Posted: 11/21/2010 7:17:21 PM EDT
| A while back there was a thread about the State Farm Insurance rates increasing. I just this weekend received my renewal certificate and it stated that there is a "Rate Change Premium Increase" of $336.00 and a "Coverage Change Premium Increase" of $8.00. Is this the total increase for the year (not the month) that my policy will see? My insurance is paid once a year, along with taxes, from the escrow set up in my payment. |
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All property insurance has gone up with the state approved increase. No storms, minimal (if any) claims for the last couple of storm seasons and once they can bend us over, they do.
I was able to adjust the coverage on one of my properties to negate the increase, but it still sucks balls. |
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Well I got of the phone with the agent's office, they were not in yesterday. Said that it was a $336.00 increase for the year, so not nearly as bad as some people have gotten from State Farm. I now pay a little over $2800.00 a year for insurance with 2/3 of the total for hurricane coverage. I am in a gulf coast county, but reside 15-20 miles from the gulf.
I am a little perplexed as to what to do. The increase, while not wanted by me, was not as bad as I had feared it could be. I originally went with State Farm in 1998, because of their reputation and I had worked through our last hurricane that hit our county (Opal). I noticed that State Farm was one of the most responsive companies in the aftermath of a direct hit. If you havent been through a direct hit and the aftermath it is almost surreal. The areas hard hit had usually had the name of the insurance company painted on the garage doors or some other place easily visible so that the claims investigators could locate the houses. But time has moved on and I just don't know if they are a company worth sticking with anymore. I spoke to several co-workers who have home insurance with other "reputable" companies and some are also seeing similar increases. I wonder if some of the companies are going to raise rates each year to get what they want kind of like "the death of a thousand cuts". |