State Farm canceled 70% of its fire insurance coverage in Pacific Palisades last July

[justoffal]

This is a huge win for State Farm, someone responsible for this is surely getting promoted. There was coverage available thru the state, but it was 4x as expensive and offered less coverage.

I'm not even sure State Farm offers coverage in much of coastal Florida anymore.

Oh but whathisname the state insurance commissioner is going to UNCANCEL them he says.....lol

 

[marvin martian]

They want to Socialize the Insurance industry

It already is in California, that's why so many insurance companies bailed out.

California passed proposition 103, which forces insurance companies to go through an "oversight board" made up of Democrat politicians (of course), who decide if and by how much companies are allowed to raise rates. Many insurers can't cover their losses or distribute the risk effectively in this model, so the risk is too high for them, and they won't write policies (or cancel existing ones).

That's going to get much, much worse after this disaster, and going forward, government insurance is probably going to be most Californians' only option.

 

[Woodznutz]

The difference is California made it very very difficult for the Insurance companies to raise rates to properly cover the risks.

"Marry in haste, repent in leisure".
Everyone will plenty of time to think about what they coulda, woulda, shoulda, done now.

 

[Zincwarrior]

Reports are that many homeowners did not have insurance

Which I believe is impossible if there is a mortgage on the house because banks require insurance

It becomes an interesting question

I think a big chunk of that is that State Farm dropped them, so they have to et new insurance.
Additionally in the Palisades I doubt they needed loans to pay for them.

 

[Woodznutz]

If it was in the policy contract allowing them to cancel then the property owners more than likely have no case against them.
It is sad situation and charity and government needs to do what they can. I have been told that certain groups lobbied and stopped any attempt at fire prevention like cutting firebreaks in the brush lands near residential areas.

No person, or agency, was prepared for this.
"Assemble the circular firing squad."

 

[progressive hunter]

This is a huge win for State Farm, someone responsible for this is surely getting promoted. There was coverage available thru the state, but it was 4x as expensive and offered less coverage.

I'm not even sure State Farm offers coverage in much of coastal Florida anymore.

why did they wait so long??

should have done it ten yrs ago when the dems started restricting water and allowing the forest to get mismanaged,,

 

[Mac-7]

I think a big chunk of that is that State Farm dropped them, so they have to et new insurance.
Additionally in the Palisades I doubt they needed loans to pay for them.

I dont know the facts and thats why I’m asking

 

[Zincwarrior]

I dont know the facts and thats why I’m asking

No you bring up a fair point. Thats usually a requirement.

 

[Mac-7]

No person, or agency, was prepared for this.
"Assemble the circular firing squad."

Dems are in charge

So the blame rests on them

 

[EvilCat Breath]

Not renewing policies has been going on as insurance companies stop doing business in California at all.
AllState
American National
AmGuard
Chubb
Falls Lake
Nationwide
State Farm
The Hartford
Tokio Marine
Travelers

No longer do any business in California.

 

[Missourian]

This is a huge win for State Farm, someone responsible for this is surely getting promoted. There was coverage available thru the state, but it was 4x as expensive and offered less coverage.

I'm not even sure State Farm offers coverage in much of coastal Florida anymore.

Insurance companies pay people big bucks to assess risk. Turns out those experts were correct.

Here is the thing the way I see it.

Out of control wildfires is the natural state. We as humans have a choice...we can either bend nature to our will of controlling these wildfires, which will include the destruction of habitat and disruption of nature in the process...or... we can accept this natural process and rebuild the human habitat aka cities, buildings and homes.

California has chosen plan B.

The consequence of plan B is higher risk for insurance companies which necessitates higher premiums to insure the future financial solvency of the insurance companies.

This is a foreseeable consequence. You can't have you cake and eat it too.

 

[SassyIrishLass]

Evidently State Farm did their homework

 

[Polishprince]

Insurance companies are a regulated business, especially in ultraliberal extremist states like California.

The Department of Insurance didn't allow them to charge a premium that would have covered the risk, so they really didn't have much of a choice.

 

[Missourian]

If you make aid political it won't matter.

Is it political though, or is it just common sense? There are definitely fire mitigation techniques that Californians don't have the political will to adopt.

We can't force them to adopt them...but just like the insurance companies, the taxpayers in the rest of the country can choose to mitigate THEIR risk by mandating certain policies as a condition of underwriting the rebuilding.

 

[Failzero]

It already is in California, that's why so many insurance companies bailed out.

California passed proposition 103, which forces insurance companies to go through an "oversight board" made up of Democrat politicians (of course), who decide if and by how much companies are allowed to raise rates. Many insurers can't cover their losses or distribute the risk effectively in this model, so the risk is too high for them, and they won't write policies (or cancel existing ones).

That's going to get much, much worse after this disaster, and going forward, government insurance is probably going to be most Californians' only option.

Before getting canceled by Allstate ( The Second Time) the cost to insure my Mountain Home ( 400k $ replacement cost then ) was doubled to 423.00 per month from 200.00 $ ) which then was a bargain . We found out the Surgeon Stepson’s 2+ Million $ Home then ( Concordia Heights / Irvine ) cost less to insure so we did not fight for a third re Insure

 

[Woodznutz]

Dems are in charge

So the blame rests on them

Most of the victims are libs as well.

 

[luiza]

This is a huge win for State Farm,

This is the logical progression and outcome of being beholden to the Climate Change / Warming narratives .

If Weather Engineering and Geo Engineering are fact ---- and they are , imho-- this is how you bankrupt the Sheeple .

You no longer need Pandemics and Wars to de-populate.
Though they will doubtless also continue, if only as means of deflection from Earthquakes , Tsunamis , Floods, Drought and Fires .

This is the way to make targeted properties and land areas worthless .
But ripe for a Land Grab if desired

 

[Mac-7]

Most of the victims are libs as well.

Thats the good news

But a lot of other california Americans are bring hurt too

It would be better for the nation if the fires had been contained early

 

[whitehall]

The insurance industry is complicated. Simplistic assumptions at this stage of the game are premature.

 

[Polishprince]

Most of the victims are libs as well.

Not just libs, but Racist libs engaged in White Flight to a suburbian type environment.

Why aren't these people living in the tenements of South Central- which hasn't been affected by the fires- instead?

Is it due to their hatred of the black man?