Posted on 06/30/2024 7:20:57 PM PDT by ChicagoConservative27
State Farm recently requested its largest home insurance rate increase to date, a move that would worsen the insurance crisis in California but also signaled that the company may be in financial trouble.
State Farm General, the company’s California subsidiary, recently submitted a request to the California Department of Insurance to raise insurance rates for homeowners, condo owners and renters in the Golden State.
(Excerpt) Read more at ktla.com ...
Surely, saving a few bucks on insurance is no reason to elect Orange Nazis.
why any company would want to do business in CA is beyond belief.
Maybe they’ve been taking a bath on stock market.
Insurance companies have been using premiums to invest in the stock market, on the idea that they could use the income of the stock market to pay out the premiums and they could just take the premiums scot-free.
Rather suspect you might be the real Nazi..
California voters deserve all that comes their way.
I think the problem is that the Insurance Comissioner, et.al., won’t let the companies raise rates.
So with repairs and replacements being inflated, the insurance companies are losing, based on previous rates.
So companies are leaving, rather than go more negative with payouts more than premiums.
LOL
We dumped State Farm when Jake went from white to black.
Good. Let the state do it. It is already bankrupt and cannot follow its own constitution requiring a balanced budget. Brylcream adulterer Newsome is to blame.
It’s not just California.
A good friend has been an investigator for one of the big companies for over 25 years. He used to go out and interview folks, do an investigation.
Well, what happens. His company is gobbled up by another. I’m assuming with the help of Wall St. Then they take away company cars, company cell phones. Told they have to do all their work over the phone.
What does that mean? They’ll pay out claims as there’s no way to investigate them. And, everyone pays. They’ll just keep on raising rates. No matter what. No one held responsible for anything.
Wall St is destroying everything.
With a name like that, you’d think they would be doing a land rush business in California.
I dropped my home insurance. Should have done it years ago.
No! It is because accountants are running companies. That is exactly what happened at Boeing.
Every insurance company is seeing this. Wokes states letting crime run rampant affects rates in every other state.
The accountants do math. They don’t make decisions.
Insurance company clients are a captive audience. They have no choice but to pay premiums.
You want to drive a car on the road, legally, insurance.
You want a mortgage, insurance.
Monopolistic competition at its finest.
They should be forced to thoroughly investigate suspected fraud instead of passing the losses off to policy holders. But the greedy insurance companies would rather pay fraudulent settlements than $400 an hour for attorneys to fight them in court.
It’s just a big game where the little policy holders get robbed and beaten.
They are gouging the living hell out of us here in coastal SC .
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