State farm clearly said it was lack of wildfire management and mitigation plans that made it too risky to insure homeowners in California- the math wasn't hard to do- can't stay in business if bad California state management bankrupts your company - California literally had audacity to put limits on how much you can charge for fire insurance without putting in place any sound fire containment plans.
It's Democrats who don't care! The majority of ppl don't continue to pay for something they no longer own, but insurance companies don't want to pay out billions either, especially when something could of been prevented like these wild fires, but Newsome refused to listen to Trump in 2018 and took no precautions, so blame corrupt and incompetent Democrats who never learn from their mistakes!
I lived and worked these fire areas for 15 years: Malibu, Palisades, Glendale, Pasadena, Hollywood, all of it. My fear is that an earthquake can crush whatever is left. They typically occur this time of year. So glad I left....
@@brookingsbeachcomber no it was the drought. Dry weather increases fire risk. They try to do the same exact thing whenever there's hurricanes in places like Florida and the Carolinas.
@@gen_z_hippichikka draught in a desert? Southern California has always been short on water to sustain it population! Go back to sleep Gen ZZZZZZZZ!😮😢😅
Not only that, they have actual algorithms that predict when fires are most likely to occur. Makes sense they dipped out when they started getting info about the drought
When the state decided to spend their money on illegals rather than forest management , controlled burns, and removing the ground level fuel along with telling PG&E they can't prune the trees under their power lines the insurance companies re-evaluated their risk.
If you feel that way then dont get insurrance and hope that you will never need it. If you do need it one day then you should have saved up a lot of money to pay for the damages, if not then you are fxxxed.
Don’t think you are registering the facts. CA placed price increase caps below that of inflation over the last few years, along with not allowing them to price in the cost of reinsurance and likelihood for continued cost inflation. Reality is that the likelihood of house damage/loss has increased and the cost to rebuild if lost has increased dramatically thanks to our kind government. Net net home insurers lose money for CA homes as a whole, and they are also forced to split the cost of being the insurer of last resort (when payouts>FAIR plan allowances) if they do business in the state of CA at all. Would not be surprised if most/all property insurers stop writing policies in CA completely.
This is another example of people using emotion rather than facts and reason. The insurance companies have paid out ten's of billions related to wildfires in California. The 2018 Camp Fire was 11 billion alone.
INSURANCE COMPANIES HAVE THE RIGHT TO DEFEND THEMSELFS!!!!, THEY ARE MAKING ROOM FOR JWS FLEEING ISRAEL, Who OWNS the Enshurance Companies ???, THE AMERICAN WAY !!!
If California is getting so much help, why is the mayor of LA blaming her failure on a cut in federal funding? Especially when California is supposedly the 5 th largest economy in the world?
There was an insurance crisis in ca for a long time .. but all of a sudden it happens to rich big wigs in la instead of the average person, so now we gotta fix it?
INSURANCE COMPANIES HAVE THE RIGHT TO DEFEND THEMSELFS!!!!, THEY ARE MAKING ROOM FOR JWS FLEEING ISRAEL, Who OWNS the Enshurance Companies ???, THE AMERICAN WAY !!!
@@christianhurl just hearing the frustration of many of us outside of LA who have bailed out these fires over and over again through the years. As long as the aid is fair.
I don’t know if there was much for timber, but grass needs to be managed too. Any vegetation has to be managed in some way or Mother Nature will manage it her way. It has been that way since the beginning of time.
why would I write insurance policies in a state that I know does not prepare and set aside any money for disasters and disaster relief? California will expect again federal tax payers to pay and I will resist unless California is forced to overhaul its entire government.
Although the fires may be out of control, at least the fire department has full containment of Diversity, Equity and Inclusion. Prayers for those devastated. 🙏
@@РостиславГ16 Trump must be DEI, since he destroyed millions of jobs, tripled the deficit, and gave us the worst pandemic response of any nation on earth. 🤔
The insurance crisis is been happening for years. Blame the governor and those who keep pushing businesses with regulations. But they keep voting for Nuisance.
Absolutely! Building in a fire-prone area without proper precautions is asking for trouble. A 5000-gallon water storage for each house is such a smart, necessary move. Safety first! 💧🔥🏠
Only the rest of the US citizens have to pay for California insurance claims, over and over again. Only the US citizens have to pay the cost for bans and car emissions, because of California, over and over.
We will anyhow. Everybody’s insurance is going to go up. If i were a mayor I think I’d have an insurance agent on my staff. Those guys seem to know what the risks are and how to mitigate them.
Although the fires may be out of control, at least the fire department has full containment of Diversity, Equity and Inclusion. Prayers for those devastated. 🙏
Nobody deserves this. System is rigged here. They give a drivers license to "anyone" then turn around and register them to vote because they now have a valid ID with a valid address. I know I didnt vote for any of them. Get off your high horse
@@garymitchell7551 we need insurance. We need also to make sure that they pay when when we need. It's called "regulations". Why is a CEO of an insurance company is allowed to make millions? What kind of work does he do to deserve that much? Insurances don't produce goods that they sell. The only way to make that much money, is to deny claims from people who untrusted them with their premiums.
INSURANCE COMPANIES HAVE THE RIGHT TO DEFEND THEMSELFS!!!!, THEY ARE MAKING ROOM FOR JWS FLEEING ISRAEL, Who OWNS the Enshurance Companies ???, THE AMERICAN WAY !!!
But why should insurance companies take a risk on fire insurance if the city and govt officials are not supplying FF with resources to protect homes? It's too much risk. However, if insuance companies knew they should have alerted residents if they knew this protection was not in place so that residents could go after city officials to correct and bring solutions to revive canceled policies. This is the insurance and city official / city fire district director issue for not alerting residents and correcting such a devastating problem.
I don't think it's legal to cancel once your house is on fire. You should sue. If your policy ended before the fires, how can you blame them for not paying claims now?
@@delaineyjohnson8238 By not renewing your fire policy the insurance companies are already telling you it's too risky for them, that a fire is mostly likely going to happen SOON.
Why, the insurance companies do a risk assessment and determine if it is reasonable to cover the property? This current fire and the others proceeding it are a dangerous investment. Yes they are in it for the money but even the best individual will not choose bankruptcy.
Because they were unwilling to sell at a price which means they lose money 😮 You do know that such a approach means they go out of business so are not there to offer insurance in the first place 🤔
Remember it is the State that regulates how much the Insurance company can charge - this is a failure of the Government not the companies. Shame on the Democrats who are in power to hurt the people they serve.
I can recall living in Southern California during the North Ridge earthquake, I had earthquake insurane on my house and as soon as the earthquake hit my insurance company informed me that they had canceled the insurance policy effective immediately. So, the moral of this story is don't bet your earthquake or fire insurance is giong to be there when you need it. The excuse they gave for canceling my insurance was " too many people were filing a claim. "
But they had to pay that time didn't they? I mean there was a earthquake and then they told you they were cancelling it,but they had to pay on that earthquake right? Jw
The Californian government should pay because they forced people to leave their property,so it wasn't defended, and then the emergency services did almost nothing to protect property.
Seriously? Have you ever been near a wildfire? Especially in one driven by up to 80mph gusts? And when those winds have grounded all aerial firefighting assets - at least the assets that aren't here in Australia for our fire season thanks to the asset sharing between fire services. There's only one thing you can do in that situation and that is get as far as you can as quickly as you can away from the fire...
Remember last tummer when crooks in LA were ramming fire hydrants to sell for scrap? Insurance is cheaper when you have a fire hydrant nearby, and i would guess no one was ever arrested for those thefts.
Our insurance is rated on your nearest Fire Department and its capabilities. A shortchanged FD with no water and hillsides primed for a conflagration might be a problem for Insurance companies. But look at the positive side, you saved the Environment and some fish somewhere.
@@harryfarber6435You're comparing apples to oranges. EV batteries won't go out due to the chemicals and energy stored inside of them. It's literally a chemical fire with a ton of energy behind it.
No, the industry isn't a scam. Do you have an extra 50k for your vehicle. Do you have 500k for your house. Living expenses? I've been an agent for 37yrs, you know how many lives have been saved by insurance? Wake up.
Wrong, it is the State that sets the rules and rates and when the State does not allow the insurance industry to cover their costs, then they have to leave the market. The state of California has done NOTHING for years to mitigate the wildfire problem, it is your Government that caused this, to this extent. Make these State employees pay out of their own pockets.
@@Rock_Bill_Kaa When you say "the State does not allow the insurance industry to cover their costs" then you mean the insurrance industry isnt allowed to demand exorbitant insurrance rates, right? "The state of California has done NOTHING for years to mitigate the wildfire problem" I highly disagree with that statement. They have done a lot but it seems that you do not understand the problem.
Once California forces all the insurance companies out of the State, it will replace them with a government funded (taxed) insurance program. That will give the government the opportunity to raise more taxes. Mismanage the problem, and demand more taxes to fix those problems. Claim the need for more regulations to make home more fireproof. Housing costs will increase. Rinse and Repeat.....
It's sad for sure, you wonder what happened, what made people just up and hate everyone, no kind words,no compassion,no love, not a concern one for others who are hurting, I've lost everything I owned from a careless landlord before, and it's gut wrenching,agony to see your house burn to the ground and take everything you've worked for..I was even burnt, my tennis shoes on fire as I ran for my life. So my heart goes out to these people who have lost everything.. God help them
Insurance companies take in premiums and invest it in the stock market and they make tons of profits. They pay out way less than they profit on. If they are losing money then their money managers are failing.
I'm new to investing and l've lost a good sum trying out strategies I found in an online tutorial. I would sincerely appreciate any recommendations you have.
boohoo! private insurance companies didnt have the money to pay claims?? why the hell were they collecting premiums if they couldnt pay the claims??!!!
Stop blaming the very leadership you voted for over and over and over again. This is a voter problem, not a leadership problem. There will always be idiots among us, but when people vote them into power year after year, why are they blaming them? Its mind boggling!
I didn't understand why FEMA was paying some homeowners huge money in recent disasters when insurance is supposed to do that? Also, many who had homeowners insurance didn't get anything, which makes having insurance worthless. Very confusing...
Competition Among Insurance Companies bidding for Homeowner's Insurance Business Will Not Happen Until CA Changes Their Ways as far as Readily Available Water Supplies, Forest Management and Reasonable State Regulations as just examples of change that has to happen before Insurance Companies Want to Do Business in CA???
I can sure bet Newsom wishes now that he would have listened to trump 6 years ago when trump warned him about the fire dangers in calif and even gave him great ideas on how to use fire prevention to fix the problem.
..yeah, I just don't understand, why does every luxury house usually have a swimming pool, why don't they buy those cheap little water pumps just in case, it's simple actually.
Uh, Florida was exposing the insurance debacle before California but who was first is moot. It doesn’t take an MBA to figure out that at the current rate these catastrophes are occurring that the insurance industry is going into the red. Soon rates will get so high for some and impossible to acquire for most that a revealing point will be reached. Americans are about to learn the power of their spending. Or more correctly, the power of their abstaining from spending. When things get so expensive, or a company is so egregious or conditions warrant it all we, the consumer, has to do is DON’T BUY IT. Because the Achilles heel built into the capitalist system is that it takes two, a seller and a buyer, to have a transaction. Without a sale there is no cash flow. This applies to amazon and Facebook all the way down to lemonade stands. How long do you think it would take amazon, with their massive cash flow needs, to endure a, say, 30% drop in sales before they would change their ways about any identified transgression? But back to insurance. Just postpone buying their product for a month or two and watch what happens. They are probably going to cut a lot of people off anyway but pay close attention to how they handle home insurance policy holders in California before you decide.
Don't buy it? no insurance = no mortgage, or mortgages will be super expensive with the insurance risk priced in. Abstaining = renting until you are 60 and finally saved enough to buy a home in cash Abstaining = moving out of FL or CA, 2 states famous for being nice places to live
NO!!!,,, not more competition in the insurance industry.... GOVERMENT INSURANCE.... Screw these insurance companies making billions of dollars every year... yeah , this is a big hit for them but they have been making billions in the past.. you think warren buffet is in the game for nothing.....in the past no for gov. control... but now in this day and time, it's essential!!! both home and auto......
Let's hear it from banks right now, how many of these houses were collateral to loans? If insurance companies tell you you're a bad risk, you should listen. The underwrote California and concluded they shouldn't take the risk. Who can today say they are anything but very competent in terms of risk assessment!
My fear is rebuilding an area which could burn down again. It’s bad enough to cover this 250 billion but when it burns again to have tax payers cover the costs and go to waste is irresponsible.
Where is the money that a homeowner pays to the insurance companies? They must pay with the money collected for years. Insurance companies must pay the burning homes.
State farm knew this was coming.
USA pays off for supporting Isr43l over the genocide that they commit !!!
State farm clearly said it was lack of wildfire management and mitigation plans that made it too risky to insure homeowners in California- the math wasn't hard to do- can't stay in business if bad California state management bankrupts your company - California literally had audacity to put limits on how much you can charge for fire insurance without putting in place any sound fire containment plans.
@@KS-tl8tcWOW
Of course they did, these areas experience enormous fires historically
@@xdsclubgold123 Poor management.
Imagine paying a mortgage for something that doesn’t exist any longer…
Banks do not care…
Ha ha ha banks are farmers😅
Good point
Isn't that called capitalism?
It's not their job to care.
It's Democrats who don't care! The majority of ppl don't continue to pay for something they no longer own, but insurance companies don't want to pay out billions either, especially when something could of been prevented like these wild fires, but Newsome refused to listen to Trump in 2018 and took no precautions, so blame corrupt and incompetent Democrats who never learn from their mistakes!
I lived and worked these fire areas for 15 years: Malibu, Palisades, Glendale, Pasadena, Hollywood, all of it. My fear is that an earthquake can crush whatever is left. They typically occur this time of year. So glad I left....
Insurance knew the fire department was a disaster under DEI policy, they got out before the inevitable happened
@@brookingsbeachcomber no it was the drought. Dry weather increases fire risk. They try to do the same exact thing whenever there's hurricanes in places like Florida and the Carolinas.
@@gen_z_hippichikk they knew the hydrants were bad, they had an insurance rep. actually admit it... dig deeper
You're blaming DEI for a MASSIVE WILDFIRE?! Nobody could stop this fire, you fool!
@@gen_z_hippichikka draught in a desert? Southern California has always been short on water to sustain it population! Go back to sleep Gen ZZZZZZZZ!😮😢😅
Not only that, they have actual algorithms that predict when fires are most likely to occur. Makes sense they dipped out when they started getting info about the drought
Yeah insurance is just another tax on us. They refuse to pay on damages in every industry.
When the state decided to spend their money on illegals rather than forest management , controlled burns, and removing the ground level fuel along with telling PG&E they can't prune the trees under their power lines the insurance companies re-evaluated their risk.
If you feel that way then dont get insurrance and hope that you will never need it. If you do need it one day then you should have saved up a lot of money to pay for the damages, if not then you are fxxxed.
Don’t think you are registering the facts. CA placed price increase caps below that of inflation over the last few years, along with not allowing them to price in the cost of reinsurance and likelihood for continued cost inflation. Reality is that the likelihood of house damage/loss has increased and the cost to rebuild if lost has increased dramatically thanks to our kind government. Net net home insurers lose money for CA homes as a whole, and they are also forced to split the cost of being the insurer of last resort (when payouts>FAIR plan allowances) if they do business in the state of CA at all. Would not be surprised if most/all property insurers stop writing policies in CA completely.
This is another example of people using emotion rather than facts and reason. The insurance companies have paid out ten's of billions related to wildfires in California. The 2018 Camp Fire was 11 billion alone.
INSURANCE COMPANIES HAVE THE RIGHT TO DEFEND THEMSELFS!!!!, THEY ARE MAKING ROOM FOR JWS FLEEING ISRAEL, Who OWNS the Enshurance Companies ???, THE AMERICAN WAY !!!
Why does California get all this help from the government but not North Carolina? Just curious
Because North Carolina DID get the same help, it’s just that your fake news left that part out.
If California is getting so much help, why is the mayor of LA blaming her failure on a cut in federal funding? Especially when California is supposedly the 5 th largest economy in the world?
Because California deserves it and North Carolina doesn’t.
I hope you all live in California. 😂
6th largest economy in tje world
California and Florida, you can't even call the Guido Brothers if want homeowners insurance.
There was an insurance crisis in ca for a long time .. but all of a sudden it happens to rich big wigs in la instead of the average person, so now we gotta fix it?
😂😂😂😂
facts of life
INSURANCE COMPANIES HAVE THE RIGHT TO DEFEND THEMSELFS!!!!, THEY ARE MAKING ROOM FOR JWS FLEEING ISRAEL, Who OWNS the Enshurance Companies ???, THE AMERICAN WAY !!!
You act like people aren’t people
@@christianhurl just hearing the frustration of many of us outside of LA who have bailed out these fires over and over again through the years. As long as the aid is fair.
No worries about thinning the forest now...
Mother nature will take care of herself.
I don’t know if there was much for timber, but grass needs to be managed too. Any vegetation has to be managed in some way or Mother Nature will manage it her way. It has been that way since the beginning of time.
why would I write insurance policies in a state that I know does not prepare and set aside any money for disasters and disaster relief? California will expect again federal tax payers to pay and I will resist unless California is forced to overhaul its entire government.
Florida
Although the fires may be out of control, at least the fire department has full containment of Diversity, Equity and Inclusion. Prayers for those devastated. 🙏
the only thing they’re missing is water, but there’s plenty of climate change for all!
🤪👍
@@РостиславГ16 Trump must be DEI, since he destroyed millions of jobs, tripled the deficit, and gave us the worst pandemic response of any nation on earth. 🤔
Sad...and True according to the Chief of LAFD...Sickening...
insurance companies are not to blame - california regulations are to blame.
Rising Insurance rates were the canary in the coal mine. But nobody did the math.
You Are Correct! 100%
The insurance crisis is been happening for years. Blame the governor and those who keep pushing businesses with regulations. But they keep voting for Nuisance.
Absolutely! Building in a fire-prone area without proper precautions is asking for trouble. A 5000-gallon water storage for each house is such a smart, necessary move. Safety first! 💧🔥🏠
Regulations are running all working citizens out of California
You Are Correct! 100%
Only the rest of the US citizens have to pay for California insurance claims, over and over again. Only the US citizens have to pay the cost for bans and car emissions, because of California, over and over.
For that privilege you don't even get to vote Nuisance or Bash out!
@johnclamshellsp1969 Insert Florida where you say California.
I don't want to bail out these wealthy people in California.
We will anyhow. Everybody’s insurance is going to go up. If i were a mayor I think I’d have an insurance agent on my staff. Those guys seem to know what the risks are and how to mitigate them.
Stop being wealthist!
There loaded aren't they
hurricane victims need the help more than these dei idiots
Stop the crap, these are Americans in need. No different than when a F5 tornado destroyed communities across the Midwest, or Hurricane Katrina.
There's an intelligence crisis in California. Stupidity running rampant.
Nah that’s Texas
@@alejaan6778Texas doesn’t arrest people for defending property
Although the fires may be out of control, at least the fire department has full containment of Diversity, Equity and Inclusion. Prayers for those devastated. 🙏
@@AdamThomasCo It also doesn't actively keep water out of their fire hydrants. Or drive insurance companies out through sheer regulation.
Need a definition of “Woke “ , point at California and say…… “ there ya go “
As a ex Californien (3) yrs, DONOT bail these people out they did this to themselves.
Don't f*ck up your new place like you did your last place. Never vote for another Democrat
Well since you said so… smh. Glad you left CA, we don’t want you here
Actually, They Were Lied To By The Dems!
Insurance declines 😅😅😅😅
Evacuate California while you still can...
It's such a shame. The Democrats ruined the best state to live in in the U.S.A. I feel like I'm living in Siberia but will never move there.
God is good
I live 20 miles away from Cleveland Ohio. My city which I live has been known as hillbilly heaven. My property
They got what they voted for lol
What does Texas get every time a snowflake touches Texas asphalt? 🤔
Did
You
Get what you voted for with Biden? Moron!
Nobody deserves this. System is rigged here. They give a drivers license to "anyone" then turn around and register them to vote because they now have a valid ID with a valid address. I know I didnt vote for any of them. Get off your high horse
Jake from State Farm tooked the bag and skipped outta town.
The government is the people …. Don’t come to the federal government the rest of us don’t want to pay for the incompetence of CA leadership
Insurances are the good guy, according to MAGA.
@ insurance is the necessary evil of our society and yes they make a profit but agree they can be greedy
@@garymitchell7551 we need insurance. We need also to make sure that they pay when when we need. It's called "regulations".
Why is a CEO of an insurance company is allowed to make millions? What kind of work does he do to deserve that much?
Insurances don't produce goods that they sell. The only way to make that much money, is to deny claims from people who untrusted them with their premiums.
INSURANCE COMPANIES HAVE THE RIGHT TO DEFEND THEMSELFS!!!!, THEY ARE MAKING ROOM FOR JWS FLEEING ISRAEL, Who OWNS the Enshurance Companies ???, THE AMERICAN WAY !!!
They scammed all of us californians too. They canceled on us during fire and left.
Depend on god
@topshotta2000 Who? Say his name
But why should insurance companies take a risk on fire insurance if the city and govt officials are not supplying FF with resources to protect homes? It's too much risk. However, if insuance companies knew they should have alerted residents if they knew this protection was not in place so that residents could go after city officials to correct and bring solutions to revive canceled policies. This is the insurance and city official / city fire district director issue for not alerting residents and correcting such a devastating problem.
I don't think it's legal to cancel once your house is on fire.
You should sue.
If your policy ended before the fires, how can you blame them for not paying claims now?
@@delaineyjohnson8238
By not renewing your fire policy the insurance companies are already telling you it's too risky for them, that a fire is mostly likely going to happen SOON.
Follow the money after this is all over to find out why this was done
These insurance company CEOs need to be investigated
Why, the insurance companies do a risk assessment and determine if it is reasonable to cover the property? This current fire and the others proceeding it are a dangerous investment. Yes they are in it for the money but even the best individual will not choose bankruptcy.
Some Italian dude had a better idea....
@@HandsOfSweed how's he doing?
Because they were unwilling to sell at a price which means they lose money 😮 You do know that such a approach means they go out of business so are not there to offer insurance in the first place 🤔
For what, for not doing business with you?
Remember it is the State that regulates how much the Insurance company can charge - this is a failure of the Government not the companies. Shame on the Democrats who are in power to hurt the people they serve.
I can recall living in Southern California during the North Ridge earthquake, I had earthquake insurane on my house and as soon as the earthquake hit my insurance company informed me that they had canceled the insurance policy effective immediately.
So, the moral of this story is don't bet your earthquake or fire insurance is giong to be there when you need it.
The excuse they gave for canceling my insurance was " too many people were filing a claim. "
But they had to pay that time didn't they? I mean there was a earthquake and then they told you they were cancelling it,but they had to pay on that earthquake right? Jw
It's not an insurance crisis, its a Democrat crisis.
The Californian government should pay because they forced people to leave their property,so it wasn't defended, and then the emergency services did almost nothing to protect property.
Next they will get section 8 vouchers! Just what the govt wants, everyone dependent on the govt
Seriously? Have you ever been near a wildfire? Especially in one driven by up to 80mph gusts? And when those winds have grounded all aerial firefighting assets - at least the assets that aren't here in Australia for our fire season thanks to the asset sharing between fire services. There's only one thing you can do in that situation and that is get as far as you can as quickly as you can away from the fire...
yeah then we would be asking for a lot of black bags
The fair plan, is Newsomes pocketbook benefitting from this! AUDITS AUDITS AUDITS AUDITS
Remember last tummer when crooks in LA were ramming fire hydrants to sell for scrap? Insurance is cheaper when you have a fire hydrant nearby, and i would guess no one was ever arrested for those thefts.
Hope the insurance companies do the right thing. Praying for you California...please stay safe.
Our insurance is rated on your nearest Fire Department and its capabilities. A shortchanged FD with no water and hillsides primed for a conflagration might be a problem for Insurance companies.
But look at the positive side, you saved the Environment and some fish somewhere.
Insurance just want the payment but not to pay for damages what a scam.
Don't build your house in a fire prone area. At lease have your own 5000 gal water storage for each house in a fire zone. No brainer.
It takes 10,000 to put out an EV fire
That crazy if you think, that's actually going to work
@@harryfarber6435You're comparing apples to oranges. EV batteries won't go out due to the chemicals and energy stored inside of them. It's literally a chemical fire with a ton of energy behind it.
Our entire country has an insurance crisis and it is not just home insurance, it is all insurance. The industry is a scam.
No, the industry isn't a scam. Do you have an extra 50k for your vehicle. Do you have 500k for your house. Living expenses? I've been an agent for 37yrs, you know how many lives have been saved by insurance? Wake up.
@@september29ification Total scam.
Wrong, it is the State that sets the rules and rates and when the State does not allow the insurance industry to cover their costs, then they have to leave the market. The state of California has done NOTHING for years to mitigate the wildfire problem, it is your Government that caused this, to this extent. Make these State employees pay out of their own pockets.
@@Rock_Bill_Kaa Scam
@@Rock_Bill_Kaa When you say "the State does not allow the insurance industry to cover their costs" then you mean the insurrance industry isnt allowed to demand exorbitant insurrance rates, right?
"The state of California has done NOTHING for years to mitigate the wildfire problem" I highly disagree with that statement. They have done a lot but it seems that you do not understand the problem.
Federal government needs to step in and take control of CA.
There is no way the Insurance Companies 😕 can cover the LA firestorm. Probably everyone's Premiums' will increase nationwide to cover the cost.
Impeach Newsome. NOW!
It’s not his fault that the companies are corrupt, which means firing him will do nothing to fix the problem. 🤔
He’s getting charged with criminal negligence.
@@gen_z_hippichikk And The Dams That Were Demolished so that small Fish can survive and diverting Fresh Water to The Ocean??? Go Away, TROLL!
@@harryfarber6435 Thank You my Friend!
@@gen_z_hippichikk The original comment from MAGAMAN IS Correct! Read The News and Stop Lying! Troll!
This wildfire looks like a pruge .
Kalifornication proves government intervention is such a good idea in a free market system..
F#-- around with insurance all you want but until you stop building in these areas this story will continue to repeat, repeat, repeat!
Or some better land management needs to occur....but that doesn't look likely with the deadheads in charge.
Once California forces all the insurance companies out of the State, it will replace them with a government funded (taxed) insurance program.
That will give the government the opportunity to raise more taxes. Mismanage the problem, and demand more taxes to fix those problems. Claim the need for more regulations to make home more fireproof. Housing costs will increase.
Rinse and Repeat.....
i guess elon made a great call to leave cali
Gruesome Newsom.
Brilliant.
I love seeing American pride rallying to support one another during immense devastation and calamity.... ohh wait just read the comment section.
It's sad for sure, you wonder what happened, what made people just up and hate everyone, no kind words,no compassion,no love, not a concern one for others who are hurting, I've lost everything I owned from a careless landlord before, and it's gut wrenching,agony to see your house burn to the ground and take everything you've worked for..I was even burnt, my tennis shoes on fire as I ran for my life. So my heart goes out to these people who have lost everything.. God help them
How did the fires get started?
Let people build back any size they can afford? Make it easier to keep people from becoming homeless.
Insurance companies take in premiums and invest it in the stock market and they make tons of profits. They pay out way less than they profit on. If they are losing money then their money managers are failing.
They mostly invest in debt market or bond
I doubt they bought nvdia
How can any company insure property in a state where man-made wildfires are a year round sport.
Fraud, mostly
This was the biggest one yet I think the mental will go the the Obama biden ,Clinton and Harris party
Man made?
@davidburke2697 I am also very curious about what you mean by "man-made". Care to elaborate a bit?
@@CRYSTALIZ34548 which word don't you understand...?
LUIGI exposed the INSURANCE CRISIS in ALL DEPARTMENTS.
Take the money from Gavin Newsome, I’m sure he can pay for it
I'm new to investing and l've lost a good sum trying out strategies I found in an online tutorial. I would sincerely appreciate any recommendations you have.
I will advise you should stop trading on your own if you keep losing.
If you can, then get a professional to trade for you I think that way your assets are more secure.
I'd recommend Miss Marilyn Konwles her profit is great even when there's a dip
123k from Mrs Marilyn looking up to acquire a new House, blessings🥰🇸🇪🇺🇸🎉
I thought I was the only one who knew her well. 1 guess her reputation speaks for her now...
you needed a leader instead of newsom
boohoo! private insurance companies didnt have the money to pay claims?? why the hell were they collecting premiums if they couldnt pay the claims??!!!
People of California Texas is with you 💕 we want to help
You must be from Austin
Stop blaming the very leadership you voted for over and over and over again. This is a voter problem, not a leadership problem. There will always be idiots among us, but when people vote them into power year after year, why are they blaming them? Its mind boggling!
lets defend the insurance companies..... F that
It is Fox
Hopefully George Clooney is okay
ROFLOL.
IIRC he lives in London, where it's wet, wet, wet.
why are you even paying for insurance? It's making no sense
so the mortgage company doesn't repo your home?
TAKING BETS, CA voters still ain't learned anything.
Insurance has always been a scam
Just like healthcare insurance
lost 8 cents to every dollar...... so 8% tax..... TRY LIVING WITH OVER 30% INCOME TAX then everything else being taxed
F INSURANCE COMPANIES
I didn't understand why FEMA was paying some homeowners huge money in recent disasters when insurance is supposed to do that? Also, many who had homeowners insurance didn't get anything, which makes having insurance worthless. Very confusing...
Imagine u are an insurance company in California that had insured thousands of those burnt houses for fire, u would think of Dissapearing
Here in the Philippines home insurance from AXA went up by 53% this year for a small 3 rooms bungalow in Davao suburb. 😡🤬
Time for those SoCal folks to take their insurance payments and move to Austin.
Competition Among Insurance Companies bidding for Homeowner's Insurance Business Will Not Happen Until CA Changes Their Ways as far as Readily Available Water Supplies, Forest Management and Reasonable State Regulations as just examples of change that has to happen before Insurance Companies Want to Do Business in CA???
Sends 100 billion to Ukraine
Exactly! Biden -Harris n little Hunter Money laundering
Just shows insurance is a scam. And not needed
I can sure bet Newsom wishes now that he would have listened to trump 6 years ago when trump warned him about the fire dangers in calif and even gave him great ideas on how to use fire prevention to fix the problem.
Maybe someday you’ll figure out the fact that it’s not his call. 🤔
@@gen_z_hippichikk < Known Troll!
Didn't they laugh at him regarding the rake?
@@RUHappyATM ya but only cuz that's not Newsom's decision.. 🤔
@@gen_z_hippichikk
Troll?
The government needs to stop bailing out the rich!
..yeah, I just don't understand, why does every luxury house usually have a swimming pool, why don't they buy those cheap little water pumps just in case, it's simple actually.
I know right. Million dollar house, cannot afford a $1000 water pump!
THEY ALL HAVE OTHERS HOUSES!!! LETS WORRY ABOUT THE FIREFIGHTERS, FIRST RESPONDERS, THE HOMELESS AND ALL THE PETS.
And the people in North Carolina
What the eff are you talking about??? Not everyone in CA is rich nor have second houses 🙄
Uh, Florida was exposing the insurance debacle before California but who was first is moot. It doesn’t take an MBA to figure out that at the current rate these catastrophes are occurring that the insurance industry is going into the red. Soon rates will get so high for some and impossible to acquire for most that a revealing point will be reached. Americans are about to learn the power of their spending. Or more correctly, the power of their abstaining from spending. When things get so expensive, or a company is so egregious or conditions warrant it all we, the consumer, has to do is DON’T BUY IT. Because the Achilles heel built into the capitalist system is that it takes two, a seller and a buyer, to have a transaction. Without a sale there is no cash flow. This applies to amazon and Facebook all the way down to lemonade stands. How long do you think it would take amazon, with their massive cash flow needs, to endure a, say, 30% drop in sales before they would change their ways about any identified transgression? But back to insurance. Just postpone buying their product for a month or two and watch what happens. They are probably going to cut a lot of people off anyway but pay close attention to how they handle home insurance policy holders in California before you decide.
Don't buy it?
no insurance = no mortgage, or mortgages will be super expensive with the insurance risk priced in.
Abstaining = renting until you are 60 and finally saved enough to buy a home in cash
Abstaining = moving out of FL or CA, 2 states famous for being nice places to live
NO!!!,,, not more competition in the insurance industry.... GOVERMENT INSURANCE.... Screw these insurance companies making billions of dollars every year... yeah , this is a big hit for them but they have been making billions in the past.. you think warren buffet is in the game for nothing.....in the past no for gov. control... but now in this day and time, it's essential!!! both home and auto......
There's a judge in NY who's really good at recognizing real property value...
..have you never thought about making a small artificial lake...to minimize the fires that often occur in windy hills like that?
Already spent the money for that. Nothing got built.
It's also exposing a negligent, ignorant government at the same time.
Insurance is giving away money 'in case something happens' it's literally the mob 😆
Let's hear it from banks right now, how many of these houses were collateral to loans? If insurance companies tell you you're a bad risk, you should listen. The underwrote California and concluded they shouldn't take the risk. Who can today say they are anything but very competent in terms of risk assessment!
Yes, all insurance companies should cancel policies whenever there is a drought or hurricane, but only if they are very competent in risk assessment.
@@gen_z_hippichikk < Known Troll!
@@MAGAMAN-DJT nope, everything I said is correct and verifiable. 🤔
@@gen_z_hippichikk BS! Good Times and Bad Times! You Are Manipulating Everything!
many people will become homeless overnight, i think the insurance system will not be able to bear it..😓
4:21 it’s not California fault for being a rich state
People have the power, put your money with insurance companies that will not end coverage in your time of need!
By the way, in tge meantime, Nuisance just bought a 9 million home completely protected.
Earth made up of water but no water for fire because we no money. See how stupid that sounds
The CA FAIR Plan is anything but fair.
People who cant afford onsurance wont purchase it, and that is even a bigger crisis.
My fear is rebuilding an area which could burn down again. It’s bad enough to cover this 250 billion but when it burns again to have tax payers cover the costs and go to waste is irresponsible.
So now they are learning how the people that lose everything to hurricanes feel
Where is the money that a homeowner pays to the insurance companies? They must pay with the money collected for years. Insurance companies must pay the burning homes.
Over regulation in California??? Imagine that
We all should be looking at the incomes of the CEOs and other shareholders and administrative people involved in the insurance business. I hate Fox
Time to get Top Dog Law
How about hot dog ?
The state of California needs to reduce the risks (like having plenty of water which covers 71% of the earth) and the costs of rebuilding.
Newscum and the mayor should pay out of pocket for all claims. 🤣🤣🤣
You're all Jewish here lol
Genius, most water contains salt. Have you ever seen a movie called idiocracy? 🤔
@@gen_z_hippichikk < Known Troll!
Divert water from northern California to the south. Pretty sure there is a plan or doing just that. Wonder why it's taking 10 years to commence.
It's all part of their plan 🤔🤔🤔🤔
Well, what were you thinking? That they play fair?? Ever?? Never.