Boycott Allstate

[Smiling JOe]

[font=arial,helvetica,sans-serif] Homeowners Insurance
[/font][font=arial,helvetica,sans-serif]by: Tuquyen Mach (tmach@wmbb.com)[/font]

[font=arial,helvetica,sans-serif] [/font] [font=arial,helvetica,sans-serif]News 13 On Your Side (Panama City Beach, FL)
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[font=arial,helvetica,sans-serif] [/font] [font=arial,helvetica,sans-serif]Wednesday, March 29, 2006[/font]
[font=arial,helvetica,sans-serif]Bay County resident David King is livid. He just received a letter from his insurance company saying that his homeowners insurance, which expires in July, will not be renewed because of losses during the 2004 hurricane season.[/font]

[font=arial,helvetica,sans-serif]"You're supposed to be in good hands with Allstate. Well, you're not in good hands with any insurance companies," says King.
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[font=arial,helvetica,sans-serif]Full Story
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[Smiling JOe]

I just heard the news story which I posted above. They mentioned that State Farm was NOT dropping policies at this time, so maybe I am not hearing the truth on the street.

 

[JB]

Not sure who and who does not insure properties in the areas, but I have been with a number of different carriers over the years and have found Travelers and Encompass are both pretty policy holder-friendly.

Bottom line is, like SJ said, this isn't just Allstate. Every single homeowner's policy in the country is about to go up fairly significantly as a result of Katrina. Certainly doesn't seem fair that someone in say, South Dakota will have to pay more, but that's the way the insurance industry works.

Congress and the White House are always talking about health care reform. What about insurance reform? IMO, it's just about as big of an issue.

 

[SGB]

I just heard the news story which I posted above. They mentioned that State Farm was NOT dropping policies at this time, so maybe I am not hearing the truth on the street.

I got a bunch of quotes for property insurance about 2 months ago and State Farm was willing to write a policy for us, but it was much more expensive than anyone else. They won't write for bay or beach front properties. (On a Bayou was ok.)

We currently have Allstate, but expect to get dropped in November. We were supposed to get dropped last November, but the state prevented it because we had a claim from Dennis. Which, by the way, was settled very quickly and the adjuster was very helpful. Of course, although we stayed with Allstate, our rates went through the roof.

 

[Cheering472]

I've heard alot of bad stories about Allstate insurance, both auto and homeowners. I had Allstate years ago and it was a battle to get them to pay a claim. I had them for 15 years without any claims, then had hail damage and needed a new roof. They said I had no hail damage. Even I could see it form the driveway, it was a mess. Every house on my court had a new roof after the storm, but my house seemed to have escaped damage? Guess those hands were sheilding my roof, but not my neighbors. I had a nasty fight with the agency, and had to have an independant contractor decide the claim. Finally got the roof repaired and soon after I got a new insurance company.

 

[30A Skunkape]

They all suck. So many stories of highway robbery here in Louisiana. The industry lobbyists are lining up their ducks to make it legal to increase rates and provide worse coverage. There was a good article on the topic in our paper here Sunday. They mentioned that AAA (the auto club folks) are writing homeowners policies in Louisiana for much less than Allstate, State Farm, etc. with very friendly service. Don't know if AAA is doing Florida policies but based upon what I read it would be worth looking into.

 

[30A Skunkape]

Just checked-AAA sells homeowner's insurance only in Louisiana and Mississippi on the gulf coast

 

[Cork On the Ocean]

Just received a notice from Allstate that they are dropping us... we live here... going on 4 years, one & 1/2 mile from the beach... WMBB just broadcast a report saying how Allstate is dropping many policies in FL... is a boycott from the rest of their insurance in order - auto, etc.?

I boycotted them after the hurricane in Homestead when they dropped 2 of my waterfront homes (one of which was on a controlled level lake). Since I had numerous vehicles and properties with them for 20 years without every having a claim, it really ticked me off and I pulled everything. I will NEVER go back to allstate even if it costs me more money.

 

[SHELLY]

I got a bunch of quotes for property insurance about 2 months ago and State Farm was willing to write a policy for us, but it was much more expensive than anyone else. They won't write for bay or beach front properties. (On a Bayou was ok.)

Several years ago, State Farm broke out their "Florida Insurance Business" from their nation-wide business and called it State Farm Florida Insurance Company (to keep people in Boise, ID from footing the tab of our hurricane damage and us Floridians from footing the tab for...ah...ah...attacks of killer potatoes(?)).

The new company raised rates substantially and cut their risk by not writing new policies in certain areas (mostly waterfront). My premiums were pretty steady for years and years--but in the last 7 years or so, my premium increased SEVERAL HUNDRED percent. Now the state of Florida is giving insurance companies the rubber stamp to raise rates 25% a pop without having to ask permission. I pretty much penciled in a yearly 25% home insurance rate increase for many years to come. (Those who are tallying cashflow analyses of investment properties should also take note.)

 

[TooFarTampa]

Several years ago, State Farm broke out their "Florida Insurance Business" from their nation-wide business and called it State Farm Florida Insurance Company (to keep people in Boise, ID from footing the tab of our hurricane damage and us Floridians from footing the tab for...ah...ah...attacks of killer potatoes(?)).

The new company raised rates substantially and cut their risk by not writing new policies in certain areas (mostly waterfront). My premiums were pretty steady for years and years--but in the last 7 years or so, my premium increased SEVERAL HUNDRED percent. Now the state of Florida is giving insurance companies the rubber stamp to raise rates 25% a pop without having to ask permission. I pretty much penciled in a yearly 25% home insurance rate increase for many years to come. (Those who are tallying cashflow analyses of investment properties should also take note.)

Shelly you are funny. And in this case at least, on-target too.