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Message
re: Best insurance company for home insurance
Posted on 11/29/23 at 8:40 am to RaginCajunz
Posted on 11/29/23 at 8:40 am to RaginCajunz
They are reducing their exposure through rate, reinsurance is eating the small players up. Your policy has to be one of the old grandfathered contracts since FB hasn’t written wind since 2006 on their own paper. They are B rated also so you can probably do better from a company standpoint.
1
Posted on 11/29/23 at 11:07 am to sleepytime
I would add Pure to the list for high end homes.
Posted on 11/29/23 at 1:34 pm to MarsellusWallace
Pure and AIG have left Louisiana so not an option any longer.
Posted on 11/29/23 at 2:39 pm to KemoSabe65
quote:
They are reducing their exposure through rate, reinsurance is eating the small players up. Your policy has to be one of the old grandfathered contracts since FB hasn’t written wind since 2006 on their own paper. They are B rated also so you can probably do better from a company standpoint.
I just talked to a broker that my friend at work has used recently. He said because my roof is older than 5 years, he didn't have anyone that would even write a policy. I suppose that is why I've read of people getting hit with "put a new roof on or we're dropping coverage" letters.
Where can I find the ratings? I found this news release on the rating, but nothing newer.
OLDWICK, N.J., July 13, 2023--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings to "a" (Excellent) from "aa-" (Superior) of Southern Farm Bureau Casualty Insurance Company, Colorado Farm Bureau Insurance Company (Colorado Farm Bureau) (both of Ridgeland, MS), Louisiana Farm Bureau Casualty Insurance Company (Baton Rouge, LA) and Mississippi Farm Bureau Casualty Insurance Company (Jackson, MS). These companies are collectively referred to as Southern Farm Bureau. The outlook of these Credit Ratings (ratings) is negative.
Posted on 11/29/23 at 3:26 pm to RaginCajunz
quote:
I suppose that is why I've read of people getting hit with "put a new roof on or we're dropping coverage" letters.
State Farm passing these out like hot cakes in North LA. I've gotten work from it so I can't complain but man I hate it for home owners. Screw State Farm. I wouldn't insure a dog house with them, much less my homeowners.
Just met an adjuster today on a water mitigation claim and the adjuster is absolutely clueless. Wants to reuse carpet that was soaking wet for a week but replace 800 sq ft of vinyl plank flooring that got wet. Not only does the coverage suck but that the type of people they send out to write your estimate.
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