Posted on 01/11/2025 4:49:24 AM PST by bert
Insurance industry calls Harris' claim that insurers are canceling policies 'false, wrong and dangerous'
The insurance industry is pushing back after Vice President Kamala Harris suggested insurance companies have canceled the policies of victims of California's wildfires, calling her claim "false, wrong and dangerous."
During a press conference regarding the ongoing wildfires on Thursday, Harris said, "Many insurance companies have canceled insurance for a lot of the families who have been affected and will be affected, which is only going to delay or place an added burden on their ability to recover."
"I think that is an important point that must be raised," she continued, "and hopefully there can be some way to address that issue, because these families — so many of them — otherwise will not have the resources to recover in any meaningful way, and many of them have lost everything."
(Excerpt) Read more at foxbusiness.com ...
Again, that is the common parlance and understanding.
I just don’t get your freak on it, unless you work for an insurance company.
because it’s lefty spin to defect the blame away from the govt bureaucrats where it belongs. It got a CEO murdered a few weeks ago and it is wrong.
No, it’s not.
If her house did burn down, that’d be number one news story on all networks. I’m sorta glad rich celebrities are involved because they are pissed and blaming leadership rightfully where it should be.
Implicit in your post is the fact that there was 100% equity by the owner. I wonder if in fact the multimillion $$$ homes were not in fact mortgaged and it is the banks who might end up with the loss.
The fact the owner has Money does not preclude leveraging with a mortgage
You sound vaccinated.
For example, a policy started December 28th, 2023 can be non-renewed on December 28th, 2024.
Insurance is one of the most regulated businesses in the country....especially in CA.
That's part of the issue.
The contract is for a year.
An insurance company is under no obligation to renew the contract if they chose not to. Nor is the policyholder under obligation to continue the contract.
What a clever comment. 👏
There are exceptions: https://www.progressive.com/answers/homeowners-insurance-after-nonrenewal/
And none of what you posted is news to anyone here.
It gives the insurance company a chance to underwrite the policy and determine if its one they want to insure.
This is not an exception...it is standard industry practice.
Sure seems to be.
Correct. “cancel” is like being put on a blacklist. Can only be done because of a clause in the contract. Cannot just say “we quit you”. There has to be a reason.
Not renewing (i.e., letting expire) is almost always because of a new CaCaLand regulation OK’d by scum like Newsome.
Not correct. Insurance companies can choose not to continue a policy. They simply have to give notice to the customer.
They usually only do this under extreme circumstances like what we're seeing in CA.
After Hurricane Andrew Allstate non-renewed a lot of policies in Florida as they chose to lower their exposure to hurricanes in the state.
So what? California will enthusiastically elect Kamala Governor if she decides to run.
I live on ocean access riverfront, in Florida. No insurance company will touch it, so I have self insured for the past 5 years. If a hurricane takes it out, I’ll just rebuild. My place was built in 1968, and is still in great shape.
I’m not too concerned, I’ll be out fishing.
The fact the owner has Money does not preclude leveraging with a mortgage
—
Having never gone through it, what happens to a mortgage if a home is 100% destroyed.
I assume the borrower still owes the money, but could they just quit paying and the bank takes back the lot? Or, can it be clear via bankruptcy?
Maybe one of the many more knowledgeable Freepers knows the answer.
Have you been screwed over by insurance company .
Try living in FL .
These monster are cancelling policies on homes older than 1960.
Ban them from any tune of insurance in the State .
That will fix it .
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