Posted on 05/20/2025 1:20:10 PM PDT by ChicagoConservative27
Yes, along with all the other mismanagement issues from liberal government leaders it won’t allow insurance companies to recoup.
If they raise rates like that in Texas, Goodbye State Farm
It is all about figuring the odds. To make money in any investment we take into account odds of success. I carried home insurance since 1970. Never needed to use it. Tornadoes hit 0.005% of homes. Chance of success is 99.995%.
I like those odds. I am enjoying many cruises with money saved on home insurance, auto collision insurance.
https://www.insurance.ca.gov/0400-news/0100-press-releases/2024/release062-2024.cfm
https://calmatters.org/commentary/2024/12/insurance-california-crisis-ricardo-lara/
Sacramento bears a lot of responsibility for this...
State Farm increases rates in other states to cover CA losses.
Insurance contracts are financial services and thus regulated at the state level and can be quite different from state to state. ...
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Problems arise when leftist states like California regulate insurance for wealth redistribution and cross-subsidization of risk prone areas, rather to promote honesty and ample risk reserves. Insurance companies should abandon the state while they still can.
You got lucky good for you
As someone who has had 3 State Farm policies cancelled the last 6 months, I agree with everything you wrote. I don’t blame State Farm for walking away.
It hasn’t, yet, but I understand its Mutual company has dipped into funding from those other states.
It’s lost its money on California and isn’t getting it back.
Every other California insurer is surely doing the same.
California wants to steal from its people and the rest of the country, for its Utopia.
How bout a new new race or ethnicity.
He did go from Caucasian to African-American.
How 'bout Jaime, I think that is Latino for Jacob.
Dealing with them right now with a tree on our home.
Already got rid of one incompetent adjuster. Really dragging their feet (they want you to give up).
Changing companies after this is all done.
Citation, please.
just curious?? If the Government can tell you how much you can charge and they can tell you how much you have to pay out in damages, why do business here in the first place???
My own rates is my confirmed example. Why did my rates for car insurance doubled in 18 months? I never had an accident or claim in 60 years of driving. Obviously State farm is using me to cover cost of other drivers.
Why did my home insurance jumped 30% in 2 years when I have never filed a claim?
Obviously State Farm is using me to cover cost of others. I don’t need any more evidence than that.
State Farm sucks. They screwed me over when I had a house fire and ended my insurance midway though the rebuild.
I swore I would talk $hit about them till I die every time their name come up.
State Farm is the worst. I feel your pain. They dragged out my claim and I had to live in a motel for 11 months. Cancelled my insurance midway though. I will never stop talking $hit about them...
Insurance pools (as far as I know) are state by state. That is to say, what happens in California, stays in California. State Farm in West Virginia shouldn't be raising rates based on what happens to State Farm policy holders in California.
I could be totally wrong; that's why I was looking for a definitive reference. No aspersion on you at all.
Have you found a better insurance company? I have State Farm...just asking.
I was thinking the same thing. Insurance companies exist to make money, just like any business. If they cannot have rates commensurate with risk plus a reasonable profit, they should bail. Admittedly, they have been greedy little bastages at times and deny legitimate claims, but I am with them on this one.
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