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Old 08-02-2023, 06:00 PM
 
Location: San Diego Native
4,433 posts, read 2,448,585 times
Reputation: 4809

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Quote:
Originally Posted by 2sleepy View Post
oh my...102, not 115 shame on me!

Totally missed the point.
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Old 08-02-2023, 06:05 PM
 
Location: San Diego Native
4,433 posts, read 2,448,585 times
Reputation: 4809
Quote:
Originally Posted by Thekdog View Post
Liberty Mutual Insurance said it will stop offering business owner policies in California this fall. Current policies will not be renewed from December.

https://sfstandard.com/2023/07/27/in...source=twitter

""We remain committed to the commercial insurance market in California and continue to offer other insurance products for small businesses throughout the state," Kessler said."


What does that even mean? Sounds like they intend to scale back specific coverage but not back out of it entirely.
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Old 08-04-2023, 03:08 PM
 
78,345 posts, read 60,539,645 times
Reputation: 49632
Quote:
Originally Posted by Ultrarunner View Post
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...
That was due to COVID and was mandated.

AKA if something forces down claims we expect a rebate. If something causes a claim spike (like the big increase in vehicle thefts, cat converter thefts etc. then um....yeah, you can't charge more. LMAO.

That was 2020-21, welcome to 2023 forward. Roads are full, costs are WAY up and theives are swarming.

Also, a fender bender in your car today with sensors, cameras and airbags all over? Even minor accident costs have soared there are a million articles on the topic if interested.
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Old 08-04-2023, 03:11 PM
 
78,345 posts, read 60,539,645 times
Reputation: 49632
Quote:
Originally Posted by Tulemutt View Post
Trouble awaits [XXXXXXX’s] housing market as the state just lost another home insurer
https://fortune.com/2023/07/22/housi...rers-pull-out/



… oh. Wait … [Florida]
Yes, don't feel like you are special.

The reasons are somewhat different and somewhat the same and FL has been in trouble for much longer 10+ years.

Florida did pass a number of laws to help the situation longterm in 2022 so we'll have to wait and see.

The bottom line is: Will the state allow private insurers to charge what it costs to insure? Or will they change laws to lower costs by limiting litigation etc? Period. Pure and simple.
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Old 08-04-2023, 06:03 PM
 
Location: LA County
612 posts, read 351,705 times
Reputation: 642
Homeowners in San Francisco and the East Bay who protect their homes with Safeco Insurance may need to brace for some bad news.

The insurance company plans to quietly drop over 950 policies in the Bay Area when they come up for renewal starting in October, it said in a recent little-noticed filing with the state regulator.

https://sfstandard.com/2023/08/03/sa...ross-bay-area/
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Old 08-04-2023, 10:31 PM
 
28,114 posts, read 63,647,953 times
Reputation: 23263
Only know one person with a home liability policy and no fire…

He simply got tired of the scramble for his semi rural 5 acre home that is mortgage free years ago and also the home he built in the 70’s.

I’m wondering if more will join in the future?

Currently with 3 different companies for residential property and on my last purchase the 2 I have decades of never ever a claim said can’t help you… my longtime agent said you can have a city fire hydrant on your property, fire sprinklers and a tile roof… no can do… he went on to say the fire department being in the neighborhood matters not as your city home is within a half mile of the East Bay Regional Park District and this is the reality.

Went to 6 with nothing and the 7th said OK but double what the previous owner paid…
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Old 08-15-2023, 10:47 PM
 
Location: LA County
612 posts, read 351,705 times
Reputation: 642
Two more insurance companies will exit the California homeowners market, further narrowing options for people seeking to insure their home or to purchase a house with a mortgage.

AmGUARD Insurance—a subsidiary of Berkshire Hathaway GUARD Insurance Companies—will withdraw its homeowners and personal umbrella programs in California, while Falls Lake Insurance will also end its homeowners program.

https://sfstandard.com/2023/08/15/ov...insurers-exit/
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Old 08-17-2023, 10:20 PM
 
Location: Sandy Eggo's North County
10,292 posts, read 6,818,131 times
Reputation: 16849
They must have known about Hillary coming to California, so they vanished.
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Old 08-18-2023, 06:26 AM
 
Location: LA County
612 posts, read 351,705 times
Reputation: 642
In California, premiums are going up just like they are everywhere else, but insurance companies say state regulators aren’t adequately approving car insurance rate increases to match the rise in costs. Some insurers say they have actually been losing money overall on auto policies.

“They are losing money on every piece of business, and ‘when you're in a hole, stop digging’ is their approach to the marketplace in California right now,” says Mike D’Arelli, executive director of American Agents Alliance, a California-based trade association that represents independent agents.

In some cases, auto insurers are apparently strategizing ways to avoid offering new (money-losing) policies or deciding to leave the California marketplace entirely, similarly to how certain homeowners insurance providers have been abandoning states due to the high risk of wildfires or other natural disasters. As a result, car owners in California who’ve never had trouble getting auto insurance before tell Money they’re struggling to secure coverage now.


https://money.com/car-insurance-poli...ms-california/
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Old 08-19-2023, 11:02 AM
 
28,114 posts, read 63,647,953 times
Reputation: 23263
This has happened before and often turns around when Insurers see favorable action.

Maybe doing business with a company based in California guards against leaving the State?

Insurance in general has benefited greatly by government mandates as something you must have...

Growing up people had auto when they had something to loose... when it became mandatory the ranks swelled but risk also increased...

I don't like mandates from government to purchase a private company offerings whether it's auto or health or even my city under penalty of foreclosure requiring property owners to pay Waste Management for weekly service.

I do think the decision to forego fire on paid for property will increase...

When I bought 6 companies turned me down because of the regional park a mile away...

Company 7 also happened to be a California company said yes...

One company was all the way through the underwriting and agent said I need last chimney sweep inspection...

I said the Fireplace has not been used ever... and they said no coverage for me... By ever I mean the first owner never used it once...

Maybe AI at work?
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