CA approves 22% rate hike for state’s top property insurer, State Farm, to stabilize market
State Farm justified its rate hike by claiming it is paying out $1.26 in claims for every dollar it collects in premiums, resulting in the loss of $5 billion in the last nine years.
Insurance is nothing more than shared risk [plus profit for the ones who are in it for profit and sometimes loss]. That is why I like the Mutual insurance companies, that are owned by the policyholders.
Even get dividends back.
Some utilities work the same way.
Was with them 40+ years. Seen they became WOKE as they supplied money for gay books to schools here in Florida. There rates kept doubling so ADIOS. Switched a few years back and life is great again.
Yeah I need to get rid of them to ,, last year alone my ins went up a little over 4 thousand , 4 k in one year ! I’m over 10 k a year ! Problem is in cli it’s not easy getting ins anymore we are kind of screwed to stay where we are covered
Holy crap and I am bitching about insurance being just over 3K. You must have a nice house and or live in Florida ;-)
I’m in Cali ,, I know , I wish Flordia !
I’m sure their reserves, built up over many decades of profit, can handle it.
That and they buy insurance for catastrophic occurrences.
While I have no love for Snake Farm (Dumped them over 30 years ago,) one has to ask what the government of California has done to mitigate risk, and in turn reduce claims?
CEA will be your savior ;-)
TIL (today I learned) Barry Manilow wrote the State Farm Jingle. Kaching, dudes rich. That is all.
Bring back white Jake!
KEK
I had state farm for decades. They got all pissy with me my policy and rate. Dropped them and never looked back. I know a lot of folks who had a bad time with them on auto claims too.
Yup, moved away from them as well. Prices just kept going up