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Started By
Message
re: James Woods: “State Farm WASN’T There”
Posted on 1/12/25 at 2:26 pm to OU Guy
Posted on 1/12/25 at 2:26 pm to OU Guy
Woods stating that "State Farm WASN'T There" is factually correct. For decades, apparently, State Farm was "like a good neighbor" to him until it wasn't. Still, all his statement does is point out the fallacy of the feel-good marketing campaign of State Farm or any other insurance carrier.
The concept of insurance is based on indemnity for a loss that is unexpected. When the loss is predictable or to some degree foreseeable, when proper safeguards aren't taken to mitigate loss, insurance companies will cancel coverage. This can be on an individual basis, for example, if a homeowner doesn't properly maintain his home, or it can be across a wide area, as was the case in California.
The takeaway from Woods' statement is that insurance companies want you to feel good about buying their product, not worry about the intricacies of having your policy canceled, discontinued or priced so high at renewal that it is no longer unaffordable.
The concept of insurance is based on indemnity for a loss that is unexpected. When the loss is predictable or to some degree foreseeable, when proper safeguards aren't taken to mitigate loss, insurance companies will cancel coverage. This can be on an individual basis, for example, if a homeowner doesn't properly maintain his home, or it can be across a wide area, as was the case in California.
The takeaway from Woods' statement is that insurance companies want you to feel good about buying their product, not worry about the intricacies of having your policy canceled, discontinued or priced so high at renewal that it is no longer unaffordable.
2
Posted on 1/12/25 at 2:28 pm to MsandLa
quote:
does roofing as his side gig.
Immediately loses all credibility
Posted on 1/12/25 at 2:29 pm to Warfox
quote:
State Farm has been more than happy to take homeowners money for decades, so yes, it IS a State Farm issue. They should be held liable imo idc if it bankrupts them.
They started rolling out cancellations months ago and were transparent on why… you’re naive and stupid.
Posted on 1/12/25 at 2:29 pm to OU Guy
Woods should be blaming the city and state… State Farm isn’t in the biz of losing billions.
They asked the state to raise rates and were denied. They told them it was only a matter of time before the wildfires broke out and they were right.
They asked the state to raise rates and were denied. They told them it was only a matter of time before the wildfires broke out and they were right.
Posted on 1/12/25 at 2:30 pm to el gato
quote:
Woods stating that "State Farm WASN'T There" is factually correct. For decades, apparently, State Farm was "like a good neighbor" to him until it wasn't. Still, all his statement does is point out the fallacy of the feel-good marketing campaign of State Farm or any other insurance carrier.
Why would they be there when he isn’t a customer any longer.
Posted on 1/12/25 at 2:34 pm to MsandLa
quote:
Just so happens my youngest son is a fireman and does roofing as his side gig. He said state farm is by far the worst to deal with.
Maybe for them, but not for the insured. The drove a van out to meet me and my roofer and cut me a check for half of the estimated damages up front, then sent a check for the rest when I signed a contract with him the next day.
When my car was hit by hail, I sent them the initial estimate, and my agent hand wrote a check. When the shop found additional damage, they took care of all of it.
Posted on 1/12/25 at 2:39 pm to MsandLa
quote:
He said state farm is by far the worst to deal with.
Many years ago, an old woman hit my car. She was insured by State Farm. The accident was her fault.
State Farm would pay to fix my car, but would not pay to fix it right.
I rejected their payment/settlement and had to sue the old lady to have my car fixed.
State Farm just left her hanging.
Neither I nor anyone in my immediate family will ever have State Farm insurance cover any asset at all. They’ll get you sued.
While I don’t blame them for pulling out of California, the fact still remains that State Farm is the trashiest shite insurance company out there.
Posted on 1/12/25 at 2:42 pm to TROLA
You would think that fire for beach houses wouldn’t be an insurance issue. But in California, they have no water somehow. He should be angry that his house burn down to begin with. The Feds better not pay to have the houses rebuilt. The state needs to take care of itself. Not fair for a state to have such horrible policies they allow this to create so much damage and the rest of the US pay for it. It’s like they are caught off guard for something that has been happening these last several years.
Posted on 1/12/25 at 2:46 pm to el gato
quote:I think it's more accurate to say "insurance companies will choose not to offer renewal". Subtle, but actually it is a difference.
insurance companies will cancel coverage.
Posted on 1/12/25 at 2:46 pm to EZE Tiger Fan
quote:Maybe he should move to Florida.
I don’t blame State Farm. The progressives in charge there are to blame
Posted on 1/12/25 at 2:50 pm to AUX3
I think what bothers James Woods and most of us is that State Farm and others spend so much money on advertising when in reality they aren’t good neighbors or put you in good hands. Save that ad money and just pay the claims and keep the premiums as low as possible.
There really aren’t that many options for insurance when you get down to it. Why such huge ad budgets? It’s akin to bait and switch and misleading at best.
There really aren’t that many options for insurance when you get down to it. Why such huge ad budgets? It’s akin to bait and switch and misleading at best.
Posted on 1/12/25 at 2:53 pm to Plx1776
quote:
Didn't state farm announce
SF told the state of Cali that they were withdrawing because. CAli did not do any of the preventative things the state promised
Huge reason to WD
Posted on 1/12/25 at 2:55 pm to OU Guy
Most insurance companies leave disaster areas......they lose money in high disaster areas where the state insurance commissioners won't let them raise rates. Corporations are committed to reward stockholders, all of them do.
Posted on 1/12/25 at 2:56 pm to newmexicotiger
quote:
Curious how they will justify rate increases when they aren't paying claims for all of these canceled policies
Zero understanding of what is being discussed
Posted on 1/12/25 at 2:57 pm to LSUwag
quote:
I had to sue SF over a storm damaged roof
Assuming this is Florida - thankfully there are many new laws but the roofing claims have been rife with fraud for at least 20 years and the court system is Al ost totally lost here now
Posted on 1/12/25 at 3:01 pm to jorconalx
quote:
Zero understanding of what is being discussed
Thanks for clarifying it for me. Do you offer a seminar I can attend?
Posted on 1/12/25 at 3:12 pm to OU Guy
State Farm is a business. It was bad business to insure properties in a state with rampant wildfire problems due to lacking fire control and prevention
Posted on 1/12/25 at 3:38 pm to newmexicotiger
No but I can explain to you why a company won’t be increasing rates in a state they have pulled out of. Although I do believe it is self explanatory.
Posted on 1/12/25 at 3:41 pm to EZE Tiger Fan
quote:
Love Mr Woods
Same here.
quote:
I don’t blame State Farm.
Same here.
quote:
The progressives in charge there are to blame
100%, and it was rather surprising and disappointing to see his tweet as he is such a good, solid anti-progressive citizen and knows how dangerous their policies are. There’s no way he’s not fully aware that 100% of the blame for these fires belongs on the government. He’s also smart enough to realize that under these circumstances, State Farm was smart to pull out.
I think one of the other replies stating that he’s emotional is correct and certainly understandable. It’s also possible he doesn’t know the full details yet of the price caps being involved in the decision.
He gets a pass from me on this. Hopefully he’ll realize State Farm was smart to pull out.
Posted on 1/12/25 at 3:47 pm to LSU Jax
Some really great replies in this thread
One thing this is doing, Woods has a lot of followers all over the country. Its getting some “play” that it might not have otherwise. The battle between insurance and corruptly run states/counties/cities is now being discussed more.
Hopefully this helps the common person learn of all the angles and can better vote to help everyone in the future.
One thing this is doing, Woods has a lot of followers all over the country. Its getting some “play” that it might not have otherwise. The battle between insurance and corruptly run states/counties/cities is now being discussed more.
Hopefully this helps the common person learn of all the angles and can better vote to help everyone in the future.
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