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State Farm Raising Rates
September 28, 2012
State Farm Florida received approval this week to increase property-insurance rates for homeowners by an average of 6.4 percent — though the increases are lower than the company wanted, according to the Florida Office of Insurance Regulation.
The increases are expected to take effect in early 2013. State Farm sought an average 14.2 percent hike in homeowners’ rates. Regulators also approved a 6 percent increase in renters’ policies and a 5 percent decrease in condominium coverage.
Comments
17 Responses to “State Farm Raising Rates”
Well, state farm has finally broke my camels back with this new increase. They are either blood sucking varmits or they really want to get out of the state of florida. I’ll be looking for something else after Hurricane Season. Hopefully, somebody will be writing new policies.
Well the state won’t let them NOT write policies so if insurance companies want to downsize how many policies, they are carrying they raise rates which shakes a bunch of folks to voluntarily stop their insurance. I’m tired of getting jerked around too but few options. Pay your house off as soon as possible and then you have the option to self-insure.
Fred, you have USAA insurance and it went up $500.00 for the year. Charlie W has Tower Hill insurance out of Gainsville, Fl. and his went up 35 cents for the year. Someone is paying to much.
Our insurance co. raised the rate from 1400 to 2400. per year. Nearly double. Why did they do that? Because our polititians work for someone other than the folks that elected them. Every 2 or 3 years I have to switch boat insurance because of this greed. Lets see how cheap this insurance becomes when I no longer am required by lending rules to keep it.
Why the decrease in condominium coverage. These places are on the beach which gets most of the destruction. Does this make sense? I live 35 miles from the beach. Why will I have an increase and they have a decrease? Just curious!!!
Everyone should know that one of the very first things that GOV Scott did after taking office was drop many of the protections that had been placed by the previous administration that prevented insurance companies from raising rates. That is why most, if not all, companies automatically raised rates last year without any notice or natural catastrophe the previous year.
Well gee, folks, what should be done about it? It’s not very practical to just up and drop your homeowner’s policy unless you have a new policy with coverage. And, I believe all the companies are raising their rates – I have USAA and mine went up about $500 this year.
Everyone check your car insurance policy and you will have a fee on it for hurricane coverage, to help Citizens ins co..Ashamed of the system…
State Farm tried to cram me with a huge increase a year ago on my Homeowners for no reason. They had gradually been jacking the prices up anyway.
I called an Independent Insurance Agent and found much cheaper coverage. Check them out. The big boys are greedy and yes they own the Insurance Dept and Politicians.
You can change insurance companies even before renewal time… so avoid Hurricane Season problems.
“Everything is going up these days, except for my check” – up up and away,
I think most of the country would have to agree with you on this one. And I don’t understand the rate going UP when like it has been said, there hasn’t been any big hurricanes in years in Pensacola. I don’t see any insurance companies downsizing, or decreasing their beautiful big buildings…. wonder where they get the money from? ….. US!
What customers of State Farm should do is ban together and drop their policies…this would send a VERY DIRECT MESSAGE…think about it
My homeowners insurance went up .35 cents this year. That a rate increase I can live with. As for state farm, they own the insurance commissinor and a lot of “politicians” also. State farm needs to leave Florida completly. JERKS!
Yep. I’m not sure how they can keep getting approval to raise rates if there have been no major storms in Florida for years.
I was with State Farm for everything including my boat while I was living in Maryland for 47 years after I started driving. When I bought this house in Florida all of that changed, the State Farm prices on homeowner’s insurance down here are just not competitive. My current house is over 200 feet above sea level, why should I have to pay for the water damage in Pensacola due to Ivan? I can remember when being a long term customer meant something, not anymore.
Its not like State Farm and every other insurance company is raising their rates every year anyway. Now getting approval first is News… I wonder how long they can keep up the loss from hurricanes schtick going since we haven’t had any for years.
Two years after Ivan, State Farm raised our homeowners (we had ALL our insurance with them) rate from $1700 a year to $6700, even though we had no claim after the storm and had been a customer for 16 years with NO claims. We walked away from them like Obama from a tough question. Good neighbor my …. !
Everything is going up these days, except for my check