Apparently State Farm isn't making enough money.
Received a letter today listing more exceptions to our homeowners insurance policy.
For those of you who travel for the winter or any other time of the year for more than a month- BEWARE
Any damage caused by setting your thermostat below 55 degrees is not covered
Any ice or snow weight damage to decks, pools, exterior features such as docks, retaining walls is NOT covered.
ANY DAMAGE THAT OCCURS TO A VACANT DWELLING! a Vacant dwelling is define as a house that has not been occupied for 30 consecutive days.
This means that you must come home every month to check on your house or risk no coverage .
The list of new restrictions to coverage is 10 pages long, I just hit a couple of them.
I've had State Farm Insurance for 37 years.
Not one claim on our current home.
Shopping for new homeowners insurance today.
OH BTW, State Farm also sent their invoice today, in addition to eliminating lots of coverage, they are raising their rates
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Crappie Novicehalibut4me thanked you for this post
Well they also require all vehicles you own to be kept at your residence. Meaning that if you own a second home in a different state, you cant keep one parked there even if it's in a garage.
Northforker thanked you for this post
Thanks for the heads up.
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Are any of the other companies any better?
Drinkin coffee, missin fish.
Always let an independent agent shop your rates. After they give a quote, take that State Farm in and compare.
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Somebody is going to pay for all the claims from the widespread hurricane damages, tornados, wildfires and the multitude of extreme weather damages that the insurance companies paid out claims for.
This is just the beginning I would be willing to bet.
Vfourmax - what have the insurance companies been doing with premiums that they have been receiving? In over 20 years of paying home insurance, we've had one claim. The amount of premiums we've paid have more than paid off that claim, many times over.
I've been paying vehicle insurance for over 25 years, one claim. Where has all that premium money gone?
Drinkin coffee, missin fish.Redge, sweathermon LIKED above post
Insurance is not figured on an individual basis in that respect, yes if you are considered a high risk account you will pay a higher premium but overall the insurance company takes all premiums collected and pays out all of its claims and business expenses and the money left over is the profit the company made.
When they are hit with big disasters the payouts of course can be tremendous and they have reserve funds to help offset those big payout times but those reserve funds once paid out need to be replaced along with still making a profit so they charge everybody a little higher rates.
Just like many other things once they have regained those funds they do not go usually go back and drop the rates back down just add in the extra to higher profits down the road.
Simple thing to remember they are not really there for your best interest but they are running a business to make money and put it into their pockets through collecting more from their customers than they pay out.
I had a truck pass us on I 22 . A rock or rocks hit the windshield and lens cover on the Buick . Farm Bureau notified me that "TWO" deductibles would be required since both got broken . Their evaluation revealed two separate rocks had done the damage . I blew a gasket since my original policy was opened in 1970 . I asked how their evaluation could not see that the rock that hit the cover broke and then half of it flew up and hit windshield breaking it ?(thus being one accident not two separate ones ) I was asked if I thought that was what happened and I responded that they would receive it in writing from my attorney . They asked if I saw that happen ? I said yes! and only one deductible was needed . The Companies seem to do as they want and if you are not known (moved here several years ago) you do not get the good ole boy treatment . Looked for a better policy but nobody came close. Checking rates with a policy that is 48 yrs. old is tough to beat . My wife says I am a mixture of "Archie Bunker" and" Jeff Durhams "puppet "Walter ".My policy has been on automatic draft for over 30 years. Was told they will drop you if payment was late after removing my house from the policy when we moved to New Albany to care for aging in-laws. Bundle not big enough I guess . PS I do like "WALTER "
Redge LIKED above post