Posted on 01/09/2025 5:07:38 PM PST by ChicagoConservative27
California residents have long been struggling with insurance companies that no longer want to protect their homes, and thousands of policies — including around 1,600 in the now-devastated Pacific Palisades neighborhood — were dropped in the months leading up to this week’s wildfires.
Out of the approximately 8,900 occupied housing units in Los Angeles’s Pacific Palisades, nearly 80 percent are owner-occupied, according to 2022 U.S. Census data obtained by Point2Homes.
State Farm dropped a staggering 1,600 home insurance policies in the neighborhood in July, equivalent to about 18 percent of the owner-occupied homes, California Department of Insurance (CDI) spokesman Michael Soller told CBS News on Thursday.
(Excerpt) Read more at breitbart.com ...
Well indeed they wanted the premiums to go even higher due to higher costs since the pandemic but the insurance commission refused to let them raise beyond a certain amount. So they chose to drop a lot of polices or pull out entirely instead. Same happened with Auto insurance.
Another part of this, if you want to be a little more conspiracy minded... these insurance companies are not dumb. They can read the farmers almanac. They knew it was going to be a La Nina year which means dry weather and strong Santa Ana winds. So maybe you can argue the pulled out because they knew it was going to be a break the bank year for them.
In 2026 let’s see if anyone is willing to write insurance in California.
I hope the premiums don’t rise outside of California.
Wait until big insurance increases their rates for everyone in CA. It’s coming...
This is going to cost the insurers *billions*....
Another consideration. The insurance companies could see California was doing nothing to minimize the effects a large fire(s) could have or even how to fight one. They could see a nightmare scenario was guaranteed to occur eventually. They decided the risk wasn’t worth what California was letting them charge.
Can you say “Federal Bailout”?
Don't kid yourself; the whole State will pay. Hell, our fire insurance rates in Northern California went up due to settlements for the Northridge EARTHQUAKE in LA.
Democrats don't care; they can always find your money.
Yeah, the insurers take a hit and immediately want to increase everyone’s rates and put the burden on them. Bottom line they don’t want to take the hit. They’re in the business to deny claims, not pay claims.
No chance, this could very well bring down private home ownership and the entire economy with it.
Methinks the Swamp has gave up on their plan to make Trump a Martyr and has pivoted to planting the seeds for destroying everything within two years, in an attempt to make everyone hate him.
EARTHQUAKE INSURANCE IS A SEPARATE INSURANCE. NOT PART OF REGULAR HOMEOWNERS.
Maybe Ukraine will give back some of the tens of billions we gave them.
Bewhahahahaha...
The homeowners insurance crisis is nationwide.
My premiums have tripled the last 5 years.
Roofers are ripping off the system and HOAs refuse to let residents install hail-resistant shingles, citing aesthetic concerns.
Needs reform, big time.
Not sure what everyone is worried about: Biden just told me that I the taxpayer will be paying for everything. It’s party time in California.
The homeowner insurance industry was in crisis mode before these fires.
I can’t see any insurance company underwriting homeowners policies in the future in a state that encourages wildfires.
“Hey Ukraine. Can we have back the millions of dollars in fire fighting equipment we gave you?
kaythanxbye”
I have fire insurance on my house in Acton,CA, it is in a Wildfire Zone. State Farm insures it for the normal amount one would expect.$2000. My other house 2 miles down the road has no insurance, both are paid for and if STate Farm goes stupid on me I will just self insure.
A guy I know lives 10 miles away in Agua Dulce and they offered to renew his Fire Insurance for $60,000 per year!!, he paid it off and is self insured now.
Yes that too. State Farm dropped about 70% of their policies in the Palisades specifically because the city and state scaled back on brush clearance in the surrounding nature reserves.
On Wednesday the Florida insurance commissioner is considering to no longer allow asphalt shingles.
Asphalt shingles $3-$5 a square foot
Ceramic/steel roofing $8-$15 per square foot
How do you self-insure?
By replacing or repairing myself with my money
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