State Farm’s plan to raise homeowners insurance rates by 12 percent to 18 percent for policy holders in Mobile and Baldwin counties, as well as drop wind coverage from hundreds of policies, was approved by the state Department of Insurance this afternoon.
State Farm rates to rise in Mobile, Baldwin
When prices rise, consumers look for better rates with other companies. Are there any?
7 comments ↓
Chuck, most agencies are acting as clearinghouses anyway. Geovera is actually a big name in this area now. But don’t expect a deal, the coastal area is being fleeced, and insurance execs and lawmakers from outside the coastal region want to keep things the way they are.
You people just don’t get it…after all of the hurricanes that have hit here in the last few years…er…uh…well you know there is global…emm…al-gore warming…and then you know all of the problems with the ice caps melting…Insurance execs and lawyers eh…the Obaminator will take care of all these problems!!
As a general rule, the free market tends to take care of itself… you know, supply and demand. The last thing we need is more government regulation and interference in any industry. If people don’t want to pay the rising insurance rates they can shop around or move.
Or maybe Barry O. will include our houses in his universal health care plan?
Chuck you’re right; however, the market isn’t currently free. There are special interests in mongtomery which are using the hurricanes as an excuse to subsidize lower rates in there districts in exchange for allowing rates to be raised or policies to be dropped unabated in the coastal region.
A good person to talk to would be the good senator Ben Brooks of Mobile.
The bills he proposed weren’t adding additional oversight, they were making sure that individuals living in coastal regions were represented fairly. The state recieves a great deal of tourism dollars from these two counties, it makes sense that legislators from other disctricts would take note.
I digress… Beer Night…. anyone interested?
Looks like all folks in Mobile and Baldwin Counties just need to move north.
“Free markets” are usually not so free……
We regulate public transportation, movie theaters, restaurants, financial institutions and such because, sadly, without it greed or sloppiness are often factors (though not always, of course).
Most things in America ARE regulated - for better or worse - to protect people and keep vast numbers from being harmed or ripped off. Even the home mortgage industry is going to be regulated, looks like.
Regulations don’t perfect our lives, or correct all situations, but they do reduce the numbers injured or adversely affected by others’ negligence, greed, miscalculation, laxness or what-have-you.
sadly, many don’t have the option of shopping around… there is a problem right under the surface that ties lobbyist for ALFA and All State to several key state politicians… look at the Campaign finance reports. On insurance issues, they vote how they are told to.
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