February 5, 2008, 8:17 am CST
Posted By: February 5, 2008, 8:17 am CST
Posted By: Fran
Comment:
And they will not renew my policy this year (after 19 years with them) because we live in a “coastal area” and are prone to high winds…read: “in an area that might cut in to our profits and hefty raises!!!!”
Comment:
And they will not renew my policy this year (after 19 years with them) because we live in a “coastal area” and are prone to high winds…read: “in an area that might cut in to our profits and hefty raises!!!!”
The real losers here are the captive agents. State Farm can afford to lose new business income from Florida to thumb their noses at Crist and the DOI. Homeowners can still get insurance from a myriad of other companies that still write in Florida (or Citizen’s).
Where are the captive State Farm agents supposed to go to make-up the lost income now?
“Like a good neighbor, STATE FARM will there.” NOT! Profits over People! It’s a joke! They want to reduce their risk to gain the most profit. Thus, leaving many a good (long term / claim free) policyholders to catch as catch can to obtain replacement coverage. Wake up Floridians!
Amazing some of the posts here are from adults. So much of the FREE LUNCH mentality people being raised up with a hand out for Uncle Sam or someone else to drop in their daily needs for existence.
What about the people in Texas who lost their Home coverage due to out of control MOLD Litigation, and fraudulent contractors cooking mold in shanties!
What about all the employers in California who had to pay OUTRAGEOUS Work Comp rates for years .. nearly a decade, before relief came in the form of legislative controls on chiro’s and quacks bilking the system for BILLIONS.
It was unfair. It sukked – but life aint fair – deal with it. Move. it costs what it costs.
Whats next … crying and picketing at the Mercedes Dealerships because you think everyone should have the right to Roll … Benz-o status?
Grab some satchel, man up and get your business handled, and vote for someone else who won’t promise you a FREE LUNCH, cuz your just going to pay for the FREEBIE some where else.
Reduce their exposure? With regular CPI the State Farm exposure will continue to increase in Florida by 2 or 3 percent a year, minus any lapse/can. What you mean is that State Farm is unwilling to add exposure in an area of known catastrophes, natural and political. And somehow that surprises you? If you need an explanation regarding why an insurer would restrict or even leave a market maybe the governer could explain it. I am sure he thought it all out before signing his dumb self up to government insurance as a taxpayer money loser. His passion to force the taxpayers to bear local losses is Fidelic – Castro that is.
Have you considered that restricting new fire business comes at an expense to State Farm as well? Again, see the governer for more great tips on how to balance the needs of citizens and commerce.
What I really can’t understand is WHY is it so clear to the general insurance public that restricting the free-market will result in higher rates for all but it ISN’T clear to any legislator? I mean it’s a very simple equation, no? Less premium dollars = less reserves = fewer policies. (Or, for the cynics, Less premium dollars = less profits = less desire to write = fewer policies). No amount of artificially deflating the rates will EVER fix the Florida insurance market. As my dear old dad used to say, you’ve got to pay the cost to be the boss – if you live in a statistically risky area, you pay BIG, BIG bucks to do it. Sorry, but that’s the way it is, you’ve got to pay the cost to be the boss. I wouldn’t expect my earthquake insurance to be 500 bucks a year if I’m living on top of the San Andreas fault.
Ditto what caveat emptor just said. It will be interesting if Florida’s government representatives, from the governor to the legislators, to the insurance regulators figure it out. Right now it sure doesn’t seem like they will.
I sympathize for the SF agents but SF has been pulling out slowly for over 20 years. Now having a gov and reps that are sticking it to the industry, I think you will see more major companies pull out. Maybe then the voters will get smart and put in people who have business smarts.
Unfortunately most of the voters don’t have a clue. Such as in IL when they reelected Gov Rod as gov of Chicago. He just boasted about all of his successes and big plans but could not answer where is the money. The taxpayers are paying for child healthcare with have of the kids being illegal but he doesn’t care as long as the taxpayers are paying for it.
It is time for a voters revolt! Maybe in November!!!!
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February 5, 2008, 8:17 am CST
Posted By: February 5, 2008, 8:17 am CST
Posted By: Fran
Comment:
And they will not renew my policy this year (after 19 years with them) because we live in a “coastal area” and are prone to high winds…read: “in an area that might cut in to our profits and hefty raises!!!!”
Comment:
And they will not renew my policy this year (after 19 years with them) because we live in a “coastal area” and are prone to high winds…read: “in an area that might cut in to our profits and hefty raises!!!!”
stick it to Gov Crist. Should be intersting to see how this one pans out.
The real losers here are the captive agents. State Farm can afford to lose new business income from Florida to thumb their noses at Crist and the DOI. Homeowners can still get insurance from a myriad of other companies that still write in Florida (or Citizen’s).
Where are the captive State Farm agents supposed to go to make-up the lost income now?
“Like a good neighbor, STATE FARM will there.” NOT! Profits over People! It’s a joke! They want to reduce their risk to gain the most profit. Thus, leaving many a good (long term / claim free) policyholders to catch as catch can to obtain replacement coverage. Wake up Floridians!
Amazing some of the posts here are from adults. So much of the FREE LUNCH mentality people being raised up with a hand out for Uncle Sam or someone else to drop in their daily needs for existence.
What about the people in Texas who lost their Home coverage due to out of control MOLD Litigation, and fraudulent contractors cooking mold in shanties!
What about all the employers in California who had to pay OUTRAGEOUS Work Comp rates for years .. nearly a decade, before relief came in the form of legislative controls on chiro’s and quacks bilking the system for BILLIONS.
It was unfair. It sukked – but life aint fair – deal with it. Move. it costs what it costs.
Whats next … crying and picketing at the Mercedes Dealerships because you think everyone should have the right to Roll … Benz-o status?
Grab some satchel, man up and get your business handled, and vote for someone else who won’t promise you a FREE LUNCH, cuz your just going to pay for the FREEBIE some where else.
WISE UP.
Reduce their exposure? With regular CPI the State Farm exposure will continue to increase in Florida by 2 or 3 percent a year, minus any lapse/can. What you mean is that State Farm is unwilling to add exposure in an area of known catastrophes, natural and political. And somehow that surprises you? If you need an explanation regarding why an insurer would restrict or even leave a market maybe the governer could explain it. I am sure he thought it all out before signing his dumb self up to government insurance as a taxpayer money loser. His passion to force the taxpayers to bear local losses is Fidelic – Castro that is.
Have you considered that restricting new fire business comes at an expense to State Farm as well? Again, see the governer for more great tips on how to balance the needs of citizens and commerce.
You enter into a business knowing its risks. No one is guaranteed an income in a commission based industry such as insurance sales.
What I really can’t understand is WHY is it so clear to the general insurance public that restricting the free-market will result in higher rates for all but it ISN’T clear to any legislator? I mean it’s a very simple equation, no? Less premium dollars = less reserves = fewer policies. (Or, for the cynics, Less premium dollars = less profits = less desire to write = fewer policies). No amount of artificially deflating the rates will EVER fix the Florida insurance market. As my dear old dad used to say, you’ve got to pay the cost to be the boss – if you live in a statistically risky area, you pay BIG, BIG bucks to do it. Sorry, but that’s the way it is, you’ve got to pay the cost to be the boss. I wouldn’t expect my earthquake insurance to be 500 bucks a year if I’m living on top of the San Andreas fault.
Ditto what caveat emptor just said. It will be interesting if Florida’s government representatives, from the governor to the legislators, to the insurance regulators figure it out. Right now it sure doesn’t seem like they will.
I sympathize for the SF agents but SF has been pulling out slowly for over 20 years. Now having a gov and reps that are sticking it to the industry, I think you will see more major companies pull out. Maybe then the voters will get smart and put in people who have business smarts.
Unfortunately most of the voters don’t have a clue. Such as in IL when they reelected Gov Rod as gov of Chicago. He just boasted about all of his successes and big plans but could not answer where is the money. The taxpayers are paying for child healthcare with have of the kids being illegal but he doesn’t care as long as the taxpayers are paying for it.
It is time for a voters revolt! Maybe in November!!!!