State Farm stops writing new HOI policies in south Louisiana

[BayouVenteux]

From today's Baton Rouge Business Daily Report:

No new State Farm home policies south of Alexandria
State Farm has informed Louisiana insurance regulators it will not be writing new homeowner insurance policies south of Alexandria. Insurance Commissioner James Donelon says the move is not related to last year's hurricanes. By any analysis, though, the move signals a halt in State Farm's Louisiana exposure. The company has the largest market share in the state for homeowner insurance, covering about a third of Louisiana policyholders. Donelon says State Farm's presence here constitutes the company's largest market share in any state, and State Farm is discontinuing new business in South Louisiana to keep the market share from getting too large. (Seth Fox)

[skysummit]

Oh yea....it's not related to last year's hurricanes. How stupid do they think we are??? Insurances are just as crooked as those signs that are put on gravel trucks..."not responsible for broken windshields". Damn I hate insurances!!!!!

[CajunMama]

that's just the pits

[Audrey2Katrina]

Well, after they probably got busted shredding papers on denials made to the folks in Mississippi, this doesn't surprise me--but it does add fuel to the fire of anger. State Farm needs to be investigated by the Insurance Commissioner's office. Not funny how these kinds of companies are right there on the door stoop looking for their premiums threatening immediate cutoff without paymet; but when it's time for them to help the folks who've been feeding them those premiums, it's always a game of delay, delay, and all to often deny.... the pits indeed.

A2K

[Lindaloo]

They quit writing new business here in south MS a while back.

You are right A2K. There also needs to be some federal regulations put in place to control this money hungry industry.

[Aquawind]

I wish I could just pick the customers I wanted and those I don't. Yet still profit and even raise my rates after I simply do the job I was hired for! Sounds Dreamy...

Don't forget the industry has people on staff working everyday to change the laws in their favor eventually so even if the federal laws come into the scene the Insurance industry has already been working on thier angle. Money usually wins and they have it..

[Dionne]

This is nothing new. We all new it was coming. The Mississippi Farm Bureau advised us months ago that they would not renew or write new policies. If we get nailed by another storm down here this coming season.......we should prolly see if France wants to buy this land back.

[Audrey2Katrina]

Don't forget the industry has people on staff working everyday to change the laws in their favor eventually so even if the federal laws come into the scene the Insurance industry has already been working on thier angle. Money usually wins and they have it..

Sad to say, this is all too true--same applies for other megabucks industries: oil, pharmaceuticals... the little guy always comes out second in the final analysis. If there's anywhere that the "buck stops" it is only all too often in the pockets of the fat cats.

A2K

[Audrey2Katrina]

This is nothing new. We all new it was coming. The Mississippi Farm Bureau advised us months ago that they would not renew or write new policies. If we get nailed by another storm down here this coming season.......we should prolly see if France wants to buy this land back.

LOL, They're having a tough enough time dealing with teenagers who canNOT be fired by law.

A2K

[ROCK]

State Farm has stopped writing home policys in the greater Houston area for some time now......best bet is Nationwide for this area...

[HurryKane]

I wouldn't be surprised if State Farm just said the hell with everything below the Mason-Dixon line.

[Lindaloo]

State Farm has stopped writing home policys in the greater Houston area for some time now......best bet is Nationwide for this area...

Nationwide is about as sorry as they can get. I would not have Nationwide on a bet.

[Lindaloo]

I wouldn't be surprised if State Farm just said the hell with everything below the Mason-Dixon line.

They will probably follow Allstates lead and start sub-writing new business.

[ROCK]

State Farm has stopped writing home policys in the greater Houston area for some time now......best bet is Nationwide for this area...

Nationwide is about as sorry as they can get. I would not have Nationwide on a bet.

Thats to bad. I have had Nationwide for many years now. They are great here.

[Lindaloo]

Have you had to file a claim? If so, what for? They have been denying roof claims here that had nothing to do with the surge.

[ROCK]

Nationwide has been quite receptive to my claims in the past. I just bought flood insurance (though I didn't need it) from them. Very nice agency. My car wreck claim was taken care of in a matter of hours and sent to the shop the same day for repair. Then again this is a different area.

[Jagno]

My agent told me that they stopped writing new policies for the Gulf coast almost 10 years ago and that this was nothing new.

[Lindaloo]

Nationwide has been quite receptive to my claims in the past. I just bought flood insurance (though I didn't need it) from them. Very nice agency. My car wreck claim was taken care of in a matter of hours and sent to the shop the same day for repair. Then again this is a different area.

Well one of their insured was towing a boat trailer in which the tire came off, crossed the median and hit one of our flat bed tow trucks. This disabled our truck. When you use this truck for business anytime you have one down it causes big impacts on our cash flow. I contacted the insured and he immediately got defensive stating that it was not his tire. I hung up and called the claims department. Gave them details including where their insured left the scene of the accident. He said he has the tire and it is not damaged. BUT, another towing company has the boat and trailer minus the tire. We had bearing grease all over the front of the truck. Nationwide has YET to call me back about this claim. So, I hired an attorney and WOW did they get right back in touch with the attorney. Nationwide is as sorry as they come.

I am HAPPY you bought flood, but hope you never lose your whole roof because they will only pay for half.

[HurryKane]

My agent told me that they stopped writing new policies for the Gulf coast almost 10 years ago and that this was nothing new.

Who, State Farm? They have written new policies for me and several of my friends in this area within the past five or six years.

[Lindaloo]

Do you live north of I-10? If you do, then they will still write new business. Anyone south of I-10 will not get coverage.