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The Water Cooler
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home insurance, what have you found out
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<blockquote data-quote="FullAuto" data-source="post: 2645140" data-attributes="member: 5110"><p>Insurance companies have insurance companies as well for large losses; reinsurers. Farm Bureau decided (I think around 2009) that they were big enough they could be their own reinsurer. When the 2010 storms hit, they got hammered and lost a large chunk of their reserves. That's when they went around and started canceling customers that would not bring their auto policies (profitable) over to the company. Their customers that had home only with them were told to bring over autos or go elsewhere. Their remaining customers all had premium increases larger than market average (everyone went up in OK). Farm Bureau (actually, everyone) got hit hard in 2010, 2011 and 2013. FB just got hit a little harder from their choices to drop reinsurers. They are still in recovery mode.</p><p></p><p>If you are shopping around, you want to shop State Farm and Liberty Mutual. They are the two big name, HO5 style (excluded peril) policies for this state. State Farm and Farmers have the two largest market shares in this state by a good margin if that means anything to you. But if you consider Farmers, you need to specifically ask the agent if they are a listed peril policy (as I'm pretty sure they are). </p><p></p><p>After a catastrophe, you'll hear nightmare stories about every company from someone. But you'll find those insured with a listed peril company will have many more complaints. It is simply because people don't understand the differences and only find out when the policy is applied to deny things people assumed were covered.</p><p></p><p>Disclaimer: I'm an auto adjuster and do work for a major company in the state. But I also carry insurance with multiple companies. My decisions on insurance are not based on loyalty.</p></blockquote><p></p>
[QUOTE="FullAuto, post: 2645140, member: 5110"] Insurance companies have insurance companies as well for large losses; reinsurers. Farm Bureau decided (I think around 2009) that they were big enough they could be their own reinsurer. When the 2010 storms hit, they got hammered and lost a large chunk of their reserves. That's when they went around and started canceling customers that would not bring their auto policies (profitable) over to the company. Their customers that had home only with them were told to bring over autos or go elsewhere. Their remaining customers all had premium increases larger than market average (everyone went up in OK). Farm Bureau (actually, everyone) got hit hard in 2010, 2011 and 2013. FB just got hit a little harder from their choices to drop reinsurers. They are still in recovery mode. If you are shopping around, you want to shop State Farm and Liberty Mutual. They are the two big name, HO5 style (excluded peril) policies for this state. State Farm and Farmers have the two largest market shares in this state by a good margin if that means anything to you. But if you consider Farmers, you need to specifically ask the agent if they are a listed peril policy (as I'm pretty sure they are). After a catastrophe, you'll hear nightmare stories about every company from someone. But you'll find those insured with a listed peril company will have many more complaints. It is simply because people don't understand the differences and only find out when the policy is applied to deny things people assumed were covered. Disclaimer: I'm an auto adjuster and do work for a major company in the state. But I also carry insurance with multiple companies. My decisions on insurance are not based on loyalty. [/QUOTE]
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