Posted on 07/19/2024 6:18:24 AM PDT by eyeamok
The real responsibility for California’s high insurance premiums lies in state politicians’ and the governor’s policy decisions. Most insurers say because of California’s high cost to rebuild, they can’t keep premiums artificially low any longer.
And why are California’s rebuilding and building costs so high?
The California Environmental Quality Act (CEQA): As Ed Ring reported for the Globe, over 50+ years, “CEQA has acquired layers of legislative updates and precedent setting court rulings, warping it into a beast that denies clarity to developers and derails projects. When projects do make it through the CEQA gauntlet, the price of passage adds punitive costs in time and money.”
(Excerpt) Read more at californiaglobe.com ...
I am retired & mortgage free, but living on S.S. A few years ago, I felt compelled to drop homeowner’s insurance because of increasing cost. Now, I can’t insure again because any repair costs (and there are some) would mean for me to assure these costs before trying to re-insure & this would be virtually impossible. Insurance has certainly done me no favors except for insuring poverty.
A great analysis. Hope Repuicans can simplyify it into an understandable, effective issue ad rebutting socialist dogma that our insurance crisis is due to greedy businesses.
It shouldn’t be hard to do, when Government mandates the premiums they can charge then mandates how much they have to pay for claims, there is NO INSURANCE BUSINESS, just Gubmint Mandates and everyone gets screwed.
Homeowner’s insurance may be overrated. I owned my home for nearly four decades and never filed a claim.
Basically, I’m most concerned about catastrophic damage like fires, floods, tornados, ice storms, and maybe theft and criminal damage.
I have the highest deductible that I can have, and therefore I am not tempted to file minor claims that I might be entitled to.
You are self-insuring and I was born into a time when as many folk self-insured as those who insured.
Evidently you have gotten by so far, God willing that will continue.
I was a product trade show couple weeks ago and met a guy from a company called Bamboo and they’re targeting areas that other insurance companies are avoiding. He acknowledged the premiums were higher but business was booming.
I bought my first house in May 1966.
Then log house in 1989
Then brand new Manufactured home in 2005.
HAD ONE claim in entire time....A failed shower pan.
Current insurance running about $900 a year.
Cannot replace much of anything for that cost if our of my own pocket.
Right now, my property tax and home insurance and auto insurance cost over $9,000 a year combined. I live in a modest 1950’s rambler and drive a 10-year-old Hyundai.
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