State Farm Insurance Agent Jackie Meadows – Insurance Agency In Cincinnati, OH
For years State Farm Florida Insurance Company has remained one of the few Fortune 500 homeowners insurance companies still doing business in Florida. It is still by far the largest private insurance company in the state for both homes and autos covering 1 million and 2.5 million policyholders respectively.
They deserve credit for that.
After all, following the billions in claims from Hurricane Andrew in 1992, many large insurance companies simply left the State of Florida for good – and never looked back. That left Florida to deal with the problem on its own and caused it to create its own state run insurance company of last resort to help those who simply could not find coverage.
State Farm Florida Insurance Company did not follow this approach.
It has taken a prudent approach to the market that has been present in Florida since Hurricane Andrew. These steps have included:
Strict underwriting criteria for homes selected for new business
Multiline discounts for policyholders with home, auto, and life coverage
Selectively cancelling higher risk older homes closer to the coastline
This approach might have been successful during normal, reasonable periods of history. But things in Florida have been anything but reasonable in recent years:
From 1992 to 2004, no large insurance companies re-entered the Florida home insurance market – leaving State Farm on its own.
Florida hurricane claims in 2004 and 2005 caused billions of dollars in damage. State Farm Florida paid millions in claims and had to request an emergency cash infusion from its parent company to recapitalize it.
While the company was able to get significant rate increases after the 04/05 hurricanes, massive rate increases granted to most of the companies in Florida in 2005 and 2006 caused a major political uproar. Quite honestly, the public demanded rate relief because Florida home insurance was simply not affordable.
The pressure for lower rates was far worse due to outrageous property taxes and the collapse of the Florida real estate market.
The State of Florida reacted to voter pressure. But the results were not impressive.
The 2007 and 2008 legislation had a minimal effect on lowering homeowners insurance rates and shifted billions of dollars in catastrophic risk to the Florida Hurricane Catastrophe Fund – a state entity that has publicly stated that it can’t meet its reinsurance obligation to insurance companies in part due to the frozen bond markets.
As a result, all companies including State Farm Florida are concerned that the Florida Cat Fund won’t be there to pay them back after a major hurricane and are looking for new sources of backup reinsurance.
That, combined with other factors led the company to request a 47% rate increase a few months ago. After state regulators rejected the rate increase, the company appealed that decision in court. Recently a judge agreed with state regulators that State Farm’s 47% rate increase was not justified and also rejected the rate increase.
This brings us to where we are today – a time when many Floridians have to be wondering if State Farm Florida is preparing to exit the state for good. This would not be welcome news and would cause a major shock to the Florida homeowners insurance market as policyholders scramble to find other coverage.
In today’s uncertain times, you have to be ready to face realities. One of those might be that State Farm will cancel or drop your homeowners insurance coverage in Florida. If that happens there are several things you need to do to respond to this:
Shop your policy. Most State Farm Florida agents can only offer you homeowners coverage with Citizens after your policy is cancelled. Find a large independent agent who represents multiple companies in order to give you the best options for replacing State Farm Florida.
There are new Florida base regional insurance companies that have been created over the past 15 years, with many only being recently approved since the start of 2006. Some of these companies might be a good option to replace State Farm but you have to research each and every one of them. Check their financial ratings and customer service history thoroughly.
State Farm Florida insurance agents will be hurt by mass cancellations of home insurance policies. They have spent years building a book of insurance business in Florida. When they lose your home insurance business, they often lose your auto and life insurance business as well. While you can’t help but be sympathetic, you need to know that it is in your agent’s self interest to keep your auto and life insurance business while putting your home insurance coverage into Citizens Property Insurance. Don’t accept being placed with Citizens without looking for other private home insurance companies through other agents that can also offer you auto and life insurance.
Get all the facts if you are thinking about Citizens Property insurance. Citizens has said that it does not charge enough premium to cover the risk that it takes. It too is expecting problems borrowing to pay its claims after a major hurricane in today’s troubled bond markets. Major recommendations being presently considered at Citizens include raising rates, limiting coverage, and mandating certain home hardening measures. Do your home work on Citizens just like you would for any other company.
While we don’t know how the final situation with State Farm Florida will play out, if you follow these steps you’ll be way ahead of hundreds of thousands of policyholders that might be scrambling to get coverage all at once.
Watch the video related to state farm insurance
Looking for the #1 Insurance Agency in Cincinnati, OH? Then check out State Farm Insurance Agent Jackie Meadows for Affordable Auto Insurance, Health Insurance, and Home Insurance. Call our Experienced Insurance Agents today! PH:513-474-4940 www.elocalprofiles.com
Help answer the question about state farm insurance
Will my State Farm insurance cover my hitting a deer with a rental car in Michigan?I was two miles from the Canadian border in Port Huron when i hit a deer. It bent the condenser and such. I did not purchase add-on insurance from Avis with the rental car. Would State Farm cover the damages from my hitting the deer?
About Author
Michael Letcher is a former Fortune 500 executive and a licensed CPA. His on-line guide can help you find options if your home insurance is cancelled by State Farm Insurance Fl. Get his free newsletter by visiting =>
http://www.homeinsurancebuyers.org
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Posted by American Car Insurance on December 27th, 2009 filed in state farm insurance | 9 Comments »
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9 Responses to “State Farm Insurance Agent Jackie Meadows – Insurance Agency In Cincinnati, OH”
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December 27th, 2009 at 10:57 am
depends on how you open it.
sole propriotor if you merely sign a brokers agreement with them as yourself. Then you are merley in your own business as a broker for them
If you went into business with someone else in the office you would be a partnership ( depending on the agreement as to what type), if you incorporated and had that corporation owning the business where you had a broker relationship though that corporation, then you would be a corporation.
State Farm would have all those types as agencies within thier broker agents. What you left out was an employee, if the agency was actually owed by state farm itself you would merely be an employee
December 27th, 2009 at 12:17 pm
State Farm is a great company to work for. As you know they are the top auto insurance company in the nation, therefore the company is in a stable financial position.
To become an agent at State Farm you need a bachelors degree, most likely in Business Administration. Most agents start out as Licensed Staff, meaning they work for an agent to learn about the company, procedures, sales and they take care of licensing requirements in their state. Then you discuss becoming a Trainee agent with the Agency Field Office in your region.
As a Trainee Agent you will train side by side with a current State Farm Agent, often a retiring agent. When that agent leaves you open your own office and the company alots you some of the clients of your retiring agent or other retiring agents.
I think becoming a State Farm agent is rewarding and has a secure future. Today, State Farm has a strong hold on the auto insurance and personal lines fire business in the United States, but new State Farm agents are encouraged to sell Life, Health and Financial services such as long term care policies so you will need to be licensed in all of those areas, which you can probably take care of while you are working as Agent Staff. Hope that helps
December 27th, 2009 at 9:13 pm
I just got a ticket for speeding and he said Points are what raise the insurance but he was a rookie.
December 28th, 2009 at 1:55 pm
I suggest you locate a nearby car insurance agent to help. Since I live in South Carolina I can't recommend anyone in New Mexico, but here is an website that can help you. http://www.easyautoinsuranceguide.com/New-Mexico-Car-Insurance.html
Hope it works out
December 28th, 2009 at 6:39 pm
Sure, with ANY insurance company, you're going to have complaints.
However.
By a WIDE margin, State Farm insures more homes in the United States than ANY other insurance company. Also, they have the absolutely LOWEST ratio, of upheld insurance complaints, combined, with all the state insurance commissioners (from AM Best's Review).
So sure, if you have 100 houses in a neighborhood, and 98 of them are insured with State Farm, one with Nationwide, one with Allstate, and ONE of those claims gets denied, it's most likely going to be the State Farm one. But, if it's denied because they ALREADY paid for the roof in June, and the homeowner didn't replace it, well, that's VALID.
So . . . you have to look deeper, if you want a FAIR answer to that. OH, and I am not now, and never have been, a State Farm agent. But my personal homeowners insurance, IS with State Farm – and that should tell you something.
December 28th, 2009 at 11:47 pm
I have USAA and they will cover it. So someone as big as State Farm should. Good Luck
December 29th, 2009 at 6:27 pm
You need to send the written complaint to your state insurance department, including a copy of the declination letter from State Farm.
December 30th, 2009 at 12:02 pm
All homeowners policies give you the option to add extra coverage for furs, jewelry, etc etc.
If you don't have specific jewelry coverage it probably won't cover anything unless it was stolen from your home.
December 30th, 2009 at 3:38 pm
What country are you from and how many times have they been bombed? That could be a good factor. Do you return to that country alot?