West Coast Equine Insurance Services

The current flooding situation in the PNW should serve as a reminder that flood damage is not a standard peril in a homeowner's or commercial property form. The coverage needs to be purchased separately, and there is normally a 30-day waiting period before coverage becomes active. Everyone needs to plan ahead! The price of flood insurance reflects the potential exposure. So, if you think a flood is unlikely, you may be surprised as to how inexpensive it may be to buy the coverage.

Breaking news!!.....

State Farm, a California insurer for a century, said it has received 8,700 claims, with more than $1 billion paid out as of Feb. 1. It's a commitment the company reported in a fact sheet explaining why it warrants higher premiums (22% higher).

State Farm has been citing financial woes since at least last year. The report specifically noted a financial strength rating downgrade from an unnamed agency. Credit rating firm AM Best downgraded State Farm's financial strength rating to "fair" from "excellent" in March 2024.

For their part, California insurance officials said the hike request has raised "serious questions" about State Farm's actual financial condition, according to CBS.

In the coming weeks, I will be in attendance at the ApHC World Championships (Ft Worth), the Color Breed Congress (Tulsa) and the AQHA World Championships (OKC). If you'd like to meet up to discuss your insurance needs and options, just drop me a line.