Are State Farm Policies on H03 or H05

[insurancequestion]

Are State Farm policies on H03 or H05?

Are more of the captive agencies like State Farm, Farmers..etc.. on H03 or H05?

 

[tomatogirl]

Since no one with first hand info has weighed in I'll supply my view from market observations. Most are HO-3 or HO-5-equivalents (built by adding optional endorsements). Also has BASIC in a number of states (16 named perils for structure & contents). Also has a roof schedule in many states.

 

[marindependent]

The reason that no one with "first hand info" has responded is because agents from State Farm are probably not allowed to respond on this forum.

Some captive insurers actually dont even use terms such as HO3, HO5, DP3 rather they often use their own terms for these policies: New Gen Homeowners, or Landlord policy. Sometimes when you speak with these agents they wont even know what you are speaking of when you use some of these phrases.

My opinion is that there is one important competitive thing to know about State Farm.

 

[adjusterjack]

Are State Farm policies on H03 or H05?

HO-5 is All Perils on dwelling, other structures, and contents (subject to exclusions, of course).

HO-3 is All Perils on dwelling and other structures, but is Named Perils on contents.

I have a copy of a State Farm HO policy. It conforms to the HO-3. Attached if you are interested.

This concerns me, too, as I have an HO-5 with Pekin and I'm having a State Farm agent quoting my home and auto.

I'm sending him an email with the coverage question and will report back when I have the answer.

My opinion is that there is one important competitive thing to know about State Farm.

What is that, pray tell?

 

[Thenewguy1]

They are forsure H05

 

[adjusterjack]

They are forsure H05

What "they" are you referring to?

 

[romeroaaron]

State Farm agent team member here. We sell HO-5

 

[marindependent]

State Farm agent team member here. We sell HO-5

State Farm Alive on this forum?

It is ALIVE