Increase in insurance

[Tom D]

wha wha wha. Insurance burning a hole in your pocket, huh.

The Wolf Fire ignited on Sunday in Riverside County and quickly grew to become the largest wildfire currently burning in California. As of the most recent update from the California Department of Forestry and Fire Protection (Cal Fire), the fire was 1,400 acres in size and 0 percent contained.

 

[Mark K]

​

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.

​

In other words, they want the rest of the country to subsidize the residents of CA and their poor decision to live in a fire/earthquake prone region.

CA and FL were living off of subsidies from the rest of the US. FL insurance companies are finally charging insurance premiums that reflect the actual risk of living in hurricane alley. Its time that californians start paying their own way for the risk of living in their 'paradise'.

As far as other premiums across the country....the premiums have increased due to the increase in property values and the increase in the cost of materials to rebuild.

I have State Farm; have had for 50 years. Paid $60K for this house in 1981 and premium was $600. Today its worth about $600K and the premium is only $1,500 and that includes additional riders for jewelry and firearms. I feel pretty lucky.

 

[Fernando]

In other words, they want the rest of the country to subsidize the residents of CA and their poor decision to live in a fire/earthquake prone region.

CA and FL were living off of subsidies from the rest of the US. FL insurance companies are finally charging insurance premiums that reflect the actual risk of living in hurricane alley. Its time that californians start paying their own way for the risk of living in their 'paradise'.

As far as other premiums across the country....the premiums have increased due to the increase in property values and the increase in the cost of materials to rebuild.

I have State Farm; have had for 50 years. Paid $60K for this house in 1981 and premium was $600. Today its worth about $600K and the premium is only $1,500 and that includes additional riders for jewelry and firearms. I feel pretty lucky.

I'm paying about same premium as you except my house is worth more.
I must be underinsured.