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

Our property insurance is like 30+k/year now. More than doubled from the year before we bought the house.

 

Talk about hypocrisy. Its pretty cocky to dunk on California while Houston homeowners benefit from massively subsidized flood insurance that is funded by the rest of the country.

If the NFIP didn't exist, Houston wouldn't have any insurers either. There's no subsidized federal wildfire insurance program or a federally subsidized hurricane insurance program. Houston is fortunate enough to get the one kind of disaster that gets a perpetual federal subisidy

 

Pretty much

 

It’s just the beginning. Everyone will face higher costs. Every state will face this issue.

Now, let’s get some facts straight regarding politics.

The two major insurers have announced that they will not accept new applications, but they are still operating in California. This is a fairly recent event, and we will see how California handles this in the coming months.

The insurance problems in Florida have been ongoing for at least two years. Multiple insurers have pulled out of the state, and Florida has done little to alleviate the problems.

At this point, it’s not reasonable to compare the two states and claim they are similar as some are doing here. They are not. One state has done an extremely poor job of handling the problem, while the other’s situation is still TBD.

 

Was told last week by 2 insurance guys I trust here in Houston that if we get a hurricane here this year, they’re both convinced we’re gonna be hoping London agencies will cover us next year, because all the big typical carriers will be out of the market. They were both freaked about it, and i assure you their politics are way closer to yours than they are to mine. Two separate conversations..they weren’t influencing one another in the same conversation, and they’re actually competitors.

 

Yikes, I think this is not going to affect just Cali and Fl but Texas as well. You can't have these 100-year occurrences happening every few years and expect someone to insure us, it's simply not sustainable. My dam car insurance keeps going up to help cover all the expenses from people who have been wiped out, this issue is not going away. If the fact that these insurance companies are moving out of these areas because they have become to frequent doesn't open your eyes that we have a larger issue, then nothing will change your mind. I guess if you move to Cali or Fl and cannot get insurance you will simply have to move and ride it out in hopes you dont get wiped out. Hell, if I could I would live in Fl or Cali, there both great places to live, bit now that insurance could be questionable it doesn't seem feasible ....I dont know enough about the demographics of Fl but my grandma did move to Naples many moons ago and there were a ton of older folks on fixed incomes, so I would feel horrible for those folks as these rates keep going up and they cant afford it anymore.

 

Well, that's not a happy story.

 

It appears DeSantis is counting on the magical, Satanic "knocking on wood" spell to save Florida from God's Wrath.

Florida’s insurance crisis: DeSantis says ‘knock on wood’ during hurricane season

JACKSONVILLE, Fla. – Property Insurance experts are weighing in on one state senator’s call for another special session to address the skyrocketing cost of property insurance for millions of Floridians.

Gov. Ron DeSantis is also making news after addressing the topic, on a conservative talk show, where DeSantis is urging patience and hoping for no hurricanes this season.

While speaking on the Howie Carr show Wednesday, DeSantis said he thinks more insurance companies will return to Florida after the Hurricane Season. The Governor doesn’t appear to be entertaining the idea of another special session, which some senators say is needed to bring homeowners relief.

Gov. DeSantis is also urging patience, and quote “knocking on wood that we won’t have a big storm this summer.”

While speaking to conservative talk show host Howie Carr yesterday, when asked about Florida’s insurance crisis, DeSantis said the following about legislation passed during the last special session.

“I think what’s going to happen is because we did those reforms, it now is more economical for companies to come in,” DeSantis said. “I think they’re going to wait through this hurricane season and then I think they’re going to be willing to deploy more capital to Florida.”

“So knock on wood (that) we won’t have a big storm this summer,” he also said. “Then I think you’re going to start to see companies see an advantage.”

The conversation comes on the heels of Farmers Insurance’s announcement that it plans to no longer offer coverage to Floridians. Industry experts say Farmers Insurance, may not be the last..to decide insuring Floridians is too much of a financial risk.

“We have seen some projections that other companies may decide to take similar actions and withdraw from the state,” Friedlander said. “But we have no definitive information about that. I know it’s been speculated by some experts as well as some former legislators here in Florida.”​

 

Just get the gubmint to do insurance. We bail out everything else already.

 

I`m not so sure they will be willing to come back after the hurricane season, it's not like next year will be any better, we can't flip a switch and reverse climate damage overnight. I see this as a problem with any coastal cities that have frequent hurricanes and Fl and Texas will always be in the crosshairs and the storms get worse every year as well as frequency. I have a friend who has a house in Galveston, he doesn't buy anything or store anything there that he is not willing to lose in a moment's notice. Mothe Nature can be a cruel b****

 

How home insurers are trying to bully California politicians into a disastrous bailout


Insurance companies collected more than $150 billion in premiums from California homeowners over the last 25 years and enjoyed profits at four times the national average. Now they’re demanding an unprecedented bailout from the California Legislature as the price of continuing to do business here in the wake of wildfire losses

the proposed bailout relieves insurance companies of their responsibility to cover all losses under the FAIR Plan; the California FAIR (Fair Access to Insurance Requirements) Plan is a state-created, industry-controlled association that offers less generous, last-resort coverage at higher prices.the proposed bailout would force the state’s policyholders to shoulder the burden through mandatory surcharges on their insurance bills. The proposal would incentivize insurance companies to push their riskiest customers into the FAIR Plan and make other policyholders subsidize their claims. Insurers would retain only their most profitable customers.

There are many legitimate ways to address the impact of wildfires and other extreme weather events without bailing out the industry or allowing it to avoid transparency and accountability. Our leaders should take the time to look into them.

Finally, as a condition for the privilege of selling any kind of insurance in California, companies must be required to cover all homeowners who have taken appropriate measures to protect their property.

Companies that collect our premiums for decades and then suddenly decide they don’t want to obey our laws should not be allowed to do business in the largest and most lucrative insurance market in the nation.