Posted on 04/19/2024 7:28:15 AM PDT by cuz1961
... According to filings from the state’s Department of Insurance, Tokio Marine America Insurance Co. and Trans Pacific Insurance Co. said they would both stop offering homeowners and personal umbrella insurance in the Golden State....
... Those impacted will receive nonrenewal notices beginning on July 1. The proposed effective date for these filings will take place on Aug. 1, 2025....
(Excerpt) Read more at ktla.com ...
Wonder if the sheeple out there will start to wake up to what’s going on? Nah, I didn’t think so either.
When an insurance company declines to issue a policy at any price, you can bet you’re living in a deadbeat state. Not even worth insuring.
Earthquakes...wildfires...etc. They say that insurance companies are leaving Florida as well. Hurricanes mainly.
Insurance is becoming a real problem in the tarnished State, a friend of mine got a new proposal for his homeowners insurance, he lives in a rural area like me and it was $78,000. He chose to write the check and payoff the mortgage instead and self insure.
“Wonder if the sheeple out there will start to wake up to what’s going on?”
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The sheeple out there have come to ignore any notion of consequences as bailouts are now a well-established mechanism in this country. Taxpayers across the country will ultimately rescue California from its own quixotic follies. Not saying that’s right; just that the government considers California too big to fail. And the sheeple will go along with it.
I predict one of two things will now happen. 1) California will pass a law saying if you offer homeowners insurance in other states but not here, it will be illegal for you to write policies in any other insurance area, cars, commercial, liability, etc. Or, 2) the State of California will now get into the homeowner insurance business and that whole program will become rife with corruption.
Yes, those sound fairly likely.
A One Party state that bullies ins companies
Still blames fires on man made global warming
Over taxes and makes costly policies for the same non sense
The party of the people !
State of California will now get into the homeowner insurance business and that whole program will become rife with corruption.
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bingo.
calif is , imho, in the process of destroying private business/ property
and turning the state into a marxist entity
look at what they are planning on doing with electricity rates
calculating it on income and not usage.
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bingo.
calif is , imho, in the process of destroying private business/ property
and turning the state into fascist entity
look at what they are planning on doing with electricity rates
calculating it on income and not usage.
.
Yep, the noose of Marxism is tightening.
This is how monopolies are built. As more companies leave the state it decreases competition for those that stay which in turn keeps rates high. If all but one company remains, that company gets to set rates as high as they like within government rate caps. At that point, if there's no profit to be made from selling at the capped rates, that company will also leave or go out of business, making government insurance the only possible option, at which time the government becomes not only the sole provider, but also has the legislative power to mandate purchase of their product.
CA could try to enter the insurance biz, but they’re already tens of billions into deficit spending every year, and they can’t (yet) print money.
They can raise taxes, but then people will just scoot faster and faster outta there.
Option 2 sounds quite plausible. Especially the corruption part.
Tiny companies that wouldn’t typically even be noticed leaving. They don’t have enough accounts to warrant the risk of being active there.
The RAT politicians will see the usual shyt about “evil corporations.” And the voters will slurp it right up.
Gee, where have we seen this before? Kinda like... wait for it... Obamacare! Wow, the state cares so much for us. They are so compassionate to help us out like this as long as we simply surrender our liberty to them.
In some parts of the state you can only get insurance through the state offered plan
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