Tag: State Farm

State Farm fire insurance customers protected by Wildfire Defense Systems

H. Cutner
State Farm fire insurance - wildfire near home in California

The insurer has contracted the private wildland firefighting firm to protect covered homes in California. Californian homeowners with State Farm fire insurance coverage will now be protected by private wildland firefighting services from Wildfire Defense Systems. This is positive California insurance news for policyholders in a state increasingly affected by season-long wildfires. This means that private firefighting crews may be dispatched to protect covered homes in the state. According to a Mercury News report, as of April 1 citing a letter from the insurer, Wildfire Defense Systems has been contracted…

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State Farm publishes list of 10 states with highest frozen pipe losses

Nordstrom
Frozen pipe losses - pipe frozen with icicles

Water pipes can freeze in parts of the country known for very cold weather, but not always. State Farm Insurance has released a top 10 list of the states most affected by frozen pipe losses. It is serving as a stark reminder that it’s not just the parts of the US known for the coldest weather that can be affected by this costly damage. Homes with both copper and plastic water pipes can suffer from damage from freezing and bursting. Frozen pipe losses aren’t as simple to repair and clean…

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State Farm chosen as Ad Age Marketer of the Year for 2020

Marc
Ad Age Marketer of the Year - Image of Trophy

Only ten organizations receive this honor from the global media brand every year. State Farm has received the Ad Age Marketer of the Year recognition for 2020. The global media brand names only ten companies with that recognition each year. This year’s recognition spotlighted companies that were able to thrive despite the pandemic impact. In the publication announcing the Ad Age Marketer of the Year for 2020, the company identified State Farm among those businesses that “didn’t just survive the pandemic, they thrived.” This year was a difficult one for…

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A State Farm car insurance rate increase coming to 8 states

G. Turner
Car insurance rate increase - Car - money symbols - arrow

Over the summer, the insurer issued decreases since people weren’t driving as much in the pandemic. Drivers in at least 8 states may see a State Farm car insurance rate increase, according to recent filings the insurer made with state regulators. These higher premiums will follow months of decreases due to reduced miles driven. Over the summer, State Farm cut its auto policy rates across many states in the US to reflect the lower risk of coverage due to the pandemic. When the COVID-19 crisis struck, lockdowns, workers staying at…

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New York Department of Financial Services issues insurance company fines to 4 insurers

Logan B.
Insurance company fines - US dollars

Allstate, State Farm, AIG Property Casualty Company, and Tri-State Consumer Insurance must all pay over $10.6 million. A ruling has been issued for a lawsuit the New York Department of Financial Services filed against four insurers has resulted in fines of more than $10 million in insurance company fines for customer restitution. The lawsuit was filed following the violation of insurance statutes and regulations in the state. The NY State Department of Financial Service Superintendent Linda A Lacewell made the announcement of the lawsuit against the insurers. The affected insurers…

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Gainsco insurance company to be acquired by State Farm

Nordstrom
Gainsco insurance - business deal - handshake

The acquisition is reported to be for $400 million, according to a news release last week. State Farm and the Dallas-based Gainsco insurance company have come to an agreement in which the former will be acquiring the latter for $400 million. The 98-year-old industry giant has never acquired another insurer in its entire history. The deal will have State Farm purchasing all of the Gainsco insurance company’s stock. The acquired insurer will continue its operation as a separate business. However, in time, the two companies will start the process of…

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Arizona State career development program gets a boost from State Farm donation

Nordstrom
State Farm Donation - Arizona State University (ASU)

ASU received $30 million from the insurer for its “Pathways for the Future” program. Arizona State University (A.S.U.) has received a substantial $30 million State Farm donation directed right into the new “Pathways for the Future” career development program. The university’s new program offers students with financial aid when they enroll in online courses. Students from A.S.U. and Maricopa County Community College can use the program to receive financial aid when they register for online courses at the university. Other students who can benefit from the State Farm donation to…

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