| Name: |
Osms
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| Subject: |
State Farm Settlement offer...
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Date:
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1/23/2007 7:48:50 PM
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After losing their first case on the MS Coast for fraudulently refusing to pay for hurricane damages, State Farm has offered to reopen 8,000 claims and pay at least 50% of the coverage limits. Criminal charges against executives are on hold by MS but are continuing in the Federal Grand Juries. State Farm agreed to pay $500,000,000. Allstate, USAA, Nationwide, and MS Farm Bureau are expected to seek settlements as well. Also, SF is offering $80 million to settle 650 law suits that have already been filed.
Folks, don't ever feel that you have a "good neighbor" or that "you are in good hands"
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| Name: |
CAT BOAT
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| Subject: |
State Farm Settlement offer...
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Date:
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1/23/2007 11:07:57 PM
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HHHMMMMM, sometimes I feel the same way about politics.
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| Name: |
bug
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| Subject: |
State Farm Settlement offer...
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Date:
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1/23/2007 11:30:27 PM
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My father, who lives in ATL, was shocked to see his State Farm homeowner's insurance premiums had skyrocketed. When he started asking around, he found out is was due to Katrina payouts. He had to find an insurer who WON'T insure along the Gulf Coast in order to get the premium back to what it used to be.
State Farm ain't the "good neighbor" you want to have.
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| Name: |
Osms
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| Subject: |
State Farm Settlement offer...
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Date:
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1/24/2007 8:15:13 AM
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The interesting thing about them raising rates is that they did not pay out on the claims owed from Katrina; they just used that as an excuse to screw all their "good neighbors".
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| Name: |
pontoon
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| Subject: |
State Farm Settlement offer...
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Date:
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1/24/2007 7:18:58 PM
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Look at downtown any city - the largest buildings are the Insurence & bank buildings -
Sad they do not manufacture anything - only take away !
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| Name: |
Feb
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| Subject: |
An Opportunity.
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Date:
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1/24/2007 7:47:45 PM
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People could always stop using credit cards. It is an opportunity to invest in Insurance and Banking.
All this is peanuts compared to the National Debit we are passing on to our future generations.
Think of how much cheaper our prescriptions drugs would be without all the advertising. Ask your Doctor for ------
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| Name: |
Pier Pressure
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| Subject: |
An Opportunity.
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Date:
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1/24/2007 8:24:20 PM
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Was that Viaggra ?
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| Name: |
Tallyman
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| Subject: |
State Farm Settlement offer...
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Date:
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1/25/2007 1:55:47 PM
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State Farm and the other insurers have got you in their hands and they will make you and me pay for the unwarranted largess given to people on the coast who got flood insurance via their household policy. This is good news only for the short-sighted.
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| Name: |
Osms
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| Subject: |
Tallyman...
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Date:
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1/25/2007 2:22:57 PM
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State Farm, and others, did a very stupid thing--they colluded to refuse to pay anything to policy holders whose homes were destroyed. They simply claimed the water did all the damage. The Federal court said that the insurance company had to prove that there was no wind damage, which they didn't even try to prove--so the court told them to pay up. They were forced to pay for wind damage, not flood damage.
Flood claims. Fed Gov program, were handled by the insurance companies. If you had flood and homeowners through, say State Farm, they would pay you all of your coverage for flood , but nothing for wind even though wind damage was evident everywhere. Had a friend that had a sworn statement from a neighbor who stayed through the storm and saw the second floor of my friend's house destroyed by wind and then the surge wash everything away--he tried to personally hand the document to the claims agent and the agent refused to touch it. His wind claim was denied.
What good is insurance if you can't collect on a claim. The insurance industry is not subject to anti-trust laws and has no Fed oversight--hopefully that's about to change.
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| Name: |
4Golf
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| Subject: |
State Farm Settlement offer...
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Date:
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1/25/2007 10:50:52 PM
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....seems like insurance agents and bankers always seem to have low handicaps, too!!
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| Name: |
Tallyman
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| Subject: |
McCarran-Ferguson
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Date:
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1/26/2007 11:25:53 AM
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Well...your version is the Mississippi jury's version and I know something about Mississippi jurys so maybe your version is correct and maybe it isn't. Smart people buy flood insurance when they live next to the Gulf. I live on a big hill here in Tallahassee so I don't have to worry about that.
State Farm has a long and deserved reputation for being hard to deal with on claims.
Here in Florida, insurance premiums are out of sight and the legislature recently enacted a law that puts the state government on the ultimate insurance hook. Some people, who have no mortgages, are refusing to obtain insurance. Worse, some are saying, "Why buy insurance when FEMA will pay me for any loss." This reduces the pool of premium payers and that increases premiums for those who must have windstorm insurance to satisfy their mortgagees.
I am a member of USAA and my premium has not increased at all, but if they hand me a $10,000 bill for my homeowners this year I will just do without windstorm coverage and buy fire and liability only. I can afford to take the chance.
I wouldn't bet on the federal government repealing the McCarran-Ferguson act, and we will all get to pay for the Mississippi losses, one way or the other.
BTW, I am not an apologist for insurance companies but I have seen some harsh realities in Florida. Many Florida citizens, who have built their houses on sand, will bail when they can and buy property on Lake Martin, so for those who care about their property appreciating, it is likely that it will!
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| Name: |
Osms
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| Subject: |
Tallyman..
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Date:
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1/26/2007 6:17:32 PM
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While I appreciate your concern about MS juries let me assure you that the brothers did not decide this case. The Fed Judge issued a directed verdict that State Farm pay the limits of the policy because they had not proved there was no wind damage. The jury then decided the punitive damages for fraud.
I agree with you that the insurance situation all along the US coasts is a mess. I don't favor Fed involvement in many matters, but this is one that is going to require action on their part to solve.
BTW, the Fed Judge just ruled this afternoon that he would not accept the State Farm/Scruggs settlement offer because it did not meet the guidelines of his judgement. It was too low.
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| Name: |
Osms
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| Subject: |
Tallyman..
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Date:
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1/26/2007 7:29:21 PM
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I should have mentioned that I have had USAA on cars and homes for many years, but I just dropped the lake house and cars--saved about 35-40%. My USAA on the coast went up 34% last July, and it'll probably skyrocket this year--I have to keep USAA by default--I can't get it from anyone else. BTW, USAA is one of the companies under investigation.
The example of my friend with an eyewitness to his home's destruction in a previous post had USAA insurance.
If State Farm is hard to deal with on claims, why would ANYONE buy insurance from them?
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I have also been with USAA for many years. My premiums have gone up in the last 2 years, but I can't find anything better with recent quotes....where did you find the better price?
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| Name: |
Osms
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| Subject: |
jlazc
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Date:
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1/28/2007 9:08:44 AM
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I switched to Auto Owners for lake house and cars. Dadeville Insurance-Carolyn. I probably saved 30-40% compared to USAA.
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| Name: |
Tallyman
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| Subject: |
jlazc
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Date:
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1/29/2007 10:50:25 AM
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People buy from State Farm because they see the TV commercials and believe they are, "In good hands."
USAA is among the most ethical insurance companies available. I do pay higher premiums on occasion, but I get a nice check from them most Decembers. You may find if you are a member, as opposed to being an insured under their property and casualty section, that if you get out you may not be able to get back in, should you later change your mind.
The economic benefit of one insurance company over another is not limited to the amount of the premiums.
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| Name: |
Tallyman
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| Subject: |
jlazc
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Date:
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1/29/2007 10:53:38 AM
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Maybe State Farm is the "good neighbor." And "you are in good hands with Allstate." I don't watch much TV and I have a lot of confidence in USAA.
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I agree with with most of your comments, but I have some friends who had a few problems with USAA home coverage in recent years. Since my premiums have gone up considerably, I've decided to look around a bit; no one has been able to beat the premiums and coverage as of yet. I'm sure a 30 year track record helps in that respect, but I figure no harm in shopping.
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