State Farm Crisis: The Real Reason Behind Halting Home Insurance Sales

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DISCLAIMER:
Please consult your agent before making any changes you feel you are not knowledgeable with. Due that the laws being different in each state, I am not responsible for any changes or updates that may have occurred after the making of this video.

This video and description contain affiliate links, which means that if you click on one of the product links, I will receive a small commission. This helps support the channel and allows me to continue to make videos like this. Thank you for the support! Car insurance advice, car insurance, auto insurance, home insurance, homeowner’s insurance

[GreatDaneLover]

Yep years ago we had state farm. We had a roof leak at our business. They sent out their appraiser. We had a hidden camera on the roof and it caught him taking a empty caulking tube and shoving it into the downspout. Shortly after we got a notice that our claim was being denied because our downspout was plugged by a caulking tube. They even sent the appraisers picture. I responded with a clip from the video clearly showing what he did. I got my money in 48 hours. I've never used State farm again and I never would.

[markbutler]

I had State Farm from the age of sixteen to the age of sixty with multiple coverages, auto, homeowners, etc, , after filing a claim for hail damage, their auditor/ appraiser was a complete ahole and idiot who resulted in them threatening and then canceling my policies and then they wanted to charge me for the cancellation

[skibootdier]

My coworker (in Arizona) had to file a claim for hail.. State-Farm refused to help him because they said it doesn't hail in Arizona. All of his neighbors had their homes repaired, and a year later he's still fighting to get his house fixed. I immediately dropped State-Farm, and went with Liberty 🗽 Mutual..

[patrickorourke]

FYI I’m a licensed Farmers Insurance Agent in California.

Is Farmer’s putting a stop to writing home insurance? Yes and no. We still write homeowners in a majority of zip codes, even the high fire areas. For manufactured homes, we can still write those with Foremost.For homes in high fire areas, we would ask for a companion policy with the FAIR Plan. However, there are some zips we won’t write in because the fire line score is too high.

We’re also not writing certain policy types at the moment including renters, landlord protector, and Townhouse/Condominiums (HO-6). For those items, we can use carriers we have access to via our brokerage service, Kraft Lake. We can place those policy types with Pacific Specialty, AU Gold, and SageSure.

[kibblenbits]

I retired from a large nationwide insurance company, and can tell you that the state of California, for years, has refused to allow carriers to increase premiums to where they need to be, in order for insurance companies to remain solvent in that state. The same homeowners policy in TX, and FL, is well over double the premium, than it is in CA (these are consistently the top 3 states, by far, regarding disaster claims). While customer's, in CA, enjoy lower premiums, eventually more and more reputable insurance companies will stop writing policies, as it's unsustainable. So, it's very easy to understand why State Farm and Allstate are going to stop writing new business, in CA. There will be less reputable insurance companies that will continue to write there. However, just like what happened in Louisiana, years ago (Katrina), when a large disaster does occur (it's not a case of if, but when), those companies will not be able to cover the losses, will go bankrupt, and the insured's will be left holding the bag. Once again, the fantasy politics of CA will, in reality, cause harm to it's taxpayer's.

[curtgomes]

I live in Northern California. We have lived through numerous devastating fires. We have friends, relatives, and know many people who lost their homes. I have personally spoken with many people who lost their homes. In every case, they told me that they were treated fairly by the insurance companies, including State Farm. They were more than made whole in most cases. I am not a fan of insurance companies but this is the truth. I am surprised that insurance companies are still offering any Home Owners Insurance whatsoever in our area due to the horrific losses incurred. Make no mistake the fire dangers still exist today! I live here and I see it all around us. This is partially due to years of zero maintenance of fire hazards, PG&E lack of maintenance and electrical wires strung through trees and dangerously dry areas, homeowners lack of fire prevention maintenance and other factors. I have been with State Farm for many years. I hope they continue to issue policies to their long time existing customers.
Our family friend, who lives nearby, had their HO insurance cancelled. They spent two weeks on the phone trying to find replacement insurance. The policy they finally got was VERY expensive and offered less coverage than they previously had. These are the facts people.
During the Covid fiasco we had to cancel a previously planned and paid for trip. Everyone, including airlines, hotels, etc. refunded our prepaid funds except the travel insurance company. They told me they were not going to refund any of our prepaid premium. They were arrogant and refused to even consider the Covid restrictions that came long before the trip was scheduled.. I called the California state insurance commissioner and told them my story. I soon had ALL my money refunded. As I say I am not a fan of insurance companies.

[DWS]

If they don't offer house insurance then the state should stop them from writing any other insurance policies and throw them out of the state. Massachusetts did this over vehicle insurance. A year later the insurance companies were begging to be able to write insurance again.

[tombrewsaugh]

Hell I had State Farm for many years in Florida. Around 2013 they decided my home was too old and they were dropping my policy. I had renters insurance with them before I built my house in 1982. My only claims were due to a break-in. Hell I did all my own repairs out of pocket after 3 hurricanes.

[billstarr]

State Farm doubled my rate for car insurance in Oregon this year after many years of no tickets or claims. I dropped them like a hot potato and found another company less than half their price.

[AccordionJoe]

I had been a State Farm customer for 20 years. Back in 2010, my car and house insurance premiums were doubled overnight, and I had never filed a claim. So I shopped around and switched to Erie Insurance. My insurance premiums were lower than State Farm even before the radical rate hike. And today, Erie's rates are not much higher than 15 years ago. FYI, I reside in western North Carolina.

[RosebudBB]

I live in Kentucky and have been looking for homeowner farm insurance for 4 years. I own everything out right with no mortgage and live in a mobile home on 165 acres with an old tobacco barn and a new one I just had built. Not one insurance company has ever called me back or even discussed coming out to look to give me a quote.

[graybailey]

They tried to force my 90 year old father to spend a bunch of money on a old house that would be demolished soon.He was with them forever and they stopped his insurance. They still have the cars at the moment but ALFA has the house now.Bad move State Farm.

[fueymanchoo]

Years ago I had State Farm auto insurance. I ended up backing into a car and denting the door. The owner of that car got a bid and it was going to cost me about $1400.00 to fix that I didn't have at the time so I used my auto policy. Next month State Farm added a $100.00 a month fee on top of my normal car insurance. They told me this fee would be charged for the next 3 years. So not only would I be paying my normal insurance, I was going to have to pay an additional $3600.00. I immediately canceled. Fast forward about 7 years, I had looked to them again for an auto policy. They were going to restart that fee. I'll never do business with them and they most deservingly should be out of business.

[oveidasinclair]

The average 1700 sq ft home in Florida cost $2400 to insure with St Farm, that is a lot higher then in California

[David-nxvm]

What is the impact of poor forest management on wildfire occurrence? I recently saw a congressional committee hearing taking the Forest Service to task for practices that made wildfires worse compared to privately managed forest land in California.

[danpowell]

We had State Farm for our cars for years. Had all kinds of discounts. Then we went to insure a third car. They treated it like a new customer - no long term customer discount, no accident free discount, etc. For an old car, it was going to cost close to what we paid for the other 2 cars.
So, we got quotes with same coverage for 3 cars elsewhere, and cost was less than we had paid for 2 cars. Instead of effectively having a separate policy for each car, it was one policy covering all 3 cars without paying duplicate coverage. Wished we had left State Farm many years ago.

[TomokoAbe_]

I live in Florida and been through company rejection twice since they moved out of the state.

[pattyeverett]

My father-in-law had State Farm for 45 or so years in CA. After one water claim, they dropped him. I think a law should have been in place that prohibited State Farm from dropping him outside of non-payment of premiums or fraud after that long. Of course, I can tell you stories about State Farm from other states also. If you Google worst insurance companies, State Farm is always on the list(along with Allstate and Farmers).

[PC-vqud]

State Farm in Fl. Car insurance a year ago was $567 for six months. Next was $635. Now they want $905.

[andycommonsincanada]

Here in Canada we are struggling to get insurance, just got a quote at 400% increase.