State Farm's Latest Demand

[1manshow]

Phones have been ringing a lot the last two months w/ SF clients who are being told they must take a 1000 Ded or 1% on their homeowners policy. We normally try to sell new business at 1000 ded but have been glad to relieve SF of their clients who want to keep lower ded. Wondering if this is just a Pa. thing or even a regional thing? Anyone heard anything?

 

[Josh]

That's pretty fantastic news, unless you're a SF agent.

 

[CaptiveBroke(r)]

At least they have the ability to place business with SF or keep it in force thus not losing the multi lines that go with it.

Traditionally, HO was the easiest piece of business to write, maintain and service until recently.

SF agents were picking up the crumbs of the Allstate clients that had been non-renewed and writing both HO and the Auto.

Ive heard that is all changing and that in some areas, SF has followed the direction of mother Allstate.

To Allstate agents....every dog has his day.

 

[APInsurance]

I feel your pain as an agent. In Colorado, Farmers will raise deductibles up to $2,500 when a claim takes place. I think all these carriers are losing money on Home Policies the last 2 years based on junk claims (roofs). Hold on, because it will probably get worse for State Farm Agents.

Kevin - APinsurane

 

[JCK818]

I love SF and Farmers clients. So easy to beat their prices with much better coverage too.

 

[Soaringagent]

Wow, thats crazy

 

[dotsonmw01]

When I worked at SF as a team member, right from the start in 2007 we could only write HO at 1%. We had to get "special" approval from the UW to go to 1/2%. Trying to write a fricken $450,000 home explaining that the Ded is $4500 but we could go down to $2250 as a "favor" for them was insane and, for obvious reasons, did not work to well. FYI: Im in Iowa.