Not like a good neighbor: State Farm and Allstate stop accepting policies in California

Can't blame them - businesses is starting to realize maybe it doesn't make sense to do business in some places - the exodus is not just people. It's also businesses. .. thank your local and state politicians

 

Didn't the leftists just say that the insurers left Florida "because DeSantis"?

How are they going to explain this one then?

 

There was no mention of reparations in the article from the OP. The article says
“Farmers Insurance is the latest company to limit new homeowner policies in California, saying that record-breaking inflation and severe weather events have increased business costs.”

And yes climate change affects red states and blue states.

 

Since you lumped me in with Leftists I said it was due to Climate Change because no where in FL is safe from Hurricanes but also issues like shoreline erosion, subsidence and saltwater infiltration are also effects of climate change.

Fl papers though are citing DeSantis
Policies.
https://www.tampabay.com/news/flori...s-leaving-florida-how-much-is-desantis-blame/

 

How do you explain blaming everything on these imaginary leftists? OP's a jackass and you're just out here throwing gasoline on the fire. Carry on...

 

The major insurers are just now starting to write new business for windstorm on the Texas coast here and that's almost 6 years after Harvey hit. I understand it's just business but insurance companies could use more regulation in certain areas.

 

I don’t yet know the specifics, so this is more of a general take.

Insurance rates are going to keep rising everywhere. More extreme weather events have a global impact rather than being regional, but some areas will experience the impact sooner and more severely. Coastal states are examples of places that are likely to see a more severe impact and experience it sooner.

I believe California has a limit on rate increases, which might be forcing some insurers to no longer accept new customers.

I don’t think Florida has a rate limit, so I wonder why they don’t simply increase their premiums. I suppose it’s possible that they find it challenging to predict the appropriate increase or that it’s too late—they might already be facing financial difficulties due to recent and past events. Florida also has the highest inflation rate in the US, which might contribute to increased risk for insurers.

But anyhow, I would be surprised if we don’t see more insurers going bankrupt or exiting certain areas with rate increase limits or high risks for extensive and widespread claims. I would also be surprised if we don’t all witness a significant increase in our insurance rates this year and the next. Eventually, I believe the state might have to intervene and provide a basic level of insurance locally or even nationally, in addition to the flood insurance they already offer.

 

Indeed.

https://www.pnj.com/story/money/202...ance-home-insurance-what-to-know/70407302007/

What insurance companies are pulling out of Florida?
Farmers Insurance is now among Bankers Insurance, Centauri Insurance and Lexington Insurance, a subsidiary of AIG, in withdrawing from the Florida market since last year.

...

Why are insurers leaving Florida?
“Follow the money” is tried-and-true advice that applies to many situations — including as the answer to this frequently asked question. Melanie Gall, co-director of the Center for Emergency Management and Homeland Security at Arizona State University, wrote in The Conversation in June that insurers have fled high-risk, high-loss markets for years.

She reiterates just how expensive and risky the insurance market has become for companies in Florida and California following an increase in multibillion-dollar disasters, which lead to many insurers going insolvent or leaving the state.

 

https://www.cbsnews.com/news/aaa-insurance-florida-crisis-farmers/

AAA pulls back from offering insurance in Florida, following Farmers

 

It's a real problem - home owners insurance has exploded in cost - ours had doubled after Ian. We switched to Farmers and now they are leaving.

The state policies are not helping the markets. The regime in power has done nothing to reform the markets to help insurers control losses.

 

So the insurers are pulling out of California AND Florida, but the leftists just want to talk about Florida, and blame it on DeSantis.

Or on "climate change".

Got it.

 

Leftists' logic:

Insurers pull out of Florida: It's DeSantis' fault.

Insurers pull out of California: It's "climate change"'s fault. "Climate Change" is the fault of people like DeSantis. Conclusion: Everything is DeSantis' fault.

 

It's both a climate issue and a policy issue. So yes it's DeSantis's fault, and yes, Newsom takes blame too. But so does climate change. These things are complex with many moving parts.

Wildfires in Cali (and Florida) plus Hurricanes like Ian are upending insurance markets. The state and federal gov't have been slow to adjust because well they don't understand long-term risk management - most politicians don't, probably close to none. Reckless development isn't helping either state. No this isn't a leftist or rightist problem but it is a climate change problem in big part.

It should be a red flag that Insurance companies are pulling out of states that are starting to bear the brunch of climate change.