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(State Farm) Major insurer gives brutal ultimatum to entire state: Let us put up prices by 50 percent or we will leave
FOR DAILYMAIL.COM ^ | 1 July 2024 | UPDATED: 08:15 EDT, 2 July 2024 | By ALEX HAMMER

Posted on 07/02/2024 5:28:56 AM PDT by dennisw

READ MORE: The insurance on my 2012 Mazda went up 72% to $233 a month!'

A prominent insurance provider has aired an ultimatum to the entire state of California.

The firm, State Farm General, asked the state’s Department of Insurance Thursday to let them raise residential insurance rates for millions of citizens, or see them move out.

The move indicates financial trouble for the insurance giant, which currently covers homes razed by wildfires.

State Farm disclosed it is seeking a 30 percent rate hike for homeowners, a 36 percent increase for condo owners, and a 52 percent increase for renters as a result - a move that would only worsen the state’s already present housing crisis.

'This has the potential to affect millions of California consumers and the integrity of our residential property insurance market,' insurance commissioner Ricardo Lara said in a statement - as the filings make their way through the proper channels.

He added how he was now keen to 'get to the bottom' of the company’s financial situation - and will conduct an extensive review before deciding on the applications as a result.

'State Farm General’s latest rate filings raise serious questions about its financial condition,' he said of the number one insurance firm in the US.

He added how a rate hearing may even necessary, offering his commission an opportunity to hear from the public about the proposed rate changes.

Only then, he said, would officials make a decision on whether to approve the requests - a process that could end up taking months.

As it stands, the department is averaging 180 days per rate review, with some cases taking even longer, a department spokesperson confirmed to the LA Times.

(Excerpt) Read more at dailymail.co.uk ...


TOPICS: Business/Economy; Front Page News; Government; Politics/Elections
KEYWORDS: california; californication; insurance; statefarm
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To: dennisw

According to California attorney Barry Goldberg, illegal aliens are uninsured up to 50% of the time and 3x more likely to cause traffic fatalities.

Hit and runs, uninsured motorists, car thefts, fraud will all cause premiums to spike.

Hurricanes, tornados, hail storms, thefts, ice storms, fraud will cause premiums to spike.

Risk is spread across the market. You may not have filed a claim, but if enough of your neighbors do, premiums spike.


21 posted on 07/02/2024 5:44:21 AM PDT by TheWriterTX (🇺🇸✝️🙏🇮🇱)
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To: dennisw

They left MA years ago.

-SB


22 posted on 07/02/2024 5:45:21 AM PDT by Snowybear (Liberalism is a mental disorder)
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To: dennisw

Isn’t there a subtext here, one that the liberal left just loves?

Insurance rates are up, has to be because of the big old bad fires and hurricanes and tornadoes and homeless, obviously because of anthropogenic climate change because of use of the internal combustion engine and other typical American consumerism and conservative state policies. So, yaay, bring on the news, so we can increase awareness of climate change and get more money from the public and more control of the public.

Right?


23 posted on 07/02/2024 5:48:22 AM PDT by Notthemomma ( )
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To: blueunicorn6

Not really sure. But with USAA I receive an annual Subscribers Distribution and a Senior check each year. Typically, these amount to between $1K to $1,000 early. I might be the only guy happy with his insurance company. But I’ll keep my eyes open just the same.


24 posted on 07/02/2024 5:50:53 AM PDT by johniegrad
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To: dennisw

All I know is that crime rates are up and all forms of insurance are up up up up up


Shadoobie


25 posted on 07/02/2024 5:50:55 AM PDT by dfwgator (Endut! Hoch Hech!)
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To: WorksinKOP

In Alabama, my home premiums increased a couple of yeas ago, but only because I’ve re-examined how much it’d cost to replace the home at today’s prices and asked for a higher coverage amount.


26 posted on 07/02/2024 5:52:59 AM PDT by Tell It Right (1 Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: dennisw

Inflation

Government regulations driving up prices.

CA not protecting against fire

People are not as ethical. Padding claims such as roof replacement.


27 posted on 07/02/2024 5:53:01 AM PDT by alternatives?
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To: alternatives?; dennisw

>
Government regulations driving up prices.

CA not protecting against fire
>

You forgot about CRIME (which CA, like the fires, doesn’t attempt to stop)

Def. placed @ the foot of (as usual): G-O-V-T

>People are not as ethical. Padding claims such as roof replacement

Maybe? I mean, have you SEEN the cose of a new roof these days? Had mine redone in FL a decade ago (simple ‘L’ - one valley): $13k. I can’t imagine the cost TODAY.

You’d have to have to be in cahoots w/ the roofers to get the invoice+ jacked to even be able to ‘pad’ any/all such claim (!= normal wear/tear)


28 posted on 07/02/2024 5:59:38 AM PDT by i_robot73 (One could not count the number of *solutions*, if only govt followed\enforced the Constitution.)
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To: Tell It Right

Just curious. Are your solar panels covered by your home owners insurance policy?

Did your insurance go up when you installed them on your roof?


29 posted on 07/02/2024 6:02:48 AM PDT by woodbutcher1963
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To: dennisw

Liberals justified tolerance for crime because property damage was covered by insurance.


30 posted on 07/02/2024 6:03:07 AM PDT by Jonty30 (He hunted a mammoth for me, just because I said I was hungry. He is such a good friend. )
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To: Tell It Right

Yeah. Not sure why, but my investment units stayed steady?? Thankfully. 48% ??? On my place?? Brick and block rancher. Labor and material cost increase, yes, agreed. I’m a R/E investor. Corp. Life was Insurance. Gotta little insight in these matters. It’s going up everywhere in an unjustified manor.


31 posted on 07/02/2024 6:03:51 AM PDT by WorksinKOP
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To: MayflowerMadam

LOL You’re the first person I’ve seen who commented on the switch.

If it were white Jake, black Jake, or Jake-ette... wouldn’t care. But like many advertisers, they switched him to a smart, cool black guy who is usually talking with stupid white people. It is insulting. Tired of the reverse racism, and I avoid business with any company that uses it in ads.


32 posted on 07/02/2024 6:05:26 AM PDT by Señor Presidente (Tyranny deserves insurrection)
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To: RFEngineer

“At some point, a large segment of the population will simply forego auto/property insurance because they do not possess assets that exceed the cost of the insurance itself.”

This may help to ultimately bring houses and car prices down...
If you have a loan, you generally MUST have insurance.


33 posted on 07/02/2024 6:12:33 AM PDT by uranium penguin
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To: dennisw

Gavin Newsom’s next great idea taxpayer funded insurance that is FREE


34 posted on 07/02/2024 6:16:35 AM PDT by butlerweave
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To: dennisw

It’s the Liability claims that are killing insurance as the courts essentially allow anything.


35 posted on 07/02/2024 6:19:55 AM PDT by mykroar ("It's Not the Nature of the Evidence; It's the Seriousness of the Charge." - El Rushbo)
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To: Señor Presidente

What happened to the Jake talking to the husband in the early hours of the morning? Ha!


36 posted on 07/02/2024 6:21:02 AM PDT by WorksinKOP
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To: dennisw

This, along with a lot of other disasters, was created by the guy who the Dems think is their best hope to take on Trump if they can force Joe out. LOL.


37 posted on 07/02/2024 6:22:18 AM PDT by Opinionated Blowhard (When the people find that they can vote themselves money, that will herald the end of the republic.)
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To: butlerweave

“Gavin Newsom’s next great idea taxpayer funded insurance that is FREE”

Or.. Gov takes over housing.
Essentially eliminate all middle/ working class from owning homes/ property.

Ca will be the Beverly Hills people Where $$ does not matter. And everybody else will be CA/Gov housing.

Oh! the house is Free! It is just 3k/ mo for propert tax, and 5k/ mo insurance.. Plus est 2k/ mo if you want to have lights and running water..


38 posted on 07/02/2024 6:23:46 AM PDT by uranium penguin
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To: dennisw

“They blame the intensifying risk of climate disasters.”

Geeze, this will never stop. It’s NOT ‘climate disasters’, it’s called LAND MANAGEMENT. And for those not affected by land management, it’s called CRIME.


39 posted on 07/02/2024 6:26:29 AM PDT by BobL (I eat at McDonald's and shop at Walmart, I just don't tell anyone)
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To: dennisw

All of it- my renter’s insurance (which is cheap compared to homeowners), auto, health, PLUS the rent…


40 posted on 07/02/2024 6:29:02 AM PDT by telescope115 (I NEED MY SPACE!!! 🔭)
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