El Dorado County residents scramble to find home insurance in wildfire-prone area
With major insurance companies announcing they would not renew California home insurance policies, some people in El Dorado County were left scrambling.
Many community members said they've either been dropped from their policy altogether or they can't afford the price anymore.
Insurance companies love to insure homes, they just don't like to payout. But there has to be an insurance company to cover it, since insurance is required by law. I have seen a home rebuilt in Homestead Florida 4 times due to hurricanes wiping it out. If we had common sense there wouldn't be any insurance at all and life would just happen.
Which is exactly why the real estate market in California will soon tank. You can't borrow money to buy a home if that home is uninsurable. You now need to pay cash and be willing to 'self-insure'. Good luck.
But nitwits like termed out career politician and insurance commissioner Ricardo Lara (he's Hispanic, you know) say the blame lies in 'Climate Change'. This is, in part, why California is doomed.
Surely all the residents have to do is notify their mortgage company that they no longer have insurance, and let the insurance company find some. They're going to pay through the nose for it regardless...
An insurance company that cancels a policy holder is under no obligation to find a different insurance company that WILL insure that cancelled policy holder. That's not the way it works.
What a laugh. A retired Unit Chief for the California Department of Forestry and Fire Protection, living on a $120,000 pension, complaining about the cost of his FAIR plan fire coverage. Like he couldn't see this coming.
20 years ago, I was saying "If CDF spent 10% of the money on preventing fires as they do on putting them out, we wouldn't be in the fix we're in today". But this thought never occurred to Unit Chief Osborne. He was too busy collecting his inflated paychecks and looking forward to collecting his golden pension checks in a state other than California. Cry me a river as you leave the situation you never lifted a finger to prevent, George.
If you don't get this rant I understand. You have to have lived here your whole and have experience dealing with CDF to get it, and I wouldn't wish that on anybody. California sucks, unless you're a CDF retiree living anywhere but California.
Insurance companies don't like to insure homes in such areas
ReplyDeleteInsurance companies love to insure homes, they just don't like to payout. But there has to be an insurance company to cover it, since insurance is required by law. I have seen a home rebuilt in Homestead Florida 4 times due to hurricanes wiping it out. If we had common sense there wouldn't be any insurance at all and life would just happen.
DeleteI would think people with mortgages would have to carry something to meet their loan agreement.
ReplyDeleteWhich is exactly why the real estate market in California will soon tank. You can't borrow money to buy a home if that home is uninsurable. You now need to pay cash and be willing to 'self-insure'. Good luck.
DeleteBut nitwits like termed out career politician and insurance commissioner Ricardo Lara (he's Hispanic, you know) say the blame lies in 'Climate Change'. This is, in part, why California is doomed.
Surely all the residents have to do is notify their mortgage company that they no longer have insurance, and let the insurance company find some. They're going to pay through the nose for it regardless...
DeleteAn insurance company that cancels a policy holder is under no obligation to find a different insurance company that WILL insure that cancelled policy holder. That's not the way it works.
DeleteOnce again CA government making new problems with their solutions.
ReplyDeleteWhat a laugh. A retired Unit Chief for the California Department of Forestry and Fire Protection, living on a $120,000 pension, complaining about the cost of his FAIR plan fire coverage. Like he couldn't see this coming.
ReplyDelete20 years ago, I was saying "If CDF spent 10% of the money on preventing fires as they do on putting them out, we wouldn't be in the fix we're in today". But this thought never occurred to Unit Chief Osborne. He was too busy collecting his inflated paychecks and looking forward to collecting his golden pension checks in a state other than California.
Cry me a river as you leave the situation you never lifted a finger to prevent, George.
If you don't get this rant I understand. You have to have lived here your whole and have experience dealing with CDF to get it, and I wouldn't wish that on anybody. California sucks, unless you're a CDF retiree living anywhere but California.
Got my B.S. in Rangeland Management in 1981 from CSUC, Chico. Lived in California for most of my adult life. I get it.
DeleteThanks, RHT447.
Delete