Posted on 07/02/2024 5:28:56 AM PDT by dennisw
READ MORE: The insurance on my 2012 Mazda went up 72% to $233 a month!'
A prominent insurance provider has aired an ultimatum to the entire state of California.
The firm, State Farm General, asked the state’s Department of Insurance Thursday to let them raise residential insurance rates for millions of citizens, or see them move out.
The move indicates financial trouble for the insurance giant, which currently covers homes razed by wildfires.
State Farm disclosed it is seeking a 30 percent rate hike for homeowners, a 36 percent increase for condo owners, and a 52 percent increase for renters as a result - a move that would only worsen the state’s already present housing crisis.
'This has the potential to affect millions of California consumers and the integrity of our residential property insurance market,' insurance commissioner Ricardo Lara said in a statement - as the filings make their way through the proper channels.
He added how he was now keen to 'get to the bottom' of the company’s financial situation - and will conduct an extensive review before deciding on the applications as a result.
'State Farm General’s latest rate filings raise serious questions about its financial condition,' he said of the number one insurance firm in the US.
He added how a rate hearing may even necessary, offering his commission an opportunity to hear from the public about the proposed rate changes.
Only then, he said, would officials make a decision on whether to approve the requests - a process that could end up taking months.
As it stands, the department is averaging 180 days per rate review, with some cases taking even longer, a department spokesperson confirmed to the LA Times.
(Excerpt) Read more at dailymail.co.uk ...
According to California attorney Barry Goldberg, illegal aliens are uninsured up to 50% of the time and 3x more likely to cause traffic fatalities.
Hit and runs, uninsured motorists, car thefts, fraud will all cause premiums to spike.
Hurricanes, tornados, hail storms, thefts, ice storms, fraud will cause premiums to spike.
Risk is spread across the market. You may not have filed a claim, but if enough of your neighbors do, premiums spike.
They left MA years ago.
-SB
Isn’t there a subtext here, one that the liberal left just loves?
Insurance rates are up, has to be because of the big old bad fires and hurricanes and tornadoes and homeless, obviously because of anthropogenic climate change because of use of the internal combustion engine and other typical American consumerism and conservative state policies. So, yaay, bring on the news, so we can increase awareness of climate change and get more money from the public and more control of the public.
Right?
Not really sure. But with USAA I receive an annual Subscribers Distribution and a Senior check each year. Typically, these amount to between $1K to $1,000 early. I might be the only guy happy with his insurance company. But I’ll keep my eyes open just the same.
All I know is that crime rates are up and all forms of insurance are up up up up up
Shadoobie
In Alabama, my home premiums increased a couple of yeas ago, but only because I’ve re-examined how much it’d cost to replace the home at today’s prices and asked for a higher coverage amount.
Inflation
Government regulations driving up prices.
CA not protecting against fire
People are not as ethical. Padding claims such as roof replacement.
>
Government regulations driving up prices.
CA not protecting against fire
>
You forgot about CRIME (which CA, like the fires, doesn’t attempt to stop)
Def. placed @ the foot of (as usual): G-O-V-T
>People are not as ethical. Padding claims such as roof replacement
Maybe? I mean, have you SEEN the cose of a new roof these days? Had mine redone in FL a decade ago (simple ‘L’ - one valley): $13k. I can’t imagine the cost TODAY.
You’d have to have to be in cahoots w/ the roofers to get the invoice+ jacked to even be able to ‘pad’ any/all such claim (!= normal wear/tear)
Just curious. Are your solar panels covered by your home owners insurance policy?
Did your insurance go up when you installed them on your roof?
Liberals justified tolerance for crime because property damage was covered by insurance.
Yeah. Not sure why, but my investment units stayed steady?? Thankfully. 48% ??? On my place?? Brick and block rancher. Labor and material cost increase, yes, agreed. I’m a R/E investor. Corp. Life was Insurance. Gotta little insight in these matters. It’s going up everywhere in an unjustified manor.
LOL You’re the first person I’ve seen who commented on the switch.
If it were white Jake, black Jake, or Jake-ette... wouldn’t care. But like many advertisers, they switched him to a smart, cool black guy who is usually talking with stupid white people. It is insulting. Tired of the reverse racism, and I avoid business with any company that uses it in ads.
“At some point, a large segment of the population will simply forego auto/property insurance because they do not possess assets that exceed the cost of the insurance itself.”
This may help to ultimately bring houses and car prices down...
If you have a loan, you generally MUST have insurance.
Gavin Newsom’s next great idea taxpayer funded insurance that is FREE
It’s the Liability claims that are killing insurance as the courts essentially allow anything.
What happened to the Jake talking to the husband in the early hours of the morning? Ha!
This, along with a lot of other disasters, was created by the guy who the Dems think is their best hope to take on Trump if they can force Joe out. LOL.
“Gavin Newsom’s next great idea taxpayer funded insurance that is FREE”
Or.. Gov takes over housing.
Essentially eliminate all middle/ working class from owning homes/ property.
Ca will be the Beverly Hills people Where $$ does not matter. And everybody else will be CA/Gov housing.
Oh! the house is Free! It is just 3k/ mo for propert tax, and 5k/ mo insurance.. Plus est 2k/ mo if you want to have lights and running water..
“They blame the intensifying risk of climate disasters.”
Geeze, this will never stop. It’s NOT ‘climate disasters’, it’s called LAND MANAGEMENT. And for those not affected by land management, it’s called CRIME.
All of it- my renter’s insurance (which is cheap compared to homeowners), auto, health, PLUS the rent…
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