Credit rating downgraded, not paying claims and not re-insuring policies:
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I’ve been a State Farm policyholder for many years and this article raised my eyebrows. A little further digging revealed that State Farm General is a specific unit of State Farm that sells property insurance in California, so the downgrade was not made with respect to the entire company. Still not great.
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Just a generality from CA, we’ve held State Farm insurance policies on home, vehicles for ages, rates slide up, so it goes…
BIL also had coverage on his home, was wiped out in the firestorm a few years back, luckily they’d upped their coverage prior to the firestorm to cover some major remodeling, upgrading of that home… In the end State Farm stepped up, handed over a check beyond expectations for the structure, contents and it’s inventory got a bit bogged down, as they had a lot of artworks, collections, old books, Native American art, pots, rugs, but in the end settled again for a decent, fair amount… They bought a new home, again remodeled, re-landscaped, sold the prior homes lot, and in the end came out pretty whole, other than the priceless personal things lost, from college work to photos, things tough to replace… So a passing grade from us, them, hopefully we don’t have to ever test that again!
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A year ago we had a thread that State Farm was going to stop offering new home insurance policies in California. Here we are…
DB2
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