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 ...
Everyone’s financial situation is different. If you can really afford to have your house burn down, or be damaged in a disaster, and not be affected financially by it, then you could justify not having insurance.
If you have enough money to rebuild or just buy another house if your house is destroyed, then go for it.
AUTO INSURANCE IS CLIMBING DUE TO THE EXPENSE OF REPAIRING OR TOTALING NEWER CARS WITH ALL THE COMPUTER CRAP.
IT is so expensive to replace air bags that insurance companies are totaling the car entirely.
CA is now a majority minority state 57%, only 43% white thanks to years of illegal immigration, Conservative tax paying voters continue to move to FL and Texas (the main reason FL is now a red state and not a battleground) and as Rich Baris of People’s Pundit polling has shown, they vote more conservative than natives of all red states. Idaho is another fav of CA
But what this does is leave CA in control of voters on welfare or state employees and they vote for every lefty idea-agressive renter rights where you don’t get evicted for non payment of rent and the latest is reparatiosn for all blacks-thats why insurance co are fleeing CA
That's odd, I've read and been told right here on this site hundreds of times Californians fleeing are turning other states blue, they infect and destroy everything.☺
Think Arizona...
Home of Barry Goldwater.
Imagine my surprise that my Homeowners from Mercury (in Kalifornia) went down $45 this year. Price IIRC is $1350 a year.
Imagine my dismay that Wawanesa raised my auto Ins. $144 a year last month. Now $1900 a year full coverage on a 14 year old CRV, and a 6 year old Elantra GT. No tickets, no accidents.
I do run high liabilities, mid range deductibles.
Every insurance company is seeing this. Wokes states letting crime run rampant affects rates in every other state.
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My brother-in-law says his Minnesota property insurance went up 33% last year and this is not in the hell hole of Minneapolis/St. Paul. If you haven’t looked lately, check your property insurance bill, you may be in for a shock.
It’s a company connected to Costco — something like “American Family”. Can’t recall the name at the moment; DH handles the insurance stuff.
Thanks.
Why do you assume that CA voted for this?
And a note to insurance companies and all the people who rely on insurance....
Deep State really, really, REALLY doesn’t like competition, does it.
Deep State is preparing to do to the rest of the insurance market what it has to the health insurance.
Can’t say we weren’t warned.
No insurance company takes in enough premium to cover losses and expenses. It would be silly for them to take your premium and just stick it in a vault. Investing the premiums makes it possible for the company to lower its premium amounts, making policies more marketable. TheyâÂÂre also regulated as to which types of investments they can make, which are mostly bonds and other low risk investments.
More news from the toilet formerly known as California.
In illannoy too.
That’s the problem...the green eye shades are running corporate America. Quarterly earnings über alles.
For those wondering, the increase is roughly 40%. It appears that they need to make up for past losses.
State Farm is not writing new policies in Texas. Our renewal is over 50% of last year’s.
I told our agent that they are insisting on remaining policyholders to cover all the claims. Attrition won’t be helpful. Shopping coverage..
An accounting decision made by the investors, not the bean counters in the basement.
1. Bean counters asked to do some math just like the CBO does math
2. Investors/Wall St/Blackrock/Vanguard/HedgeFunds looks over their math
3. A contracted, SME advises that they could stuff cheaper subbing out the work.
4. Investors, et al ADVISE the Board of Directors & Executives that the work can and will be done “more cost efficiently”(cheaper)…..it’ll be fine
5. Workers get laid off….work subbed out….work sucks….plane problems.
I was with State Farm without a blemish for more than three decades. Then the Baltimore riots happened, and on my next bill, State Farm reached back more than two years to a minor fender bender as an excuse to raise my rates. When I questioned it, the agent said, “We have to pay for the riots in Baltimore.” I live 17 miles from the riot site, out in the exurbs. I went elsewhere for insurance.
I suspect you're suggesting it was leftist from CA who turned AZ left. Correct?
What I find extremely inconsistent is TECTopcat above at door# 43 says those fleeing CA are, "Tax paying conservatives" who are helping make states like ID, FL, TX red.
So who's right?
Californians are like the boll weevil. They come in droves and eat everything. Not that long ago Oregon was a nice place that was affordable. Then came the “golden state” influx. Now Portland is a smoking ruin.
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