Californians finding it hard to keep their homes insured amid skyrocketing rates, canceled policies
LOS ANGELES -- More and more Californians are finding it difficult, or even impossible, to keep their homes insured amid skyrocketing rates and policies being canceled by insurance companies.
The Democrat progressives beat the "It's not inflation, It's all about shrinkage" drum. We laugh at that, but millions of emotionally reacting, low information Americans believe it.
Anecdotal story about the cost of insurance in California: My grocery checker told me she has an acquaintance whose FAIR plan (fire) coverage had just been increased from $4,000 to $12,000 a year.
I have yet to read a single story about the number of homeowners in the state that have decided to take their chances and go without fire insurance. The numbers have to be huge.
That's a story that probably won't be written, as it's a story that puts the CA Department of Insurance in a bad light, and we can't have that. After all, the party line is that the CA Department of Insurance is here to save us and that they represent the interests of poor, struggling homeowners in the state and not the interests of the insurance companies, who contribute to the reelection campaign of the Democrat hack who heads the department.
I live in Texas. My homeowners' went up incrementally. My agent explained that the cost of everything has increased. Like the cost of building materials. So of course my insurance company had to raise rates.
The good news for me is that instead of seeing the current state of the market as a way to gouge their customers, my insurance provider raised rates a nominal amount. But I used to live in California and I'm sure the increase in premiums there are more than just a little painful!
I don't know why Californians are so worried. If you don't insure your mortgaged home, the bank will do it for you. It might be 200% more expensive, but you don't have to actually worry about it.
I lost my place in Nov.2018. Most of the town burned to the ground. My FAIR plan went up $1700 this year. Here is something interesting I heard: The State of California only allows insurers to base their rates on what has happened in past events. My rates are based on the whole town burning to the ground. Never mind the fact that there is not much left to burn now and will not be for some time to come. Doesn't matter to those a holes writing the rules though.
If you don't like fire insurance go to Florida and try to get a hurricane wind policy. Ours condos went up 300% in two years.
ReplyDeleteSpin Drift
The Democrat progressives beat the "It's not inflation, It's all about shrinkage" drum. We laugh at that, but millions of emotionally reacting, low information Americans believe it.
ReplyDeleteHave they blamed Trump yet or are they just sticking to "greedy corporations" on this?
ReplyDeleteIt's Climate Change's fault, don't you know.
DeleteSeriously. Says so right in Ken's article.
But very few Californians are willing to face the fact that electing liberal governments is what has called this.
ReplyDeleteAnecdotal story about the cost of insurance in California: My grocery checker told me she has an acquaintance whose FAIR plan (fire) coverage had just been increased from $4,000 to $12,000 a year.
ReplyDeleteI have yet to read a single story about the number of homeowners in the state that have decided to take their chances and go without fire insurance. The numbers have to be huge.
That's a story that probably won't be written, as it's a story that puts the CA Department of Insurance in a bad light, and we can't have that. After all, the party line is that the CA Department of Insurance is here to save us and that they represent the interests of poor, struggling homeowners in the state and not the interests of the insurance companies, who contribute to the reelection campaign of the Democrat hack who heads the department.
Being the good people they are by voting for this, they should just move out onto the street and turn their homes over to illegals.
ReplyDeleteI live in Texas. My homeowners' went up incrementally. My agent explained that the cost of everything has increased. Like the cost of building materials. So of course my insurance company had to raise rates.
ReplyDeleteThe good news for me is that instead of seeing the current state of the market as a way to gouge their customers, my insurance provider raised rates a nominal amount. But I used to live in California and I'm sure the increase in premiums there are more than just a little painful!
I don't know why Californians are so worried. If you don't insure your mortgaged home, the bank will do it for you. It might be 200% more expensive, but you don't have to actually worry about it.
ReplyDeleteI lost my place in Nov.2018. Most of the town burned to the ground. My FAIR plan went up $1700 this year.
ReplyDeleteHere is something interesting I heard: The State of California only allows insurers to base their rates on what has happened in past events. My rates are based on the whole town burning to the ground. Never mind the fact that there is not much left to burn now and will not be for some time to come. Doesn't matter to those a holes writing the rules though.