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State Farm seeks major increase in home, insurance rates, sparks concerns
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- Опубликовано: 2 июл 2024
- State Farm recently requested its largest home insurance rate increase to date, a move that would worsen the insurance crisis in California.
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How about cutting the massive advertisement budgets who the hell buys Insurance off of advertisement cut the big bonuses of the CEO and board members❤❤
Hahaha. The news isn't going to bite the hand that feeds them and tell them that they need to stop ad spending
Insurance is a scam.
True, until you need to use it 😂
@@tothra Well, it’s a scam at that point too, especially that point. I work in insurance defense as a lawyer. I literally find ways to not cover incidents when you need us to. Take it for what it’s worth.
@@tothra Yeah, right …it’s a scam until you find yourself in a situation of need and don’t have it
@tothra Have you ever seen The Incredibles when Mr Incredible is working for an instance company? Yeah it's a movie, but it's getting material from the real world.
@@kingdedede9135how do you live with yourself, purposely screwing people out the service that they're paying for
State Farm is already among the most expensive insurers. Maybe they should drop all their NFL/NBA ads. Go figure.
Cheapest around me.. I pay 2400 a year for house, 3× car, life insurance and supplemental health.
I had a claim through State Farm, and they did not honor my policy. I will never insure with them again....
I filed a claim with State Farm in February. It was the first claim I had ever filed, and they denied it. State Farm then doubled my premium, and now no one else will insure me because of my "claims history." Insurance is a racket.
Sue them
I’m in similar boat
That's horrible! All insurance companies are good for is TAKING your money!!!
I like how he tries to insert climate change. Just a blanket statement, but most people will buy it unfortunately.
Thank you!! 👏👏👏 almost no one sees that as a problem. Pathetic
I also had to scratch my head when he said that .. makes no sense to use that reason for higher bills
Don’t manage the forests. No major fire breaks. We need lots of ash and smoke.
Climate change has been going on since the beginning of time, Greed. pure Greed is the cause for price gouging
Call their bluff!
State Farm needs to leave and create room for new companies to be created
You're not very smart, are you? Do you think it's easier to maintain a business or create one? If Californian mandates are strangling companies to death, how do you expect a new company to develop under those same restrictions?
I dropped them and went with Geico. Best decision ever
@@davidrodriguez9750 Over the last year, several large insurance companies, such as GEICO, Allstate, and most surprisingly, Liberty Mutual have pulled out of California's auto insurance market.
Home insurance is next for Geico!!!!!
@@kcor4 lol ok if you know so, case studies prove your wrong, another company will easily takeover State Farm customer base and easily operate at low profit and slowly increase their profits over many years without profoundly hurting customers. Auto insurance is a fine example how that got lowered when others took over that weren't big name corporations, you like getting ripped off, I bet your money tied up in NFTs
It’s a free market. Let competition dictate the price.
People already can't afford to rent or buy and need help
This era is thuhhh worrrssst!
So state farm revenue in 2023 hits 104 billion and they report loss of 6 billion net. Where is most of the money going. I have a hard time believing going to claims.
The industry has cash reserves of $8 trillion. Just 5 years ago, they were around $2 trillion. Loss? Maybe in specific markets but overall, the insurance industry is making $500 billion every year at the least. Insurance industry? Want to refute these facts? I got them from the National Association of Insurance Commissioners report. Falsifying this report is a crime. Let’s hear from the industry, hmmmm?
The state Insurance commissioner should grow some……
and call their bluff. Tell SF if you choose not to underwrite homeowners policies, you can forget get about selling overpriced auto and life insurance in California as well. Go somewhere else SF.
If they are losing money in state they will leave.
They rate hike for any excuse they can find. They raised my car insurance "because people that drive my type of car cost more to cover". Not me, other people with my type of car.
Who the hell can afford this ?
Gavin Newsom can
They want more money in their pockets...take a hike state farm
I want a 30% pay increase F F insurance
But they have money to pay for commercials with all the celebrities
Oh yeah, they're a "good neighbor" alright. . . 😅🤣
How the hell are anyone able to afford these hikes .. its just insane ..
Somethings gotta be done..
Move?
Everyone who thinks that high home value appreciation is good, well, here you go. Party’s over folks.
I understand insurance. However those that pay for insurance and never have a claim in a calendar year should receive a 50 to 60 percent refund. If someone places a claim they receive no refund and rates can not be increased for placing a claim. I mean that is the purpose of insurance. That should be the rule and law of the land. Perhaps they will not fight you when you want to make a claim and help control top execs making a crazy amount of money.
It’s not mostly climate change. You can point the finger at PGE, California Forestry Service and the higher cost of construction goods. The insurance industry will not eat the costs, they will pass it on to the consumer… business 101.
Congratulations on ruining your insurance’s image,reputation toward bankruptcy when nobody wants to feed the premiums toward your company. Have fun laying off many potential employees. You will learn the HARD WAY
Not only homes but cars too, it is ridiculous what they’re doing in this economy… we consumers are the victims not only the government higher taxes but now insurance companies as well plus food and gas prices…😡😈
its the woke liberal laws in ca, the state encouraged criminals to steal catalytic converters and cars in general with no consequences. its about 2k for one cat alone not including labor
All for the shareholders. Ever-expanding profits on something that is mandated for those with mortgages. Nice racket if you’re on the inside.
No all from your daddy biden
@@tedbell4416 you’re absolutely right! All except the part where myself and the county I live in voted predominantly against democratic candidates. And funny, I have documented history of my home owners insurance rising during Obama, AND Trump as well as Biden. So close though.
Leave any state that claims "climate change "
Just relocate out of California if you don’t like the price.
Is not just a California issue
Let them go other states are experiencing wild fires flooding and harsh tornadoes and hurricanes see if they wont leave those states as well
Many insurance companies left Florida and Texas . It has been a disaster.
Don't forget State Farm's profits are up so they are making money.
I can't with State Farm. They're high for no reason. Inflation at its finest 😢. Just because they can. Insurance is a scam.
Pay dividends to customers who never make a claim and we can talk
Or stop whining and become a share holder too. State farm is owned by it's policy holders. You have a voice in it.
Democrats, and insurance companies. Price people out of their homes. 😢
Create a California Insurance...and just watch it drop.....
California has one: SCIF
Just like medi-cal it will cover illegals and get more expensive
The cash reserves of the insurance industry has climbed from $2 trillion to over $8 trillion in the last 5 years. The insurance industry is also investing in less liquid assets, meaning they do not think risk is increasing. They are adding over $500 billion each year while crying about payouts. The industry doesn’t want to discuss this.
Its an arsonist not climate or seasonal fires.
Hey State Farm, how about you stop paying millions and millions for “celebrities” & woke advertising and make insurance affordable?
Remove for profit insurance systems. Let people opt into tax funded non for profit insurance systems.
They better not do this in Michigan because I’ve had State Farm for 4 years and I’ll quit them if they raise prices
This has Gavin Newsom all over it😊
State Farm raised my car insurance recently a few months ago by $20 and I haven’t had a ticket in like 10 years. They claim that my specific type of vehicle is the reason why the insurance went up and not my driving. I drive a sedan It’s not even a sports car. It’s a V8 but not a sports car, a sports car to me is considered a coupe. So that is not fair to me. They should be raising the rates based on peoples tickets not what type of vehicle they drive. So basically what the company is saying, if other people who are driving the same vehicle as mine and they are not driving safe I should be affected by it.. I don’t think so. that is not fair to people who drive safely and don’t have tickets. Sounds like some sort of scam to me and it’s the same lady that I called to pay my insurance that I’ve known for like 20 years. She is supposed to be a family friend.
The cost of construction is so high in California that all insurance companies have to pay big money for claims. Progressive polices have made new construction cost so expensive that the floor pricing is uncompetitive overall. It's a giant feedback loop and it starts with our bad policies that burden the and hurt the barrier for entry and the cost to maintain.
Progressive isn't working.
OPTION 1.
HAVE INTERNATIONAL INSURANCE COMPANIES STEP IN TO INSURE.
OPTION 2.
HAVE THE STATE WORK A SYSTEM AIMILAR TO THAT OF SOCIAL SECURITY & OVER TIME HAVE ITS OWN INSURANCE PLAN TO ITS RESIDENTS.
hows that working out......
Government isn’t the solution.
Good bye State Farm!
Like a good neighborhood State Farm is there. NOT!!!
Now we see the REAL problem there, Greed and Decadence. Smh
I live in Georgia and guess what because of your rate hikes$$$$ to someone who has no tickets and claims I am saying bye bye to State Farm.
I've been with State Farm for years and just my car insurance has increased and I have no tickets or accidents. I'm searching quotes from others. Florida is getting outrageous on premiums also.
So much for being a good neighbor...but they never were really 😂
Boycott State Farm Insurance. Leave, let new companies that want to make money come in. They have been actively trying to deregulate the market.
Jack the insurance rate up. It will help decrease home prices.
Useless G.Newsome once again his head in the sand, why can Newsome can't figure out stuff.
State Farm shame on you.
More lithium batteries in an area is dangerous. I dont blame em. My rates arnt going anywhere lol
They been raised im paying double the amount that is covered is the same as 20 years agoi didn't see a different amount this renewal
How about car insurance ! State Farm is hurting a lot of people !
What happens to a mortgage if we don't have an insurance to ensure us we get to lose our house we're forced to give it up?
Climate change my as##
Once again the consumer gets fu**cked
Put insurance companies out of business, just stop using them.
Are they going to cut what they pay Patrick Maholmes for each commercial he does?
Also state farm insurance not returning the money that they old they don’t return the money for over paying
Does this have anything to do with lithium battery fires 🔥?
If they are doing this they must be seeing an increase in claims. Insurance companies don't play.
Time to leave California
That’s why I cancel State Farm’s insurance I get another insurance
We if we all just stop paying. Squat everything
Approved by governor
Farmers raised mine $500
If you finance a mortgage you are required to have insurance but the insurance companies are not required to give it to you. All State 😂
I thought they left! If not get out of California NOW!
NO SUPRISE
They think they are the Mafia
I can't even afford a house.
What do the California agents think?
State farm is not good insurance company I know cuz I go through them State farm is there by your side if you have your wallet out but when it's empty they're not by your side so basically it's like this go find a different insurance it's a lot better and said dealing with State farm
STRETCH THE RUBBER BAND... STRETCH THE RUBBER BAND.... STRETCH THE RUBBER BAND...OH SNAP!
They sent me a cancelation notice Im looking into Geico
time to change companies OR start a new company, sounds like an opportunity for a new business
Climate change? Why not also blame "systemic rah-seesh-im"?
No mediacare insurance plan ntn... the government cannot take on any debt
In other words please leave Cali 😂
No.. thank you
we don't need home insurance is to expensive
Bye State Farm
Bidens America
They really are not your good neighbor!
Bye!
A billion dollar profit and apparently not enough to fill their claws.
"Total revenue, which includes premium revenue, earned investment income and realized capital gains and losses was $104.2 billion for 2023, up 16.7% from $89.3 billion for 2022. On the bottom line, the investment gains helped State Farm to report a lower net loss in 2023 than in 2022-$6.3 billion vs. $6.7 billion." From the March 2024 Insurance Journal.
Doesn't appear that there's any $1B profit. I'm not an insurance company cheerleader, but facts is facts.
You do realize that State Farm is a mutual insurance company, don't you? No stock listing.... dividends are returned to the policyholders. And, BTW, you want to be covered by an insurance company that has assets.... that's where they get the money to pay claims.
Progressive is better
Psh yeah right! Mercury at least has a minimum 5k cap for mold. The rest of these ✡️ insurance companies are ripping every mitigation company off. USAA has decent coverage and very responsive to the homeowner but not very responsive to paying contractors or water damage companies.
Move
Oh noes. The legalized racketeering is failing. Oh noes.
This is horrible. There car insurance is the most expensive on the. Arket now they want tos few ho wow ers. What a ;Kelce of crap o suranceco pa y. I know I have their car I sura ce and as soon as I can get out of it I will😡
BS!
again?
Buh-bye, Felicia - Never liked State Farm, anyways.
The real question is why are people still there? 😂
What !.?🧐👊🏻
The late great golden state?
👎👎👎
Good more homes for sale and cheaper
State farm why don't you do more stupid commercials.