Economy State Farm rejects Home Insurance in California

Rhood

Rhood

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dca2409420952.jpg


State Farm says it will no longer insure new homes and properties in California due to wildfires and rebuilding costs.
State Farm said it will stop accepting new business, personal lines property and casualty insurance applications starting Saturday. The new policy will not impact personal auto insurance, according to the release. Existing customers will not be affected.

State Farm is the second insurance carrier to stop insuring California homes.
https://www.cnbc.com/2023/05/27/sta...ers-insurance-applications-in-california.html
 
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Crazy it’s the whole state. I guess they don’t want to spend the time zoning or dealing with CA anti insurance gumbint overlords.

Pretty soon car insurance will be next…
 
Watch them make their own government insurance which will predominantly benefit the ultra rich who live in those beautiful NIMBY communities that are affected by wildfires. Although it will be sold as a way to protect the urban poor, who don’t deal with that, or eroding coastlines.
 
Rhood said:
dca2409420952.jpg


State Farm says it will no longer insure new homes and properties in California due to wildfires and rebuilding costs.
State Farm said it will stop accepting new business, personal lines property and casualty insurance applications starting Saturday. The new policy will not impact personal auto insurance, according to the release. Existing customers will not be affected.

State Farm is the second insurance carrier to stop insuring California homes.
https://www.cnbc.com/2023/05/27/sta...ers-insurance-applications-in-california.html
Click to expand...

My questions about the picture... why does Disney need sponsors?
 
Maybe they should consider progressive. I heard it’s top tier in insurance.
 
Rhood said:
dca2409420952.jpg


State Farm says it will no longer insure new homes and properties in California due to wildfires and rebuilding costs.
State Farm said it will stop accepting new business, personal lines property and casualty insurance applications starting Saturday. The new policy will not impact personal auto insurance, according to the release. Existing customers will not be affected.

State Farm is the second insurance carrier to stop insuring California homes.
https://www.cnbc.com/2023/05/27/sta...ers-insurance-applications-in-california.html
Click to expand...
That's okay, because Peyton is here for you, and

tumblr_nbjyhxGlov1shcu57o6_250.gif
 
Trying to limit liability...depending on how extended they are in CA I can’t blame them.

It’s just a matter of time before the next episode of The Shit Is Burining show.
 
Yehudim said:
Watch them make their own government insurance which will predominantly benefit the ultra rich who live in those beautiful NIMBY communities that are affected by wildfires. Although it will be sold as a way to protect the urban poor, who don’t deal with that, or eroding coastlines.
Click to expand...

They would be following in the Florida's footsteps where the government is the largest home insurer and 50% bigger than the next largest. Many of those polices are for otherwise uninsurable beach properties.
 
woodguyatl said:
They would be following in the Florida's footsteps where the government is the largest home insurer and 50% bigger than the next largest. Many of those polices are for otherwise uninsurable beach properties.
Click to expand...

What do you think the end game is for Florida? Will they just forever increase the price of state insurance or will desantes turn it into a libertarian paradise by telling everyone in 20 miles of the water to self insure?
 
SummerStriker said:
What do you think the end game is for Florida? Will they just forever increase the price of state insurance or will desantes turn it into a libertarian paradise by telling everyone in 20 miles of the water to self insure?
Click to expand...

Unless Florida changes its Assignment of Benefit and One-way legal fees laws large insurers will continue to exit the market and be replaced either by Citizens (the State insurer) or hedge fund backed domestic insurers with high rates. This will put the the State on the hook when things go bad. Ultimately, when things do go bad the State will look for a Federal bailout. Self insuring will never become prominent. The large banks that underwrite mortgages will be sure of that.
 
California trying to be Florida.
I wonder if Newsome got millions in Big Insurance donations like Desantis.
 
Those wildfires the last 6-7 years have been crazy here in California. I myself had to jump from house to house one night because areas wer getting shutdown. I came home to find the welcome mat at my front door charred by the embers. I had firemen post up and stay at my work one day because we keep 20 tons of pure chlorine on stock and the fire was across the street. I know people who moved or made moving decisions because of the fires all across the state. Now you add in housing prices and a growing electrical grid with the amount of dry years setting records and I could see why insurances are scared.
 
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