I guess some people still don\’t get it. It\’s all about contract law. If the contract says something is excluded, and therefore you don\’t pay for it, then the loss is not eligible for payment. Do you really think that a company that puts over $1 billion back into one state would risk it all by intentionally screwing policyholders?
I read this article simply because I knew some tin hats would be screaming about a return of divdend…
please review the gist of the story…to quote:
\”State Farm Mutual AUTOMOBILE Insurance Co. announced today it will pay $1.25 billion in dividends to its mutual AUTO insurance policyholders in 46 states, the District of Columbia and the Canadian province of New Brunswick.
The dividends approved by the State Farm Mutual board of directors, eclipses the previous high of just over $1 billion in June, 2000.
The better-than-expected AUTO results…\”
Now, maybe the auto results were better than expected because all those Katrina victims couldn\’t drive their cars while the roads were flooded out…wait, that happened in 2005.
See, this is auto insurance. Some people have State Farm for AUTO; it doesn\’t have a connection to a homeowners policy; although that may explain why so many of you do not seem to have a first graders understanding of what a water exclusion is, it should not be a surprise that you think auto coverage is the same as homeowners coverage. It is now safe to place your tinfoil hats back on…
Chad, \”The company is reporting a property-casualty (P/C) underwriting gain in 2006 of $3.0 billion.\” I don\’t care what year it is! it is still a gain!
I would not think that a tree falling on a house & no water around should be denied, over the phone, due to a water exclusion!
Lets face it, State Farm and many other carriers, just denied without investigating!
take a deep breath…AUTO division…Auto division. So, it all makes better sense now, even though we don\’t know exactly what was done on all the hurricane water denials, it is wrong for a company to make profit in another year in another line of business if even a single hurricane claim went unpaid. That explains allot. It\’s in the Oprah easy reader policy.
Gotcha Chad – I guess not all others understand the difference between auto property damage and other property damage. I have to admit that I have been VERY pleased with the property damage payouts from State Farm for any auto property damage that I have had while insured with them.
State Farm has tons of money left since they screwed their homeowners policyholders in the Katrina area . . .
Of course they have large dividends, they don\’t honor claims! All they do is collect premiums!
I guess some people still don\’t get it. It\’s all about contract law. If the contract says something is excluded, and therefore you don\’t pay for it, then the loss is not eligible for payment. Do you really think that a company that puts over $1 billion back into one state would risk it all by intentionally screwing policyholders?
I read this article simply because I knew some tin hats would be screaming about a return of divdend…
please review the gist of the story…to quote:
\”State Farm Mutual AUTOMOBILE Insurance Co. announced today it will pay $1.25 billion in dividends to its mutual AUTO insurance policyholders in 46 states, the District of Columbia and the Canadian province of New Brunswick.
The dividends approved by the State Farm Mutual board of directors, eclipses the previous high of just over $1 billion in June, 2000.
The better-than-expected AUTO results…\”
Now, maybe the auto results were better than expected because all those Katrina victims couldn\’t drive their cars while the roads were flooded out…wait, that happened in 2005.
See, this is auto insurance. Some people have State Farm for AUTO; it doesn\’t have a connection to a homeowners policy; although that may explain why so many of you do not seem to have a first graders understanding of what a water exclusion is, it should not be a surprise that you think auto coverage is the same as homeowners coverage. It is now safe to place your tinfoil hats back on…
When did New Brunswick become a state?
Chad, \”The company is reporting a property-casualty (P/C) underwriting gain in 2006 of $3.0 billion.\” I don\’t care what year it is! it is still a gain!
I would not think that a tree falling on a house & no water around should be denied, over the phone, due to a water exclusion!
Lets face it, State Farm and many other carriers, just denied without investigating!
Hey Vlad:
\”in 46 states, the District of Columbia and the Canadian province of New Brunswick.\”
That\’s text from the article.
Note DC is not a state. State Farm evidently writes business in NB up in Canada.
take a deep breath…AUTO division…Auto division. So, it all makes better sense now, even though we don\’t know exactly what was done on all the hurricane water denials, it is wrong for a company to make profit in another year in another line of business if even a single hurricane claim went unpaid. That explains allot. It\’s in the Oprah easy reader policy.
I am sure State Farm paid all the flood/water claims to AUTOS with comprehensive coverage.
SF couldn\’t pay claims, had to keep money to give CEO a 82% pay raise.
RAL, you are an idiot.
Dale, I guess you would know!
Gotcha Chad – I guess not all others understand the difference between auto property damage and other property damage. I have to admit that I have been VERY pleased with the property damage payouts from State Farm for any auto property damage that I have had while insured with them.