Posted on 09/19/2023 9:37:44 PM PDT by RomanSoldier19
If you own a house in California, it keeps getting harder to insure it. After years of devastating wildfires, Allstate stopped offering new policies in the state last November. State Farm announced the same thing in May, citing “rapidly growing catastrophe exposure.” Farmers Insurance is limiting new policies. Some smaller insurers have followed.
Thousands of other homeowners have been told that their policies won’t be renewed—and for some, the only option left is a much more expensive last-resort insurance program set up by the state.
(Excerpt) Read more at fastcompany.com ...
For at least a decade, companies have been warning the state regulators to resolve the problems....they did nothing.
At present pace, I’d suggest if you can’t get regular insurance, then home sales within the state will go flat within the next two years. Why would you sell?
The question is....was this done by design or just incompetence?
Mortgages require insurance, in most cases.
Looks kinda rough for home owners.
California is a beautiful state, but just damn.
Climate change is not the reason. Unpredictable weather and wildfires are the reason. Too much propaganda in this goofy article. Plus wild fire risk is the result of idiotic enviro-loonies opposing simple measure of forest and wild brush management. In this case climate change fanaticism is to blame. Not to mention enviro-wackos setting fires.
-PJ
>> The question is....was this done by design or just incompetence?
Good question, but one thing is clear to me: the “last resort state insurance” fits right in with the marxist drive to control every aspect of your life.
When they insure your house, all sorts of intrusions (”inspections”, “lifestyle requirements”, etc.) become possible.
That fact can’t be lost on the power-mad left.
It's all your P.O.V.!
Regards,
Profit motive. California insurance commissioner limits insurance companies’ prices (profit) and increase the mandated insurance coverage (costs). The companies eventually just bow out, offering *no* insurance. In helping “the little guy,” they hurt him.
>> I’d like to see Gavin Newsom run on a platform
I’d like to see Gavin Newsome climb a platform... of a gibbet.
Him and a million others like him.
Florida is facing the same problem. Ron DeSantis is hanging around Iowa instead of fixing it.
I think ‘value’ is correct from any POV: it stands for ‘valuation’ which is the customary term used in finance and market analysis all over the place.
If the object (e.g., the house and property) are physically the same, all some potential buyers are going to care about is the price-tag.
The fact that rising mortgage interest rates or fire insurance premiums are lowering the valuation is of absolutely no concern to a potential buyer who - for whatever reason (e.g., he wants to pay cash, isn't worried about fire, doesn't give a crap about resale value) - is merely looking at the price-tag at closing.
Regards,
State regulators (insurance commissioners) ARE the problem (at least in CA).
The real problem is idiotic, so-called “environmentally-friendly” forest management techniques.
AKA improper forest management practices.
Fire risk also involves a lot of people choosing to live in high risk areas.
That (forest management) and the fact the State Farm General (a division of State Farm Mutual created to handle the CA business under the heavy hand of the CA insurance comm.) is losing $$...$1.32 paid out in claims for every $1.00 in premiums collected and the ins. comm will not allow rates to rise to match. State Farm not writing any new homeowner’s business.
Insurance comm. also known for not allowing auto insurance cos. to underwrite rates by Zip Code because that would be “unfair” to inner city residents where car theft is rampant...therefore drivers in rural CA take a hit on their rates.
And don’t forget CA electric power “deregulation” (AB1890) that led to Enron, PG&E bankruptcy #1 and a broke PG&E not doing proper tree trimming and equipment maintenance. (And throw in 1 Napa Co. arsonist).
Nationwide is no longer “on your side” because they are flying drones in illegal airspace to do “roof inspections”
At BEST you will be required to have a powerwashing (on your dime)
At worst you will be required to pay a fly-by-night “inspector” to affirm that, yes, indeed, you must replace your roof before the policy renewal.
Nationwide is NOT “on your side”.
F’ em
There is another interesting element to this.
Most of the Insurance Companies are flying the ESG Flag now. Along with the hidden ChiCom social scoring system. (not about credit rating but about whether you criticize the government)
It appears to me the Global Reset is still intent upon creating such chaos they can take over all the property in the world with more fake money by raising prices and taxes and destroying the income to pay for them.
Klaus Schwab and the WEF.
I could write you a long article about my experience with these vermin. And I own more than 1 home and don’t owe anything on them.
I finally found a good auto insurer that is NOT ESG. But they could not insure my home at the farm. They referred me to Travelers, and it is deeply ESG.
There are no accidents. The Globalist Cabal has not given up yet on enslaving the world. They want to quickly reverse the American Revolution.
It is of a kind with Chicago setting up city-owned food stores because no one can keep a private store open due to all the crime the city doesn’t address.
Deep State wiping out the competition.
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