Insurance commissioner (CA) issues moratorium on home policy cancellations in fire zones

[1srelluc]

Insurance commissioner issues moratorium on home policy cancellations in fire zones

Insurance Commissioner Ricardo Lara has issued a one-year moratorium on home policy non-renewals and cancellations in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.

www.yahoo.com

WTF?

"California Insurance Commissioner Ricardo Lara has issued a moratorium that bars insurers from canceling or non-renewing home policies in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.

The moratorium, issued Thursday, protects homeowners living within the perimeter of the fire and in adjoining ZIP codes from losing their policies for one year, starting from when Gov. Gavin Newsom declared a state of emergency on Wednesday.

The moratoriums, provided for under state law, are typically issued after large fires and apply to all policyholders regardless of whether they have suffered a loss."



CA is about to discover that once a national insurance company sees the only option is bankruptcy within their CA branch their money will be moved and the in-state company shut down.

Unless California confiscates every company and all assets they can still run for it with what money they have left.

I expect to see a lot of exit stage right by CA state-based insurance companies.

 

[Sherlock Holmes]

Insurance commissioner issues moratorium on home policy cancellations in fire zones

Insurance Commissioner Ricardo Lara has issued a one-year moratorium on home policy non-renewals and cancellations in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.

www.yahoo.com

WTF?

"California Insurance Commissioner Ricardo Lara has issued a moratorium that bars insurers from canceling or non-renewing home policies in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.

The moratorium, issued Thursday, protects homeowners living within the perimeter of the fire and in adjoining ZIP codes from losing their policies for one year, starting from when Gov. Gavin Newsom declared a state of emergency on Wednesday.

The moratoriums, provided for under state law, are typically issued after large fires and apply to all policyholders regardless of whether they have suffered a loss."



CA is about to discover that once a national insurance company sees the only option is bankruptcy within their CA branch their money will be moved and the in-state company shut down.

Unless California confiscates every company and all assets they can still run for it with what money they have left.

I expect to see a lot of exit stage right by CA state-based insurance companies.

Insurance companies underwrite their own collective risk (i.e. they are themselves insured) in the insurance markets like Lloyds of London where I used to work. Its the underwriters who will pay, those wealthy people and companies are gamblers and take a risk.

Confronting wildfire season - Lloyd's

A new response to the growing threat of wildfires

www.lloyds.com

 

[EvilCat Breath]

Those policies were canceled months ago.

 

[Jarlaxle]

I wonder how many companies will simply stop doing business in Kalifornia.

 

[kyzr]

CHUBB is still offering high-end insurance coverage getting around the state premium limit somehow.
Then they come out and spray the home with fire-retardant foam.
Too little - too late, but its better than nothing if you can afford it.

 

[justoffal]

It just gets better and better with California tyrants. They will never get away with this shit but I suppose they can try. I mean what's to lose?

 

[Votto]

Essentially, they will nationalize insurance companies and make the taxpayers pay for it all.

That way they can continue to build in areas of high risk, like next to volcanoes in Hawaii or fire storm areas in California and continue to not provide water to fight those fires, and guess what, they will not give a damn if their houses go bye, bye cuz they know peons like you and I will pay for it.

 

[justoffal]

Insurance commissioner issues moratorium on home policy cancellations in fire zones

Insurance Commissioner Ricardo Lara has issued a one-year moratorium on home policy non-renewals and cancellations in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.

www.yahoo.com

WTF?

"California Insurance Commissioner Ricardo Lara has issued a moratorium that bars insurers from canceling or non-renewing home policies in the Pacific Palisades and the San Gabriel Valley's Eaton fire zones.

The moratorium, issued Thursday, protects homeowners living within the perimeter of the fire and in adjoining ZIP codes from losing their policies for one year, starting from when Gov. Gavin Newsom declared a state of emergency on Wednesday.

The moratoriums, provided for under state law, are typically issued after large fires and apply to all policyholders regardless of whether they have suffered a loss."



CA is about to discover that once a national insurance company sees the only option is bankruptcy within their CA branch their money will be moved and the in-state company shut down.

Unless California confiscates every company and all assets they can still run for it with what money they have left.

I expect to see a lot of exit stage right by CA state-based insurance companies.

I'll have my post merged under yours

 

[Mac-7]

The moratorium, issued Thursday, protects homeowners living within the perimeter of the fire and in adjoining ZIP codes from losing their policies for one year, starting from when Gov. Gavin Newsom declared a state of emergency on Wednesday.

Can the greenies put out the fire in one year or will it burn till everything is ashes?

Do deadbeat homeowners have coverage even if they stop making payments on the insurance?