Thousands of Bay Area residents faced with State Farm refusing to renew home insurance policies
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- Опубликовано: 16 апр 2024
- John Ramos reports on local residents having fewer home insurance options with State Farm's plans to stop renewing policies in certain areas.
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It's not the insurance company, you are being raided by a cartel of lawyers and contractors who have figured out how to steal billions without being caught. They did the same thing in Florida, using the courts as protection. If you can't put a cap on repair costs, say goodbye to insurance.
Socialism working as intended.
not socialism, capitalism.
Exactly
huh? go re read the definition.
How is this Socialism???
@marshallengland8717 massive government regulation. It has caused most insurance companies to flee California. The less competition in the insurance market the higher the rates. $30,000 per year for these homeowners because they have no other choice. Then the government steps in to fill the void with outrageously overpriced and woefully mismanaged insurance that is funded by taxpayers.
Like a good neighbor, State Farm is there. Hahaha
To those that complain about SF not renewing, here is your chance to open an insurance company and have an instant customer base ( something like 72,000 people ) 100 % chance they won't.
My sister had some massive damage on her Malibu estate in 2007 . Loyds of London who at that time was the only insurer writing policies in her area refused to pay so she had to sue them . Insane outcome.
if there really was an insurance commissioner or a real not paid for CPUC this wouldnt happen. but here we are.
Theyre trying hard to get people out of thier homes
Doing insurance on a house by house basis makes the most sense.
Very true. Shouldn't have the poor subsidize the rich for their fire zone houses.
@@ILovePancakes24 claims frequency is actually higher with poorer people.
@@imzjustplayin poorer people tend to have stuff of less value, so they wouldnt do as much high value claims like the rich would if their fire zone house burns down
We have AAA insurance along with two of our neighbors. They renewed our neighbor's insurance but not ours. They said we are in a fire zone. I guess my neighbors being two doors over are not in the same fire zone. We called and complained, and they just gave us double talk.
Well, I suppose the boundaries have to be drawn somewhere. But it would make more sense to draw them at the ends of neighborhoods.
@@dogman15 Yep
Both Home Owners and car insurance companies are leaving CA because the DEMS force them to lose money. CA is a lost state. It took me WEEKS to find car insurance. I have no points or anything. Imagine insurance companies not wanting your business because of your state.
Ca is dying for sure.
You do know State Farm has no problem gambling on earthquakes every year. State Farm makes about a billion dollars every year from Californians in Earthquake insurance. I'm sure they will still offer earthquake insurance to those zip codes.
Don't you just love em😂😢
no more subsidizing homeowners who live in wildfire risk areas.
"Like a good neighbor state farm is there"..horrible and what is governor Nuisance doing about it?
By giving himself a raise.
shouldwe cancel our auto policies, too?
State Farm should give refunds from all the profits they made last year! 🤔
They made no profit last year. They lost money.
If PGE would do the same, I could probably save half on my PgE bill.
Then they should not be able to sell auto policies either. Or at least a percentage of home yo auto until they leave the state
De-Regulation is ruining homeowner insurance...
State Farm is only worried about how much pocket money they can get to keep them in these expensive cars. When you pay alot for premiums they should be taking care of you when needed. That's what insurance is for!
Our wealthiest communities.... Hmmm, how will this work out??
Ask Klouse Swabb and he will tell you.
Shopping different home insuranced instead of relying on state farm.
They must be in a 'let it burn Zone', insurance companies know things we don't know. Welcome to the "GAME"😏
Yes of course it's Gavin Newsom and the Democrats fault. Why wouldn't it be. Shopping before you purchase your home might help some, but there is nothing keeping them from identifying the area as high risk later and canceling or not renewing the policy after the home is purchased.
Good. then tell State Farm unroll themselves with CALFAIR (Privately owned and operated by only insurance companies) and deactivate their license with the insurance bureau. Stop gouging people by forcing them to use CALFAIR by the lenders.
Agree. They are forcing people out of their homes by rates increasing nearly 200%. Forcing people into paying insurance for physical structure when the physical property has the value is a scam.
SF is the largest insurer of homes in California and the nation. To unenroll from the FAIR Plan SF will have to turn in their license. This will cause 100,000s more nonrenewals. FAIR Plan is technically a nonprofit, but mandated to be solvent; the companies backing them up are not making any money on Plan business.
Softball, flimsy answers. It’s because of CA’s crazy environmentalism and refusal for forest management
This is why we need to densify California cities, not have suburban crawl. It's costly to taxpayers and said prospect residents
Maybe building a home in a wildfire area = bad idea?
The most of the fires and biggest fires were actually arson.
Millions of homes are in 'high' fire danger areas in California. We lived close to Diablo and Farmers canceled our insurance 5 years ago, despite owning a fire-safe home, had a fire hydrant literally in front of our home and a newly-built fire station 1/4 mile away. But we were in a zip code they deemed high risk and they cut everyone's insurance. We then moved to a new home and specifically checked the fire maps to ensure we weren't buying in another high risk zone. Fast forward 3 years and now the maps have been rewritten so our home in again 'high risk'. Our premiums went up 45% and when we tried to shop around, all the brokers said we were lucky to get insurance at all. So it's difficult to know where to buy.
Not surprised they leaving California
Keep voting Dem and holding in to prop 13 as an excuse!! Socialism working as designed.
Vote Blue, my fellow Californians.
Fjb..Trump2024
Multi millionaires won't be getting home insurance. Cry me a river.
Joe Biden's America. 😢😢😢
Keep voting DEM
That’s your beautiful Capitalism, no consequences
Interesting take.
You mean people paying for the cost of insurance based on actual risk? What a concept. State Farm is losing money on home insurance in California. Were you aware of that?
Actually its socailism.....The DEMS are forcing insurance companies to not raise rates therefore they are leaving the state. Same with Car insurance.
Let their amazing Mayor help he seems to know it ALL 👏👏👏👏👏
Like a good neighbor, State Farm needs to move out of state.
Huge problem.