Farm Bureau Dropping 3,000 SC Homeowners
The insurer said it paid out $36 million in claims, the most since Hurricane Hugo
Farm Bureau announced it will drop 3,000 South Carolina homeowners after paying out millions of dollars in storm damages. WYFF reports that the company is notifying property owners by letter in 17 counties that they will not be renewed. A Farm Bureau spokeswoman told the station the company paid $36 million in claims last year, the most since Hurricane Hugo in 1989. Also this week, Allstate announced it was dropping 10,000 South Carolina home insurance customers who don't also carry Allstate auto coverage, have older homes and who insure their homes for less than $220,000.
In this Article:
Mimi
7:30 pm on Friday, July 13, 2012
They paid out 36 million in claims and profitted 36 billion. I find it amazing that SC even does business with these companies. Their objective is to make profits not to insure homes. Auto, Home, Life insurance has become obsolete due to the unregulation and greed. Sometime companies absorb losses and sometime they profit. I am pretty sure that they take into consideration the cost before … more ›