Blue State Blues

[Kyle]

State Farm cuts 72,000 California home insurance policies: 'Decision was not made lightly'


State Farm paused new home insurance applications in California last year


State Farm, California's largest home insurance company, announced it would be discontinuing coverage for 72,000 homes and apartment policies in the state starting this summer.

The insurer blamed inflation, regulatory costs, and the increasing risks from catastrophes for its decision to scale back in the blue state.

The decision is the latest blow to California property owners, as insurance companies continue to raise rates for customers or discontinue coverage.

State Farm announced last year it would stop accepting new home insurance applications in California due to "historic" increases in construction costs and inflation.

State Farm cuts 72,000 California home insurance policies: 'Decision was not made lightly'

State Farm, California's largest home insurance company, announced it is cutting 72,000 policies, saying wildfire risks have cost the company billions.

www.foxbusiness.com

 

[GURPS]

Awesome California

 

[TPD]

Maryland will be next.

 

[Bird Dog]

No insurance, No mortgages......home prices will crash

 

[Hijinx]

Forest Fires,, Earthquakes, Mudslides, not a good place for insurance companies.

 

[limblips]

Forest Fires,, Earthquakes, Mudslides, leftist whackos, not a good place for insurance companies.

FIFY

 

[vraiblonde]

It seems to me that State Farm could simply raise the premiums for at-risk areas. Don't insurance companies typically do that? 72,000 homes in the whole state of CA is statistically zero.

 

[Kyle]

It seems to me that State Farm could simply raise the premiums for at-risk areas. Don't insurance companies typically do that? 72,000 homes in the whole state of CA is statistically zero.

The idea of no-fault insurance broke the original model.

 

[Bird Dog]

It seems to me that State Farm could simply raise the premiums for at-risk areas. Don't insurance companies typically do that? 72,000 homes in the whole state of CA is statistically zero.

They did that in the Keys for hurricanes, but only the State of Florida would underwrite it.
$5,000.00 a year with a $45,000.00 deductible. Irma did $38,000.00 damage to my home "amazing" !
I am better off with no insurance and no mortgage.

 

[SamSpade]

It seems to me that State Farm could simply raise the premiums for at-risk areas. Don't insurance companies typically do that? 72,000 homes in the whole state of CA is statistically zero.

It seems to me that the whole POINT of insurance companies is that they are supposed to charge more for categories - and PERSONS - who demonstrate greater risk. If you are young, male, drive a sports car and have crashed a few and run up some tickets - you're a greater risk. Insurance should cost MORE. If it's life insurance - and you are old - and unhealthy - it costs more.

I mean, I only program statisitics - I am not a statistician - but insurance companies are where you want to be, if you are.

So it does tick me off when I called my insurance company a year or so ago - and asked why my rates are going up. Again. And the answer? Well we paid a LOT of claims last year. HELLO? You're supposed to raise the rates on the ones posing the risk. Not ME. That's why I drive safely and maintain my home.

 

[Merlin99]

It seems to me that the whole POINT of insurance companies is that they are supposed to charge more for categories - and PERSONS - who demonstrate greater risk. If you are young, male, drive a sports car and have crashed a few and run up some tickets - you're a greater risk. Insurance should cost MORE. If it's life insurance - and you are old - and unhealthy - it costs more.

I mean, I only program statisitics - I am not a statistician - but insurance companies are where you want to be, if you are.

So it does tick me off when I called my insurance company a year or so ago - and asked why my rates are going up. Again. And the answer? Well we paid a LOT of claims last year. HELLO? You're supposed to raise the rates on the ones posing the risk. Not ME. That's why I drive safely and maintain my home.

It used to be that insurance was gambling on the odds of someone having an incident, now it’s gambling in a rigged game.

 

[BOP]

No insurance, No mortgages......home prices will crash

Pretty sure that's the plan.

 

[BOP]

It seems to me that the whole POINT of insurance companies is that they are supposed to charge more for categories - and PERSONS - who demonstrate greater risk. If you are young, male, drive a sports car and have crashed a few and run up some tickets - you're a greater risk. Insurance should cost MORE. If it's life insurance - and you are old - and unhealthy - it costs more.

I mean, I only program statisitics - I am not a statistician - but insurance companies are where you want to be, if you are.

So it does tick me off when I called my insurance company a year or so ago - and asked why my rates are going up. Again. And the answer? Well we paid a LOT of claims last year. HELLO? You're supposed to raise the rates on the ones posing the risk. Not ME. That's why I drive safely and maintain my home.

That's ray-sis.