Increase in insurance

[Terrel L. Shields]

you will not be able to draw your full SS until 67.

Lots of people won't live to be 67 or if they do, be so feeble as to not enjoy it. Dave Ramsey says start drawing it ASAP. My old CPA died before his 65th birthday but he had always said to draw at 62 because you'd have to live to 75 to break even and "by then you'll be sitting in your recliner drooling with a TV remote in your hand."

 

[Fernando]

Lots of people won't live to be 67 or if they do, be so feeble as to not enjoy it. Dave Ramsey says start drawing it ASAP. My old CPA died before his 65th birthday but he had always said to draw at 62 because you'd have to live to 75 to break even and "by then you'll be sitting in your recliner drooling with a TV remote in your hand."

It's known that once hitting age 67, your brain starts to deteriorate until in 90s when stabilized.

 

[Terrel L. Shields]

It's known that once hitting age 67, your brain starts to deteriorate until in 90s when stabilized.

How many people die before they draw diddly squat? My bro. died at age 65, Dad at 70, two cousins in my HS class died at 64 and 67 (vegetative state last 3 years). Will attend a funeral Saturday of a classmate who has been in poor health for years.

 

[Fernando]

My younger sibling died years ago died before collecting SS. She paid at top bracket.
Not sure if children get part of her SS.

 

[Charles West]

California Approves State Farm’s Emergency Rate Increase on Homeowners​

The approval comes months after devastating wildfires, and will add an average $600 a year to homeowners’ bills​

By

Jean Eaglesham

March 14, 2025, 2:17 pm ET

An aerial view of a neighborhood destroyed by wildfires in Altadena, Calif. Photo: Mario Tama/Getty Images

California regulators have given State Farm provisional approval for an emergency 22% hike in home-insurance rates, months after devastating wildfires upended the state’s already troubled insurance market.

The details​

The rate increase will add an average $600 a year to the bills of State Farm’s million-plus home-insurance customers in California, the consumer group Consumer Watchdog estimated. It comes barely a year after a 20% increase came into effect. State Farm is California’s biggest home insurer.

Insurance commissioner Ricardo Lara on Friday said his approval was subject to State Farm justifying its need for the steep price rise, at a public hearing on April 8. He also called on the insurer’s Californian unit to halt nonrenewals and to seek a $500 million cash injection from its national parent, which has a surplus of well over $100 billion.

The context​

The rate hike shows the depth of the insurance crisis roiling California and the steep cost homeowners across the state will pay after the fires.

State Farm had warned its Californian operation could become insolvent if regulators refused to allow it to pass on more costs to consumers. Its appeal for an emergency rate rise followed January’s devastating Los Angeles wildfires, which left the company facing multibillion-dollar claims.

California’s home-insurance market is already under extreme pressure after leading insurers, including State Farm, pulled back from selling new policies. A complete exit by State Farm, which has a 20% market share, would leave more than a million customers with few, if any, options other than California’s already-stretched Fair Plan insurer of last resort.

“It is evident other California insurers are unable to absorb State Farm’s existing customers,” Lara said, explaining why he was giving the insurance giant what it wanted.

The move is likely a sign of more expensive times to come for all home-insurance customers in California, not just those with State Farm. Analysts expect rates to rise significantly, following the Los Angeles fires and changes to attract insurers back to the market.




Write to Jean Eaglesham at Jean.Eaglesham@wsj.com

 

[Fernando]

For years, State Farm hasn't increased the premiums for my commercial building unlike the other insurance companies.
Hopefully next renewal won't go up more than 10%. And hopefully, State Farm reenter CA market and be another insurance company I can get a quote.

 

[IlliniApp]

I just got my homeowner's insurance notice, up 25% from last year.

 

[Charles West]

We dodged a bullet here in Potatoheadville. If State Farm had pulled out of CA, and they still may, the risk to property owners would have risen to beyond unacceptable, since they are one of few triple A insurers left.

 

[Terrel L. Shields]

Not sure if children get part of her SS.

No.