Experience with (not) State Farm, Allstate

[Bamaman]

Quote:

Originally Posted by Gearhead Jim There's no sense in being seriously over-insured, but... What your house is "worth" (market value) and "cost to rebuild" can be wildly different.

In this day and time, there are many situations where you can buy a comparable foreclosure for 50% or less of what the industry's computer estimate of what it costs to rebuild. In that case, it'd be more time and cost efficient to total out the house and purchase another.

Do you think if your full replacement value is $300K that Allstate will pay you $300K to total out your house? No way. You'd be doing good to get $150K out of them--even though you've been paying the big premiums.

If you go through a house that costs $200K in their computer, they'd come up with maybe $300K to charge you on. After building a couple of houses and living in a low cost of living place, it's obvious that their computer estimates are not close to accurate.

And in our state, rates are high because of our Gulf Coast--400 miles from me. Rates are set state by state by claims ratios and losses. And a hurricane every 10 years wreaks havoc on the pocketbooks of policyholders.

[jhbstp]

We switched from State Farm to Amica about 10 years ago and are still amazed how much lower their insurance is. Our rental home rate went down $1200 per year and our main home and autos went down a generous amount. No, I don't sell insurance, but can't resist letting you know about Amica. Insurance has an incredible impact on everyone with fixed incomes.


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[samclem]

Quote:

Originally Posted by bizlady We are considering a switch for Allstate insurance because a relative recently became an agent.

Seems like an inappropriate reason to change companies. Is it really likely that, of all the insurance agencies, Allstate is really the best one for you? Take a look at what Consumer Reports has to say, last time I looked it was not good.
If you want to help your relative, send him a big ham for Christmas. Or a couple hundred bucks. It will be cheaper and less emotionally complicated (now and especially down the road) to keep business and family relationships separate.

[timekeepr]

We bought our farm 17 years ago and Allstate, State Farm and another would not insure it. We found a local company, Brethren Mutual, that does farms. We had Allstate but switched to Geico for auto. Just recently we bought a Sprinter van we plan on converting to an RV and Geico would not insure it. We were able to put it under the farm. I called Allstate for a quote and it was more than what got from Brethren Mutual.

[Sarah in SC]

timekeepr, you might also check out a quote from National General on that van conversion. They were the ONLY company I could find to insure my old school bus.

Oh and for fellow coastal dwellers, St. Johns is the latest/greatest. We've had ASI for a few years, and really wanted to switch to save some $, but didn't leave enough time for the (requisite) inspection by St. Johns.

[JoeWras]

Quote:

Originally Posted by jhbstp We switched from State Farm to Amica about 10 years ago and are still amazed how much lower their insurance is. Our rental home rate went down $1200 per year and our main home and autos went down a generous amount. No, I don't sell insurance, but can't resist letting you know about Amica. Insurance has an incredible impact on everyone with fixed incomes.

Switched from SF to Amica too. At first, it was about the same, when including the year end dividend.

But get this. Amica actually DROPPED the premium price on my home owner insurance this year. I couldn't believe it. I have never seen that happen with any carrier.

[meierlde]

Quote:

Originally Posted by JoeWras Switched from SF to Amica too. At first, it was about the same, when including the year end dividend. But get this. Amica actually DROPPED the premium price on my home owner insurance this year. I couldn't believe it. I have never seen that happen with any carrier.

State Farm dropped my homeowners by about 1 % even with a 2.5% increase in the coverage factored in. This is in the Tx hill country. Of course it works out that the combination of homeowners and auto mean that compared to the cost without the bundle the auto is essentially free. (Live in a more rural area)