I'll never do business with this jack assterisk company EVER again.
Good riddance!
Like a fair weather neighbor, State Farm's NOT there!
I'll never do business with this jack assterisk company EVER again.
Good riddance!
State Farm has been the largest private property insurer in Florida, so when it leaves, thousands of homeowners and other policyholders in the state will have to look for coverage elsewhere.
The withdrawal plan includes coverage for homeowners, renters, condominium unit owners, personal liability, boats, personal articles, and business property and liability policies. More than 700,000 homeowners will be affected, State Farm said.
Posted: Thu Jan 29, 2009 10:32 pm Post Subject:
bandit-baby wrote:
Does that mean that the life and health carriers are not allowed to quite business when they like? Any special reason for that?
That's right. Life, health, disability, long term care, annuities, Medicare supplements, etc. policies CANNOT be canceled by the insurance company EXCEPT for non-payment of premium.
I've also read in this board that when an insurer decides to quite business in a particular area another insurer would take up their existing business and the policy holders have no reason to worry regarding the fate of their policies.
Not exactly.
You're confusing an insurance company becoming insolvent with an insurance company deciding NOT to write a particular form of insurance anymore.
If State Farm was insolvent the state of Florida would take over the company, attempt rehabilitation, if that doesn't work, sell the block of business to a healthy insurance company while assessing ALL other insurance companies, if needed, to pay claims until the company was sold.
When a company decides NOT to write that form of insurance anymore the policy owners have no recourse.
Property and Casualty Insurance is the ONLY form of insurance whereby the insurance company can cancel your policy for reasons other than non-payment of premium.
Posted: Fri Jan 30, 2009 12:03 am Post Subject:
The only recourse for many would be Citizens Insurance. But I can't see that they would be able to accommodate such an influx of people.
But FL and SF will come to some type of agreement.
Posted: Fri Jan 30, 2009 06:46 am Post Subject:
When a company decides NOT to write that form of insurance anymore the policy owners have no recourse.
Okay, make sense. Now, I have another question :)
Would the consumers get back the money that they have paid towards the premium?
Posted: Fri Jan 30, 2009 12:17 pm Post Subject:
Would the consumers get back the money that they have paid towards the premium?
Yes, the unearned portion of the premium.
If you paid annually, which most people with a mortgage do through their escrow, and are paid up for the year State Farm would refund the unearned premium.
:evil: :twisted: Better to dump State Farm sooner rather than later, buy your auto insurance through Amica,... :P and your life insurance through me! :wink:
Posted: Fri Jan 30, 2009 01:35 pm Post Subject:
give you a 5% discount on your auto insurance IF you buy their more than double priced life insurance.
Gary all P&C companys that I know of have atleast a 5 typcially 10 or 15% 'companion policy' discount, that means, car, and house, boat, get ski, whatever not just life...I'm in agreement it sucks, but I'm also in agreement 50 cents says they don't pull out...and an agreement will be reached, however if i were insured with the farm, i'd be movin' on to another carrier, because this WILL come up again....Property and Casualty Insurance is the ONLY form of insurance whereby the insurance company can cancel your policy for reasons other than non-payment of premium.
They are also the only forms that are hit with cats. and potentially pay multiple claims on the same policys for years and years...so there is a reason for that, gary I'm sure you'd agree...however i'm totally on board with the snake farm sucks...but that's from years of interaction..NOT just this.. :x
Posted: Fri Jan 30, 2009 02:57 pm Post Subject:
Would the consumers get back the money that they have paid towards the premium?
The answer to that is really no... as that are not/cannot not cancelling the policies, the are simply not renewing them after they expire.Posted: Sun Feb 08, 2009 11:49 pm Post Subject: Available Insurance carriers
Has anyone got any suggestions of good prospects to replace my State farm HO and auto policies. I plan to move it all. If State Farm wants to cancel my home they loose it all. There are already a flock of crooks gearing up for the massive coverage hole that will e left by SF. Anyone one who has been through it please share your research. Semper FI
Posted: Mon Feb 09, 2009 10:32 am Post Subject:
SI, I would suggest getting quotes from several well known and solid companys. Check Florida's Dept of Ins site..it will list those licensed to do business in Florida you can also look at the complaints and volumns of complaints...
p.s. don't blame you I'd pull all my insurance too. I'm sure they are expecting this.
Add your comment