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re: How bad was State Farm the last few years
Posted on 9/19/23 at 11:53 am to Gee Grenouille
Posted on 9/19/23 at 11:53 am to Gee Grenouille
State Farm has been issuing 75% of settlement checks on homeowners claims, and telling policy holders they’ll get the remaining 25% when they show proof that the repair work was done satifactorily.
It’s not State Farm’s business what anybody does with the money. People pay for insurance policies, not a conscience or a babysitter.
This post was edited on 9/19/23 at 11:55 am
6
Posted on 9/19/23 at 11:57 am to TheHarahanian
quote:
State Farm has been issuing 75% of settlement checks on homeowners claims, and telling policy holders they’ll get the remaining 25% when they show proof that the repair work was done satifactorily.
That’s been their position at least going back to Katrina when I was peddling policies for them. The mortgage company has something to do with this too.
Posted on 9/19/23 at 11:59 am to TheHarahanian
quote:
State Farm has been issuing 75% of settlement checks on homeowners claims, and telling policy holders they’ll get the remaining 25% when they show proof that the repair work was done satifactorily.
If it’s ACV payments they’re doing this with, then that’s illegal. You often have the settlement check written out to you and the mortgage company, which fricks yo plans to piss away that money, but State Farm probably shouldn’t be choosing to hold back any ACV payments after deductibles have been applied otherwise.
This post was edited on 9/19/23 at 12:00 pm
Posted on 9/19/23 at 12:34 pm to TheHarahanian
quote:I assume you're talking about the hold back for depreciation?
State Farm has been issuing 75% of settlement checks on homeowners claims, and telling policy holders they’ll get the remaining 25% when they show proof that the repair work was done satifactorily.
It’s not State Farm’s business what anybody does with the money. People pay for insurance policies, not a conscience or a babysitter.
If so, thats common practice among most insurers nowadays. They pay the value of your damages minus depreciation upfront. Then you recoup the depreciation as you submit receipts and proof of repairs. If you don't make the repairs, go with lower grade materials, or find someone to do the work cheaper...then you just don't get the depreciation back.
Blame people who try to turn their claim into a way to put cash in their pockets by submitting an estimate from a legit contractor, but then hiring some unlicensed jackleg off the street to do the work as cheap as possible so they avoid having to pay their deductible or can pocket some money off the deal.
Posted on 9/19/23 at 12:49 pm to TheHarahanian
quote:
State Farm has been issuing 75% of settlement checks on homeowners claims, and telling policy holders they’ll get the remaining 25% when they show proof that the repair work was done satifactorily.
It’s not State Farm’s business what anybody does with the money. People pay for insurance policies, not a conscience or a babysitter.
If you replacement cost coverage, every issuance carrier does this. Except it's not a set 75/25%. You are paid what your item is worth then the rest of the funds are released when the work is complete.
For ex: If you have a 20 year old roof, insurance is going to say "Ok it will take 15k to replace this roof, but as it sits, your roof is only worth 4k." So you get a check for 4K and when the work is done and the contractor sends in a certificate of completion the rest of the funds get released. They are basically giving you a Kelly Blue Book value type evaluation of your roof except unlike a car, they eventually give you the full price but not until the work is done. Nobody does a set 75/25%. They would be giving out too much money. They get away with paying less money by doing it the way they do.
The problem with State Farm is half the time the adjusters don't know how the hell to write an estimate so they aren't paying the homeowner enough to actually get the stuff fixed. And unless you have a contractor who knows how to feal with insurance and fight on your behalf, you won't get enough money to get your work done without being out of pocket.
Posted on 9/19/23 at 1:27 pm to TheHarahanian
quote:
It’s not State Farm’s business what anybody does with the money. People pay for insurance policies, not a conscience or a babysitter.
SF doing that or the mortgage lender? My mortgage company did that after Katrina claim.
Posted on 9/19/23 at 2:35 pm to TheHarahanian
Even if State Farm gave you all of the money up front, unless your home is paid for the check will have your mortgage lien holder on it as a payee
And most if not all banks won’t just sign the check. You sign and send it to them for endorsement, and instead of signing they hold the funds and dole it back out to you like a construction loan.
Flood insurance works the same way, and that’s Uncle Sam not State Farm.
And most if not all banks won’t just sign the check. You sign and send it to them for endorsement, and instead of signing they hold the funds and dole it back out to you like a construction loan.
Flood insurance works the same way, and that’s Uncle Sam not State Farm.
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