Insurance hikes

      If you have your home owners insurance with State Farm, you'll be happy about this latest action from the State Insurance Commission.  State regulators rejected a rate hike request from the state's largest home insurer.  State Farm wanted an average 14.3% increase for its 300,000 Louisiana customers.  Insurance Commissioner James Donelon rejected the increase, saying it was not justified.  State Farm says it hasn't decided what its next step will be.  What's your reaction to the State Farm rate increase request?

Comments

[Gayle Snell]

I have homeowners ins. with State Farm and we had a rate increase of $200.00 dollars a year this summer. We are paying $1300.00 a years for homeowners ins. I think that is pretty high!!!
Now to fight with FEMA today about changing us from flood zone "x" to "ae" and we are 3 feet above the flood level.My house is 33 years old and has never flooded. Going from not having to have flood ins. to $2900.00 dollars a year (through State Farm). This is really a sucky day!!!

[Mike]

Insurance companies are in business to make money and they will take every opportunity to do so. Asking for rate increases is just one of those opportunities. Fortunately for those of us who maintain policies, this latest attempt was denied but there will be more. My reaction? It's just capitalism at it's finest. It also proves the point that oversight is a necessary part of the checks and balances required in any business involving the public. It worries me that the fate of rate increases rests solely in the hands of a single individual (Donelon).

[Sally]

I dropped State Farm years ago and that's the best thing I could have done. I get my insurance from companies that don't have agents. State Farm agents are never in the office's, their golfing ,shopping,fishing, or playing state legislators. The staff run the offices and when you need to talk to a State Farm agent they aren't there. State Farm is the worst insurance company this state has. Do you ever see a poor State Farm agent? Not a bad job if you want to make good money and not work for it.

[Smokey the acorn]

Sally, Allstate is just as bad!!!!!

[Bob]

STATE FARM is the worst company do do business with. They are not honest with their customers and you usually have to get a lawyer to deal with them, even if you have been a loyal policy owner for many many years. Drop State Farm and go with a company like Sally said, one that does not have worthless agents.

[opec-sucks]

As stated above, oversight is needed, unless it is an oil company taking advantage of you, then it's OKAY.

[ms annie]

A 14% rate increase is BS. State Farm claims to be the biggest insurer and have more customers than some of the other big companies combined. If so, then a miniscule increase would have served to make them loads more money. On the flip side, I've seen some exaggerated and some even downright fradulent insurance claims - if people would stop abusing the system, we wouldn't all have to keep paying for it.

[Jeff Beam]

Glad they turned them down.Something's gotta give.These insurance companies don't know when to quit.All these increases are making it hard to stay where you've lived all your life.Nothing but legal extortion.

[Hal]

Oh, there are no good insurance companies at all. But State Farm and Allstate rank among the worst. Ever see a poor agent from either one of these dishonest companies? Look for companies that you can get a decent rate from, that don't have agents. These companies don't deserve any rate increase and glad they got rejected this time. All folks are getting raked over the coals but teachers in the country are getting the shaft more than any. We also don't need any insurance agents as state legislators in Louisiana.

[Lonnie]

Am I right when I'm thinking that insurance companies can increase their premiums by 10% per year without Mr. Donelon's approval? If so, thank you Mr. Donelon for rejecting their increase. Although I'm sure State Farm will "just increase" it by 10%, not 14%, this time.

[td]

If we have another disaster like Rita or Katrina State Farm will go to Washington and Baton Rouge and make the taxpayers pay again just like Road Home did.

[DA GARDNER FOR MAYOR]

In goverment housing we do not need insurance, course what I got aint worth much any how...

[Jack]

I had insurance with Allstate for 40 years. Car and homeowners. I have never been in an accident and have been a loyal paying customer. This meant absolutely nothing to this company. 3 years ago they raised my homeowners insurance which is attached to my house note $100 a month. The following year they tried to do the same thing. That's when I dropped them and went to Shelter. My homeowners insurance dropped $200 a month. Wish I would have been smarter and done this years ago.

[vote them all out]

Jack,The problem is not with the Insurance companies,they just ask and probably contribute very well to the insurance commissioner's campaign ,its with the Insurance commisioner granting rate increases.
I had a 400.00 per year increase this year on my homeowners allowed by the insurance commissioner and now they want another,If the insurance commisioner gives them anything this year he should be voted out of office they have had rates increases every year since Rita. the social security adm. says the cost of living index has not gone up and channel seven reminds us how fuel is causing the price of everything to go up. Isn't it funny how the prices went up in 2007 when oil hit 129.00 a barrel but nothing came back down when the price of gas came back down, now they want another increase on everything,

[Algonquin J Calhoune]

It don't matter..You have got to have insurance...what ever the cost....

Same with a funeral...you have got to have one!!!!

It is a rip off.......