Largest home insurer in the country no longer offering policies in California (Sacramento: bad credit, how much)

[apple92680]

Originally Posted by Finper

Every week a new hammer seems to fall in California

You could say the exact same thing about Florida, really. And isn't Florida supposed to be the new "promised land" for Republicans?


Florida’s homeowner insurance rates are four times the national average. That’s not getting better anytime soon

https://www.cnn.com/2023/06/01/busin...tes/index.html


Can lawmakers save the collapsing Florida home insurance market?

https://www.bankrate.com/insurance/h...urance-crisis/


Florida's insurance crisis: Could State Farm leave the sunshine state?

https://www.palmbeachpost.com/story/...n/70278487007/

[blameyourself]

This thread is rather amusing when compared to this....

https://www.city-data.com/forum/flor...cted-jump.html

[Thekdog]

I would rather have rates than no insurance

[Thekdog]

California's homeowners insurance crisis is growing and spreading to car insurance

https://www.kpbs.org/news/economy/20...-car-insurance


Under California law, the commissioner has to approve rate increases, but that didn’t happen during the COVID-19 pandemic.

“For 31 months, this insurance commissioner did not approve rate filings or rate increases for automobile insurance, and it has clogged the pipeline,” D'Arelli said.

"It can't be business as usual. The department needs to fast-track rate approval."

“Insurance companies have told me that the regulatory landscape has gotten so poisonous and the process of getting rates approved has just been weaponized in Sacramento at the Department of Insurance.

Companies would rather write business where there’s a friendlier regulatory scheme,” D'Arelli said.

[Ultrarunner]

My insurance sent a rebate because driving was curtailed by limiting places and times one could travel.

We were told to carry our hospital ID do we could travel to and from work and many a early morning I would not see another car on the road my entire commute...

Accident rates way down too...

[NORTY FLATZ]

From what I'm hearing, it appears that many ins. co's are not writing new policies anymore, for properties that are in the midst of transfer of ownership. Seems not being able to acquire insurance, to satisfy mortgagors, is becoming a problem. It is killing many deals for buyers as well as sellers. The ins. co's are citing that California is a "business hostile" environment. (Well, yes, it IS.)

Looks like the State funded insurance may become the only game in town (or State, if you will.)

Too bad too, as it's triple the cost with low benefit amounts and service.

How bad you ask? Just think "DMV..."

[2sleepy]

Originally Posted by Thekdog

California's homeowners insurance crisis is growing and spreading to car insurance
https://www.kpbs.org/news/economy/20...-car-insurance
Under California law, the commissioner has to approve rate increases, but that didn’t happen during the COVID-19 pandemic.
“For 31 months, this insurance commissioner did not approve rate filings or rate increases for automobile insurance, and it has clogged the pipeline,” D'Arelli said.
"It can't be business as usual. The department needs to fast-track rate approval."
“Insurance companies have told me that the regulatory landscape has gotten so poisonous and the process of getting rates approved has just been weaponized in Sacramento at the Department of Insurance.
Companies would rather write business where there’s a friendlier regulatory scheme,” D'Arelli said.

Why would they review rate increases during a time when the accident rate was so low that insurers were issuing refunds?

[2sleepy]

Originally Posted by NORTY FLATZ

From what I'm hearing, it appears that many ins. co's are not writing new policies anymore, for properties that are in the midst of transfer of ownership. Seems not being able to acquire insurance, to satisfy mortgagors, is becoming a problem. It is killing many deals for buyers as well as sellers. The ins. co's are citing that California is a "business hostile" environment. (Well, yes, it IS.)

Looks like the State funded insurance may become the only game in town (or State, if you will.)

Too bad too, as it's triple the cost with low benefit amounts and service.

How bad you ask? Just think "DMV..."

3 or 4 companies have quit selling homeowners insurance in California, which leaves around 115 that are still selling policies. https://calmatters.org/economy/2023/...ome-insurance/

[blameyourself]

Originally Posted by 2sleepy

3 or 4 companies have quit selling homeowners insurance in California, which leaves around 115 that are still selling policies. https://calmatters.org/economy/2023/...ome-insurance/

Yeah but the usual cast of characters will still tell you that the sky is falling. They just can't help themselves.

[joosoon]

Originally Posted by 2sleepy

3 or 4 companies have quit selling homeowners insurance in California, which leaves around 115 that are still selling policies. https://calmatters.org/economy/2023/...ome-insurance/

And it's only new policies. It's not like they (can) pull up and leave current policyholders high and dry. However that quote seems to be dated because looking at the state insurance site, there's 102, not 115 companies listed. Regardless, the problem with how insurance is regulated here is real for this to be happening.