So State Farm had a mandatory increase on H.O. deductible for IL

[FINFAN]

Possibly across their entire client base,. Our homeowners is due in 10 days and I still had not received our statement so I called to see what was up. Apparently our $500 deductible has been automatically increased to $1000, no notice..statewide according to our agent's assistant. (our agent was on the phone with another client). Now, before everyone jumps down my throat, my beef is the lack of notification...I am not comparing to other states, just irritated that yet another $500 increase has hit us, that is, if we need to make a claim, we did not get sent a timely statement and our agent didnt notify us.
On the up side, our premium went down $32 for the year...but for those that have State Farm in IL and have not been notified, you may want to call and chek into it.

 

[Vijoge]

but for those that have State Farm in IL and have not been notified, you may want to call and chek into it.

Thanks for the heads up! We'll be calling tomorrow as our agent sure hasn't said anything and we've been with the same place for nearly 30 years!

 

[Gr8t Fan]

How pathetic is it that your deductible goes up by $500 and your premium only decreases by $32?

 

[FINFAN]

How pathetic is it that your deductible goes up by $500 and your premium only decreases by $32?

well, given that since the new has started, we've been dealt a $695 plumbing bill, holding our breath on the 75% income tax bill decision, and freesing in the house lowering the natural gas bill so we can attempt to cover the auto gasoline costs, I have been reduced to seeing an up side of the insulting $32. I would guess that State Farm is dividing up the cost of their claims dueto hurricanes/floods etc across the board...if it is ONLY IL...!

 

[kydisneyfans]

I just shopped for insurance, State Farm was DOUBLE what we currently pay with Liberty Mutual. They wanted $1100 a year for homeowners, we pay $575. Auto insurance was over $2,000 a year, we currently pay $1200. I would shop around.

I really couldn't believe their rates.

 

[hercamore]

Wow,

We have 500 deductible with SF as well, but our Homeowners policy isn't due till Sept. Thanks for the heads up.

 

[FINFAN]

I just shopped for insurance, State Farm was DOUBLE what we currently pay with Liberty Mutual. They wanted $1100 a year for homeowners, we pay $575. Auto insurance was over $2,000 a year, we currently pay $1200. I would shop around.

I really couldn't believe their rates.

yep...we have to look into changing a LOT of our services/coverages. Just getting blown out of the water!

 

[sam_gordon]

How pathetic is it that your deductible goes up by $500 and your premium only decreases by $32?

Of course, that is $384 on the year. It only takes 16 months to make that up. So for the first 16 months of the new premium, put that $32 into an envelope. After that, you can now afford the extra $500 deductible, and your MAKING money.

 

[FINFAN]

Of course, that is $384 on the year. It only takes 16 months to make that up. So for the first 16 months of the new premium, put that $32 into an envelope. After that, you can now afford the extra $500 deductible, and your MAKING money.

ummm, our premium went down $32 for the year, not for each month. Gonna take a lot longer than 16 months to cover the new increase...let alone EVER making money! Thanks for looking for the silver lining tho

 

[HHSTigerFan]

I am guessing she meant $32 decrease per year?

 

[rapmarks]

State Farm dropped us in Florida and in Wisconsin In Florida, we have never had a claim, paid as much as $3200 a year for 7 years, and got dropped. We had to take a $2000 deductible. We got a little better coverage with $1000 deductible for $1000 now. In Wisconsin we got dropped for two claims in two years. Had over 20 years on that house and 30 years on previous house. Kept our three cars with State Farm though as we have had the policies since the 60's and they cannot drop us if we have an accident.

 

[Judique]

Possibly across their entire client base,. Our homeowners is due in 10 days and I still had not received our statement so I called to see what was up. Apparently our $500 deductible has been automatically increased to $1000, no notice..statewide according to our agent's assistant. (our agent was on the phone with another client). Now, before everyone jumps down my throat, my beef is the lack of notification...I am not comparing to other states, just irritated that yet another $500 increase has hit us, that is, if we need to make a claim, we did not get sent a timely statement and our agent didnt notify us.
On the up side, our premium went down $32 for the year...but for those that have State Farm in IL and have not been notified, you may want to call and chek into it.

Read this with some interest as I just reviewed my policy yesterday - a little late as it goes Sept to Sept.

There was a little note on the page that said I could increase my deductible to $1000 and save $97 a year. I 'wish' I'd noted that and taken advantage for the year. I'm going to call my agent and maybe try to see what $1500-$2000 deductible will do. I've had 1 small claim in 20 years, and, I know I can handle a higher deductible.

 

[here757]

i used to be an insurance agent..
the only way they notify you is through ur declaration pages at the renewal..
i would be questioning why u didnt get that. most policies start to renew two months before and the paperwork is generated 1 month before..

i so feel ur pain... we have wind and hail then all other perils..
other perils for us is 500. but wind and hail is 2% of the dwelling!! gotta love living on the east coast.

some stated the wind and hail is excluded and carried by the state!

 

[catgirl]

State Farm in Michigan increased their deductibles for all home policies in 2010, but gave you the option to buy back your original deductible. I work for a State Farm agent, and we notified all our customers prior to their renewal to let them know of the changes and made sure they knew they had the option to keep their original deductible at the higher premium.

State Farm did this to try to reduce premium cost to customers, but I think they could have handled it another way. They should have kept the deductibles the same, but gave you the option & price to increase your deductilbe at a lower rate.

I would say about 70% of our customers opted to "buy back their original ded" .

I also say shop your insurance, I work at a State Farm office, but carry my insurance elsewhere, because State Farm is too pricey.

Don't tell my employer I said this or I will be on the unemployment line

 

[thedeans]

We live in Ohio and the same thing happened to us except they did send us a letter letting us know and our agent called us as well. We were not given the option to keep the 500 deductible. I have been with State Farm since I was 19 years old. I would hate to change but after this we may research other insurance companies just to see if we are paying more than we should.

 

[stitchlovestink]

State Farm in Michigan increased their deductibles for all home policies in 2010, but gave you the option to buy back your original deductible. I work for a State Farm agent, and we notified all our customers prior to their renewal to let them know of the changes and made sure they knew they had the option to keep their original deductible at the higher premium.

State Farm did this to try to reduce premium cost to customers, but I think they could have handled it another way. They should have kept the deductibles the same, but gave you the option & price to increase your deductilbe at a lower rate.

I would say about 70% of our customers opted to "buy back their original ded" .

I also say shop your insurance, I work at a State Farm office, but carry my insurance elsewhere, because State Farm is too pricey.

Don't tell my employer I said this or I will be on the unemployment line

We had the same thing happen here in MD. They automatically increased the deductible to $1,000 and 'allowed you to buy back' the lower deductible of $500. We originally had a $250 deductible and that was totally eliminated!but the price difference for the $500 deductible was nuts!! and on top of that, you really only want to put a claim into your H.O. policy if it is substanial since insurance companies are really 'reunderwriting' their books of business and dropping 'hazards'. Too many small claims will clearly work against you in getting you cancelled and possibly making it difficult to find a replacement company.
It stinks the way that it works, but it is the way of the insurance world....
I remember when I used to get a dividend check from State Farm because claims were lower than anticpated and they refunded us part of our auto policy premium. Boy aren't those days long gone...LOL...

 

[Hardy]

funny how rates differ......we just picked up state farm (policy hasn't even started yet) because their rate was 1/2 of what Nationwide wanted this year....which kept increasing quite a bit each year despite never having a claim. It definitely pays to shop around though.

 

[bgregg13245]

Wow.....I was really getting screwed by State Farm. I found an agency in Peoria that gave me better coverage and lower deductible on both my Home and Auto and saved almost $900 a year. LOL. Rediculous that I paid so much for way too long.

 

[Planogirl]

First time poster? Hmmmmm....

It's always a good idea to shop around. Our State Farm gives us excellent auto insurance rates but I doubt that they'd be the best in other categories.

 

[Danibelle]

My deductible went up to 1000 also and 2000 for wind/hail. And we haven't had any special weather events!