did all CA politicians and traitors take out fire insurance
on the properties BEFORE they were lit,
OR only those trained at BU?
This will hurt bad.
There are plenty of good, responsible people in Cali who don’t live in the “blue” areas.
This has to suck for them. What would piss me off to no end would be knowing that had the LA region just taken a sensible approach to land management (instead of acting like wack jobs), this wouldn’t be necessary because there wouldn’t be such a disaster.
Oh great. I know this is Cali and I’m in Texas. Just switched from USAA to Statefarm and saved a staggering 800 dollars annually on my home insurance... for the same coverage. It won’t be too much longer before this spills nationally. If they are struggling there, they will make it up elsewhere. Sorta like the fast food joints when they raised minimum wage. Other locals had to price increase for sustainability.
“Going back to Cali.....I don’t think so. Wow.... “
It will not be just Ca. This is going to reset pricing across the whole market. All the insurers everywhere will jump on the price fixing wagon and raise theirs up also across the board and whole industry.
You can bet on it... They always do...
We tell you how to run your business right up to the point of bankruptcy, then WE TELL YOU WHAT TO DO OR ELSE! Way to go California, all businesses should leave California! Move while you still can!
White Jake would never have let this happen.
Seriously, this is the beginning of spreading the pain of the Palisades fire nationwide (so we’ll be on their side, but I digress). Helene and Milton, not so much.
It’ll sure stabilize the market when State Farm pulls entirely out of California. Which it should. If necessary, divest the California State Farm subsidiary. Let it go bankrupt along with everything else in the state.
Didn’t State Farm face a class action case in the late 90’s for over charging.
If the first scam fails get better at it?.
Insurance policies ought to be priced to actual risk, with the federal government out of the business of redistributing to those who don’t carry adequate coverage.
California is pretty much uninsurable. Californians populated a desert pretending it was a moderate climate. It isn’t. It is desert and average rainfall projected for ever is inadequate to produce the faux moderation pretended.
Of course CA approves, it impacts inflation. What they need to do is clean out brush, keep reservoirs filled, and reduce government regulations on building.
My neighbor has State Farm - his rate went up so much last year (after 30 years) that he called the company - they said the rate increase was because so many people had filed in 2023. It will be far worse this year.
Another friend had the property she’s lived in for 40 years declared a “fire zone” - and State Farm dropped her. She found another insurance company but it wasn’t easy.
Mebbe a good,first step. But, I doubt it.
How about reversing the regs that drove all the other insurers out of the state, yah pack of morons?
Just let insurers refuse to insure a particular house or neighborhood for a particular risk. If yah live in a fire-prone area, no fire insurance. But, that does not mean you can’t be offered insurance for wind, water, etc.
E.g., right now it is difficult to get insurance for water leaks inside an older house, like 50+ years. No amount of inspection will get insurance. Yah have to replace everything — imagine the expense. This potential risk of a minor expense scares off insurers on ALL risks.
“secure a $500 million cash infusion from its parent company”
F that: that would mean i’d be paying for california’s gross mis-governance ...
From MoonShineInk:
“ According to Cal Fire incident maps, the FAIR Plan estimates its potential exposure at $4 billion for the Palisades Fire and $775 million for the Eaton Fire. As of March 2024, the FAIR Plan held approximately $200 million in surplus capital and $2.6 billion in reinsurance. If available funds fall short, all insurers operating in the state may be assessed to cover the gap. While the full impact remains uncertain, this could lead to higher premiums not just in California but nationwide.”
That’s the reason they approved the rate hike.
In keeping with State policies that defy common sense and sound economics, California Insurance Commissioners have not approved ANY increase in property premiums for five or six years … 22% maybe covers inflation in that period.
my recent car insurance bill went up horribly from state farm,granted I had a major accident,first one that I caused,but after 40 yrs you would think there was a little loyalty.
Some insurers have already pulled out. We need private insurance, and this will encourage State Farm to stay in California.
Yes, insurance will cost more. But the alternative might be no insurance.
No insurance is worse than costly insurance.