Why are homeowner's insurance rates going up in California?
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- Опубліковано 17 січ 2024
- San Diego based insurance broker Kiyoma Yoshizumi says his office has been inundated with phone calls from new clients for weeks. Thousands of San Diego County homeowners are seeing their homeowner’s insurance bill skyrocket.
“We are getting about 2-5 new phone calls a day from new clients, basically saying my premium went up 3-5 times last year can you find me anything better or I am being non-renewed by my current insurance company,” Yoshizumi told CBS 8’s Heather Myers.
FULL STORY: www.cbs8.com/article/money/ec...
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These new fire risk maps are proving to be such a cash cow for the insurance companies.
Electricity has doubled in last couple of years, NG up at least 50% as well
What does that have to do with insurance?
Because we're being strangled by fiat j currency
@@BroadcastBuddy Printing money, the most nefarious tax of them all
My homeowner's insurance in Florida was $2,500 annually and now it's $10,000. The increase is just ridiculous. It's either pay it or just wing it; hopefully there's no hurricane that will destroy the property. I'm thinking about selling my Florida property and just stay in California.
Do you live in some high risk fire area. My HO insurance is nowhere near that.
Notice that both places are near the ocean. Shows what they’re going after
@@rickyricardo5423 global warming and Florida is in the center of it.
Is it a coop condo older than 1980? That is crazy high. Glad you have a plan B.
Grocery up, car insurance up, everything up --- LOVE IT.
Food,homeowners insurance,property tax,health insurance,autos,electric,gas,
Praise J0e
We were NOT in a drought last year, nor are we in a drought this year. It is not even abnormally dry in any portion of California.
Ok definately not the lowest auto insurance in the country. I lived in 3 states and CA is def way way higher.
Because they want your land and don’t want you to be there
It’s California everything goes up except dope.
Don't think for a second that insurance companies aren't going to try and mitigate their payout losses by increasing insurance. Lenders will probably also require fire insurance the way that they require flood insurance if you're in a flood zone
Bottom line insurance companies want more profits. Most people pay house insurance for many years and never file a claim. It's the same for car insurance it is just greed.
Stationed at RTC/NTC in the early 80's@ 18yrs old. First time in California and I knew I wanted to live forever in San Diego/Point Loma/etc. Fast forward to now; never got a chance to go back after serving, settled, married, bought on the East Coast. I look back and all I can think of is ... God sure was looking out for me. I still want to go back and see it (weather), but years ago I knew CA was not the place for me financially. Things couldn't have worked out any better now that I'm headed into the 60's.
Car insurance too.....
California drivers are always speeding and crashing… and a lot of uninsured drivers in the state too…
@@robertcarbajal4913 Car service labor rates have gone up quite a bit ($175/hr. now?), as have the MSRPs of cars.
Price Gouging Nothing More!
Combined ratios now over 1? That would be news to me.
How does California believe its current residents can keep up with this amount of money when we’re Barley holding on as it is
Wealth tax 1.5% of net worth for billionaires and 1.0% net worth tax on 50 millionaires, multi-million mansion homes get a fast pass and are excluded in calculations, seriously this is their plan, + free healthcare for all 1llegals, what could go wrong. The pessimist in me says crashing it on purpose so their bl@ckr0ck partners can buy it up cheap and re-gentrify
The insurance companies are dropping their customers in areas where there is a risk of wild fires.
To mitigate the loss of revenue due to the non- renewal of customers in those high risk areas the insurance companies are raising premium for everyone else even though in many areas there is no risk of wild fires.
It is a win win situation for the insurance companies going forward because there is going to lot less risks for these companies and whole lot more profits due to high premiums.
The price has been kept artificially low for decades. You can thank your politicians, and people who built in high risk areas.
Maybe because of all the CLAIMS????
B/C it costs like $1.5M to rebuild a house that cost $1.0M 3 years ago.
"It's working," says President Biden about his inflation plan. Perhaps we didn't understand which direction he meant.
Real nice allow insurance companies to make new fire map to raise and quadruple insurance rates. In Southern California everyone is a wildfire zone of some kind unless you live in downtown San Diego or Los Angeles surrounded by high rise concrete buildings 3 miles in every direction.
I think they are using government data, that actually appears to be empirically based, and using it to price risks.egis.fire.ca.gov/FHSZ/ It's the cost of building in CA, with all of the regulations, fees, and delays, plus the increase in building costs (mat'l and labor) that make h/o insurance costs rather shocking.
nice looking white 1980s cadillac in the background
Car insurance went up to $5000. For 6 months, what's the reason. Shit, house insurance went up, 98%, , then we have taxes, all i have is stress,😢😮
how any home owners owning a house apartment that been build before 1980 afford the home insurance
That’s the only thing i hear increases and they wonder why there is so many homeless
Except most of the homeless in California aren't native. The MOVE to this!
@@norwegianblue2017that’s the same thing I noticed too
The homeless crisis in California is largely due to mentally illness and drugs, not housing costs. Most of the homeless are not center from California either. You will see many of them either suit cases. They get sent here on a grey hound bus from cold states.
@@jenc8953 yeah a lot of them come from another state too we’re sucking up the problem of another states too
Haha Californians a year ago “I’d Never live in Florida! Crazy high Insurance Rates.”
This is a social problem.
Move!!
Could this be a sign of the big one coming soon… earthquakes.
💵💵💵💵💵
Corrupt governor
You will own nothing and you will learn to be happy
- World Economic Forum
Insurance company statistical forecasting models and algorithms are pushing prices higher.
It's all in the math of statistics, with a tad bit of extra cushion of a few more dollars for the CEO's new mega-yacht
Everyone in California can go back wherever they came from.
Exactly. Everyone back to your own continent.
In all fairness, everything has been going up. For insurance to rebuild is going to cost more money, therefore they have to raise the rates. Very simple.
Stupid Ass Looser comment. Duh ! Duh ! Duh !
Bidenomics, it’s working!! 😂😂😂😂
That's right .... how is bidenomics working out for you goddam liberals
Republicans blocking Bidens bills is working 😅
Only Biden and the Democrats are so economically illiterate that they have a massive spending bill and call it the "Inflation Reduction Act".
Bidenomics