Saw this coming. We sold our OC house last March. Farmers Insurance cancelled our Homeowners Policy in April of last year. We now live in a state with reasonable Property Insurance. Good luck CA.
@@blvke37 btw, I moved to a blue state, so what does that have anything to do with this? I paid exorbitant income and property taxes in SoCal for over 40 years. I would suggest you look before you leap, but know that SoCal is a beautiful area that has climate change knocking at its door.
@@user-ux4ze5qr9f Okay, you recognized you couldn't hack it in a competitive economy and left, good on you. Rats like that usually flee to unproductive red enclaves, they don't drag down other blue cities
@@blvke37 You clearly have been brainwashed by your liberals leaders using fake numbers. I bet you think the "blue states support red states with Federal taxes" line is true. It's not. Take out Military spending which protects blue states and Social Security and Medicare going to those red states which people paid into, and CA is a net receiver state, not donor state. It was significantly worse before the SALT limits. CA got back $1.12 for every $1 they sent the feds. Not to mention CA is supposedly the 5th largest economy in the world, but looks like a third world country and is running a $50 B deficit. Now, the fact that you spend $21 Billion a year on illegals, are trying to build a $150 Billion train that's massively over-budget and behind schedule, and have wasted $20 Billion on the homeless problem yet have more homeless than every, the rest of the country can see where you all vote to spend your money. Once you shift away from the train and illegals, MAYBE you can come and ask for some help. You have plenty of money, you just allocate it poorly.
Insurance company pays for the building not the lot. Building lots near the Pasific ocean go for multi-million dollars, resulting in insurance payout to be much smaller than total damage.
This sounds like a general obligation bond except instead of the full faith and credit of all taxpayers, the insurance companies with the blessing of the department of insurance will tap the full credit of California private insurance policy holders! Why does this sound like "from those with the abilities to those with the needs"?
There are places in Florida you shouldn't built due to hurricanes, Having a house on piers on the coast may not be a good idea. In Florida the houses are built with materials like concrete walls and strap down roofs to take precautions. Perhaps much stricter rules regarding materials, distance between and management of combustible materials surrounding homes makes sense here.
Oh great, another bailout for the rich homeowners who bought or built in fire pron area while screaming at any regulation or proposed that would make their homes safer.
California home owners statewide will be paying for it, an increase of 40% to their premiums. Unfortunately people will continue to move to California inspite of all of these and the price of houses will continue to rise, that's according to Redfin because supply and demand. If California becomes the Republic of California, it will be the 5th largest economy in the world. Crazy!
The money didn’t go anywhere, the California fair plan has never had adequate reserves for this type of exposure. The California fair plan simply does not collect enough, premium quickly enough to build enough of reserve for this. This was something the California fair plan warned the department of Insurance about on a regular basis over the past few years. The Fair Plan was very public about this issue.
Overhead costs. State funded pension plan. Generous healthcare. Great dental plan for the employees. Vacation pay. State holidays such as June 19th(or whatever it is). Mental health days. And state employees need to make $250k/yr or they would be stolen by private companies. (REALLY??) Onsite daycare for employees. Annual Christmas Party. So after these essential expenses are paid along with going to out of state conferences to sharpen skills(WHAT SKILLS WOULD THAT BE??) plus other small?? perks such as state paid use of government vehicles, the fund should have net increase of approx $100/yr. If in doubt, someone should ask for a full detailed audit. You know Gavin won't do it.
@@MrBadjohn69 So sick of people who clearly couldn't manage a Wendy's just prattle on about nothing. Nobody cares dude, you're not helping anybody, throw your device in the trash and find a hobby
@@gasparinsuranceservices why it doesn't collect enough when it's more expensive than regular private insurance? And California said private premium is too high?
I hope the insolvent California Fair plan from the state of CA, will not do what the insolvent Citizen Floriduh state insurance did and denied more then half the claims. TOTAL SCAM INSURANCE!!!!
Stop building in areas that are prone to these fires. These fires and winds are natural to the area and nature will always prevail. Building here is a gamble at best.
GOP being unable to win elections where people are educated and productive reflects poorly on nobody but Republicans, no amount of reframing will fix this for you, bud
Allstate was wise to not renew 68% of their policies last year. They could clearly see what this incompetent government couldn't
this will drive insurance companies out of California even faster.
Saw this coming. We sold our OC house last March. Farmers Insurance cancelled our Homeowners Policy in April of last year. We now live in a state with reasonable Property Insurance. Good luck CA.
Don't know how long it will remain reasonable
$20 says your new state can't make ends meet without productive blue CA taxpayers chipping in. You're welcome, btw
@@blvke37 btw, I moved to a blue state, so what does that have anything to do with this? I paid exorbitant income and property taxes in SoCal for over 40 years. I would suggest you look before you leap, but know that SoCal is a beautiful area that has climate change knocking at its door.
@@user-ux4ze5qr9f Okay, you recognized you couldn't hack it in a competitive economy and left, good on you. Rats like that usually flee to unproductive red enclaves, they don't drag down other blue cities
@@blvke37 You clearly have been brainwashed by your liberals leaders using fake numbers. I bet you think the "blue states support red states with Federal taxes" line is true. It's not. Take out Military spending which protects blue states and Social Security and Medicare going to those red states which people paid into, and CA is a net receiver state, not donor state. It was significantly worse before the SALT limits. CA got back $1.12 for every $1 they sent the feds. Not to mention CA is supposedly the 5th largest economy in the world, but looks like a third world country and is running a $50 B deficit. Now, the fact that you spend $21 Billion a year on illegals, are trying to build a $150 Billion train that's massively over-budget and behind schedule, and have wasted $20 Billion on the homeless problem yet have more homeless than every, the rest of the country can see where you all vote to spend your money. Once you shift away from the train and illegals, MAYBE you can come and ask for some help. You have plenty of money, you just allocate it poorly.
The CEO of the FAIR Plan stated last spring the Plan was one or two major fires from insolvency.
At least he didn't lie.
now it's 0 or 1 major fires 😒
Insurance company pays for the building not the lot. Building lots near the Pasific ocean go for multi-million dollars, resulting in insurance payout to be much smaller than total damage.
Oh, so there's no problem. That's good.
The whole country will pay for CA issues. "You can't squeeze blood out of a turnip."
The total loss will end up being more than the market cap of all the insurance companies combined.
Passing a law that rates are capped but benefits are not is a recipe for no private insurance.
Thanks for the explanation
Oh my G-d. This just gets worse! 😩😩😩😩😵💫
Just wait until the auto insurance claims come in!😢
This sounds like a general obligation bond except instead of the full faith and credit of all taxpayers, the insurance companies with the blessing of the department of insurance will tap the full credit of California private insurance policy holders! Why does this sound like "from those with the abilities to those with the needs"?
No bailouts.
There are places in Florida you shouldn't built due to hurricanes, Having a house on piers on the coast may not be a good idea. In Florida the houses are built with materials like concrete walls and strap down roofs to take precautions. Perhaps much stricter rules regarding materials, distance between and management of combustible materials surrounding homes makes sense here.
Oh great, another bailout for the rich homeowners who bought or built in fire pron area while screaming at any regulation or proposed that would make their homes safer.
NO BAILOUTS!!
California home owners statewide will be paying for it, an increase of 40% to their premiums. Unfortunately people will continue to move to California inspite of all of these and the price of houses will continue to rise, that's according to Redfin because supply and demand. If California becomes the Republic of California, it will be the 5th largest economy in the world. Crazy!
would not want to be an insurance man in la. something might go wrong.
Bailing out the millionaires. If they cannot afford the insurance they cannot afford the home.
we need let market solve itself. Let insurance companies make more money so there are more insurance options. Let them compete.
I wonder if Gavin Newsom plays the fiddle? Because his similarity to Roman Emperor Nero is uncanny.
ok... where did the money go? where's the money? that should be the first question answered.
The money didn’t go anywhere, the California fair plan has never had adequate reserves for this type of exposure. The California fair plan simply does not collect enough, premium quickly enough to build enough of reserve for this. This was something the California fair plan warned the department of Insurance about on a regular basis over the past few years. The Fair Plan was very public about this issue.
Overhead costs. State funded pension plan. Generous healthcare. Great dental plan for the employees. Vacation pay. State holidays such as June 19th(or whatever it is). Mental health days. And state employees need to make $250k/yr or they would be stolen by private companies. (REALLY??) Onsite daycare for employees. Annual Christmas Party.
So after these essential expenses are paid along with going to out of state conferences to sharpen skills(WHAT SKILLS WOULD THAT BE??) plus other small?? perks such as state paid use of government vehicles, the fund should have net increase of approx $100/yr.
If in doubt, someone should ask for a full detailed audit. You know Gavin won't do it.
@@MrBadjohn69 So sick of people who clearly couldn't manage a Wendy's just prattle on about nothing. Nobody cares dude, you're not helping anybody, throw your device in the trash and find a hobby
@@gasparinsuranceservices why it doesn't collect enough when it's more expensive than regular private insurance? And California said private premium is too high?
I hope the insolvent California Fair plan from the state of CA, will not do what the insolvent Citizen Floriduh state insurance did and denied more then half the claims. TOTAL SCAM INSURANCE!!!!
Stop building in areas that are prone to these fires. These fires and winds are natural to the area and nature will always prevail. Building here is a gamble at best.
That’s like saying “Don’t live in Florida because it’s prone to hurricanes.”
We need to build underground and become Mole People.
Can't fix stupid so this country is doomed.
🇺🇸🇺🇸- Bad Time for a ( Lying 🤥 Felon for President) 🇺🇸🇺🇸
I’m from SoCal…we need Trump more than ever. We currently have bumbling idiots with zero common sense running things.
@ if you build…spend all your money on supplies RIGHT NOW..or add an extra 30% to your prices for Trump Tariffs
wow. 😂 California and democrats are like a tragic comedy
Gavin is okay. He has 7 fire trucks stationed at the French Laundry. Priorities.
Yeah no global warming extreme weather hits a welfare red state in your maga mind.
GOP being unable to win elections where people are educated and productive reflects poorly on nobody but Republicans, no amount of reframing will fix this for you, bud