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Posted on 1/12/25 at 6:19 pm to OU Guy
No big surprise there
Posted on 1/12/25 at 6:39 pm to newmexicotiger
quote:
Thanks for clarifying it for me. Do you offer a seminar I can attend?
It's pretty simple. State Farm insured in the area for a long time. Their actuaries come up with rates that are appropriate for the amount of risk in a certain area. The state would not allow State Farm to raise their rates appropriately, so State Farm withdrew from the area altogether.
They can't just suddenly start canceling policies the same day and without notice. Customers insured by them are notified of the decision and the customers have until the notice date to find coverage elsewhere, usually a few months. Happened in Louisiana and Florida with hurricanes. It sucks but you can't expect them to insure properties at high risk for large amounts of damage for dirt cheap premiums. That's how you go insolvent like many companies did in 2021 here.
If Woods was uninsured it's his fault for letting his insurance lapse without getting a new policy elsewhere.
Posted on 1/12/25 at 7:00 pm to OU Guy
State Farm has been one of the worst throughout Helene. Every contractor and homeowner I’ve talked with who mentions them has had absolutely nothing good to say, and I’m not exaggerating.
Posted on 1/12/25 at 7:06 pm to WaterLink
quote:
It's pretty simple. State Farm insured in the area for a long time. Their actuaries come up with rates that are appropriate for the amount of risk in a certain area. The state would not allow State Farm to raise their rates appropriately, so State Farm withdrew from the area altogether.
It gets complicated very quickly when lenders who require insurance have borrowers who can no longer get insured or their escrowed insurance is more than their mortgage, or their borrower can’t get insured despite signing an agreement to provide insurance.
I’m a risk hawk and completely understand and agree with the insurer’s side of things, but it’s not a simple situation when borrowers with mortgaged properties can no longer find insurance.
This post was edited on 1/12/25 at 7:07 pm
Posted on 1/12/25 at 7:07 pm to OU Guy
James Woods is a fine American, but this wasn't State Farm's fault.
It was the woke state of California's.
I don't wish anything bad on anyone who lost their homes, and some of those people didn't have much choice.
But James, you coulda' moved anywhere in the country. And you knew how badly the state misgoverns itself.
You should have left for Florida or Texas a long time ago, sir.
It was the woke state of California's.
I don't wish anything bad on anyone who lost their homes, and some of those people didn't have much choice.
But James, you coulda' moved anywhere in the country. And you knew how badly the state misgoverns itself.
You should have left for Florida or Texas a long time ago, sir.
Posted on 1/12/25 at 7:08 pm to TerryDawg03
quote:
State Farm has been one of the worst throughout Helene. Every contractor and homeowner I’ve talked with who mentions them has had absolutely nothing good to say, and I’m not exaggerating.
I don't doubt you, but for the California situation they didn't have the opportunity to be bad. California ran them out beforehand.
Posted on 1/12/25 at 7:09 pm to WaterLink
quote:
If Woods was uninsured it's his fault for letting his insurance lapse without getting a new policy elsewhere.
This.
Or not moving the hell out of California.
Posted on 1/12/25 at 7:19 pm to TerryDawg03
quote:
It gets complicated very quickly when lenders who require insurance have borrowers who can no longer get insured or their escrowed insurance is more than their mortgage, or their borrower can’t get insured despite signing an agreement to provide insurance.
I’m a risk hawk and completely understand and agree with the insurer’s side of things, but it’s not a simple situation when borrowers with mortgaged properties can no longer find insurance.
No, it’s still rather simple and uncomplicated. If one can no longer afford to live in an area, they have to move. Sometimes extremely unexpectedly and quickly. Been that way for centuries.
Posted on 1/12/25 at 7:20 pm to TerryDawg03
quote:
It gets complicated very quickly when lenders who require insurance have borrowers who can no longer get insured or their escrowed insurance is more than their mortgage, or their borrower can’t get insured despite signing an agreement to provide insurance.
That's between the voters and their elected "leaders". It really doesn't complicate things for State Farm at all.
Posted on 1/12/25 at 7:37 pm to OU Guy
Dry fire hydrants validate their decision
Posted on 1/12/25 at 8:22 pm to keks tadpole
Average CA premium
As has been addressed, state won’t let insurance company raise their premiums to a level that compensates them for the risk they take to insure people.
When the threats are as high as they are in that state (from criminals roaming with no prosecution threat to natural disasters threat) I can’t blame the insurance companies.
Sucks but when you elect idiots who have no idea how businesses work, you get people that lose everything.
quote:
The average cost of homeowners insurance in California in 2024 is $1,148. This is 111% lower than the national average of $2,423, offering Californians a more affordable option for protecting their homes.
As has been addressed, state won’t let insurance company raise their premiums to a level that compensates them for the risk they take to insure people.
When the threats are as high as they are in that state (from criminals roaming with no prosecution threat to natural disasters threat) I can’t blame the insurance companies.
Sucks but when you elect idiots who have no idea how businesses work, you get people that lose everything.
Posted on 1/12/25 at 8:35 pm to TerryDawg03
James Woods made a mistake with his post. So the frick what? No love lost when it comes to State Farm.
Posted on 1/12/25 at 9:52 pm to RogerTheShrubber
There is a moratorium on cancelations and nonrenewals in place since Friday
Mandatory One Year Moratorium on Non-Renewals
Mandatory One Year Moratorium on Non-Renewals
Posted on 1/12/25 at 9:56 pm to Major Dutch Schaefer
How is AB so awesome???
Posted on 1/12/25 at 10:04 pm to OU Guy
Lol State Farm is strange... Local office here kept calling me to try to get my business away from USAA. They asked for 600 more a year than my current rate??
Posted on 1/12/25 at 10:11 pm to TerryDawg03
quote:
It gets complicated very quickly when lenders who require insurance have borrowers who can no longer get insured or their escrowed insurance is more than their mortgage, or their borrower can’t get insured despite signing an agreement to provide insurance.
The average FAIR price in California is $3200. Premiums wouldn’t be more than their mortgage. And FAIR is significantly more than a normal homeowners policy and it’s still cheap in California.
Go ask anyone in South Louisiana how excited they would be if their Citizens policy was only $3200.
Posted on 1/12/25 at 10:14 pm to bbvdd
quote:
quote:
The average cost of homeowners insurance in California in 2024 is $1,148. This is 111% lower than the national average of $2,423, offering Californians a more affordable option for protecting their homes.
According to your link $1,148 is a plan with only $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage. Most homes that burned were worth millions, their plans were higher, I'm pretty sure. Also per your link, a policy with $100K in dwelling coverage costs an average of $602 annually, while a policy covering $500K in dwelling coverage jumps to an average of $2,081 annually.
Posted on 1/12/25 at 10:23 pm to wackatimesthree
quote:Bingo! If you are a conservative with means, there is NO reason to stay in a blue State. You know the shite that happens, so this is on you. I like James Woods, but as smart as he reportedly is, he dropped the ball on this one.
You should have left for Florida or Texas a long time ago, sir.
Posted on 1/13/25 at 6:44 am to SirWinston
quote:
How is AB so awesome???
Just a touch of CTE.
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