I logged into my quick pay State Farm, a FIRE policy showed for $185?

[Mainia]

I logged into my quick pay State Farm, a FIRE policy showed for $185? For the last 37 years I was covered in my "normal" house insurance policy. Why this now after 37 years with them. I live in a 1st ring suburb of Minneapolis. No fires reported on the news here in years and those that did, were "one offs."

 

[JayhawkRoy]

Doubtful that any of us know. Suggest you talk specifics with your State Farm agent.

 

[Mainia]

Doubtful that any of us know. Suggest you talk specifics with your State Farm agent.

Just seeing if this is wide spread. It is due in 2 months.

 

[CarbonToast]

My guess is they started itemizing the coverage or are selling you something you don't need with the hopes you aren't paying attention.

 

[shortyb]

My guess is they started itemizing the coverage or are selling you something you don't need with the hopes you aren't paying attention.

With so many Insurance companies at or above their 100% self-insurance rate due to claims from catastrophies, there is no doubt they are trying to re-coup. Maybe if they'd stop spending so much money (YOUR premiums) on advertising. Y'all listening Jake, Flo and Limu?

 

[Vercingetorix]

Y'all listening Jake, Flo and Limu?

This proves their advertising is working.

 

[DuckRyder]

Call you agent,

however State Farm Fire and Casualty is the homeowner side and is commonly called “Fire company”. It may just be confusing naming.

 

[tmorris1]

I have State Farm in MN (not Metro area) and mine just renewed. I don't see anything different other than about a 31% increase without ever having a claim.

 

[zzyzzx]

It's the insurance industry's version of Would you like fried with that?

 

[b4autodark]

I have a house in St. Louis Park, Grinnell Mutual Insurance, no change this year.

 

[shortyb]

This proves their advertising is working.

At what cost though? Higher premiums to you for one. Lots of companies are either not taking on new customers or severely restricting it so funding comes from existing customers. I guess Jake needs some more red shirts and Limu more sunglasses.

 

[slo town]

I logged into my quick pay State Farm, a FIRE policy showed for $185? For the last 37 years I was covered in my "normal" house insurance policy. Why this now after 37 years with them. I live in a 1st ring suburb of Minneapolis. No fires reported on the news here in years and those that did, were "one offs."

I wish I had your problem.

For decades Sue and I had AAA for everything. Then 6 or 7 years ago they wouldn't renew our HO insurance because of our home being a supposed fire risk. State Farm was happy to insure us but then they non-renewed us last year. Now we're on the California Fair Plan. Less than ideal insurance and expensive. We could self insure but I'm not conformable doing that. Yet. Given all the insurance issues throughout the country, I think the insurance game is going to change dramatically. I'm not yet sure how, so I'm treading water with the CFP.

Scott

 

[road_rascal]

We're over in Stillwater. Our townhouse master policy (building coverage) doubled from last year and our HO6 (contents inside the townhouse) went up at least 30%. For years it was relatively cheaper to live in a townhouse than a single family house. Our monthly HOA dues are $668, and half of that is for insurance. Plus our property taxes for Washington County and Stillwater township went up another couple hundred to $5,500 this year- just for a townhouse...

 

[97prizm]

I logged into my quick pay State Farm, a FIRE policy showed for $185? For the last 37 years I was covered in my "normal" house insurance policy. Why this now after 37 years with them. I live in a 1st ring suburb of Minneapolis. No fires reported on the news here in years and those that did, were "one offs."

Part of the problem is at least in Colorado with all of the hail over the last few years insurance companies have taken in $1 and paid out $1.10. I'd call to make sure.

 

[02SE]

I logged into my quick pay State Farm, a FIRE policy showed for $185? For the last 37 years I was covered in my "normal" house insurance policy. Why this now after 37 years with them. I live in a 1st ring suburb of Minneapolis. No fires reported on the news here in years and those that did, were "one offs."

I know that around here, insurance companies are reevaluating areas that are near an urban/wildland interface. I'm on the border of a National Forest, and recently I got a letter stating I could be subjected to higher premiums due to that. I called and asked them to come out and evaluate my actual property. They found what I had told them, that I had ample defensible space around the home, and actually got a rate cut as a result of their evaluation.

I do know some people who have tress, bushes, etc close to their homes, and are seeing big increases in their premiums as a result. A couple neighbors are now in the process of creating defensible space around their homes, to protect their homes from possible future wildfires, and for lower insurance rates.

 

[tcp71]

They have to cover the FIRES in California. You have to help with that.

 

[PandaBear]

Insurance company is like a casino: they make a cut out of the average most of the time, but they do get unlucky sometimes and had to pay out a jackpot like the catastrophic events. We did have to ask our neighbor to trim their trees before we can get a policy and when the neighbor ignored we had to send them a letter from a lawyer to be polite.

In the last 15 years we had 3 "we are leaving California" insurance company change and obviously even not in the fire zone our premiums have doubled since back then. We still have them, just increase our deductible now and not bother with small claims. In my non fire area the biggest risk is flood (leaking roof, plumbing related, etc) and being sued by someone injured on our property.

One more reason I told my parents to get out of landlording. They have been switching insurance companies all the time and it is getting harder to balance the cost and the risk. It is much easier to just sell to someone to owner occupy and put the money in an ETF, or even Treasury or CD.