Only 1 thing in all this is 100% guaranteed. The executives who made the call to cancel all those California policies are getting a promotion and a big fat b’onus this year.
When the city is cutting budgets as the population is growing and then they tell them they can't raise rates it's a recipe for disaster. We need to put the blame where it belongs.
Good business practice, especially since the politicians in california refuse to implement the forestry management practices and water infrastructures that will mitigate and reduce wildfires
Called smart business. I despise insurance companies but this was a no brainer. The risk assessment was way too high for any company to insure. We're down to like 3-4 options now . Off course they would push climate change bullshit . This falls on the state not mitigating these fires.
Gen Z must be taking note to all this and I would not be surprise if they put a stamp 'close and defunct' to the real state sector...buying a house? No, that was an old societal ideology.
I live in Louisiana. I wish I could I get all the money I wasted paying into insurance companies. All we are paying is for some high up CEO to afford his new Maybach or Mansion in the Hamptons.
@Plutogalaxy "they got what they paid for" what did they pay for? Insurance? Yes. Did they get insurance that they paid for? No. So tf did you even mean by that? Silly comment
Here’s a thought, if Insurance companies are going to cancel policies, why not get rid of the mandate or the requirement that you have to have home insurance?
Or get back all the money you paid out when no claims were made. If we missed payments they would cancel us, well you cancelled despite on time payments so why not give me my money back.
So a business is losing money by the boatload and your answer is they should’ve just toughed it out. If they weren’t leaving before, they will certainly be leaving now
If possible America as a whole should start building concrete houses on steel foundations with ceramic tiled roofing. Non combustible and more resistant to earthquake and Hurricane damage.
no, you look like an idiot. let's see you operate a successful home insurance company which covers all over california and doesn't go bankrupt immediately.
@@xalspaerocan’t afford it, don’t operate in the state. If people are paying big premiums for fire insurance, they deserve the protection they PAID FOR.
@@ImOnGearSoWhat yea, and it's an at-will agreement so an insurance company can cancel that agreement at any time. obviously not AFTER a home gets annihilated, but before is fine.
Louisiana resident here. I was dropped twice by insurance companies. Last year was the second time. I recieved a nice little letter in the mail basically informing me that I was too much of a risk being a Louisiana resident. Additionally, I live in a manufactured homes and other insurance companies won't insure a home with roof that's over 10 years old. They find every excuse not to give you any coverage. I currently only have flood insurance which I just paid too much for. I'm sick of the whole fraudulent circus.
That's sad. And I wish poorly educated Trumpers realized Insurance Corporations are doing this in not just Democrat Majority California. But Republican states like N.Caroiina n especially Florida.
There is no point rebuilding and living in an area that insurance companies won’t cover. Some homeowners will just sell their land at below price and move elsewhere. Even those who can afford to rebuild will think twice because they’ll just be surroundings looking like a war zone neighborhood. And some will be paranoid that it will happen again soon. So why build again. Just sell the piece of property.
@@anthonyalexzander2104 That's incorrect. They cut a check...they pay your mortgage company first OR you one lump sum. If the mortgage is satisfied, then what you do with the remaining money is YOUR choice.
@@anthonyalexzander2104that is true. Our house in paradise burned down in 2018 and insurances told us if we do not rebuild something that they wouldn't pay us out. Ridiculous
You left out the epilogue..."given that not only did your policy not cover fire, expressly stated it would not cover fire.". Private insurance companies are just that... Private.
Do they really think the insurance company's have that kind of money to pay for all of the claims being filled? Forget about it, those claims will never be paid.
@MomCycleKing Exactly what I first thought. Their going to put a hold on new claims due to the excessiveness. It will be decades before those neighborhoods look like they did. Population will decline rapidly < decline in local economy. Supply & demand.
@@ctufan24They can't put a hold on new claims, except perhaps by filing for bankruptcy protection. They can put a hold on new policies... And are not bound to pay on Old policies that don't cover a prevailing incident. But - It seems the pervading circumstances not insufficient funds to cover current policies, but that many current policies do not offer coverage for this incident.
these looming issues you speak of stem from people thinking its is fine to build your house anywhere you please at any size in any situation..........not the case
No, they stem from government officials shirking their duties. Wildfires have always been a risk in California, just like hurricanes in Florida, flooding in Louisiana, tornadoes in Kansas, etc. It is the job of city and state officials to mitigate wildfire risk. To prevent fires from starting, to starve them of fuel and to be ready to fight them when they do start. This is not a case of irresponsible building practices (these neighborhoods have been there for decades) or doing everything right and still losing out to nature's wrath. It is the result of decades of neglect and incompetence by politicians who care more about optics and virtue-signalling than providing actual services to their community.
OK, then here is a thought...why not just stop people from living in a known fire prone area, and instead force them to live with everyone else in the city proper? Do you see anyone in South Central or Crenshaw or Long Beach crying their eyes out with the woe is me crap right now? Try not building houses in areas that burn really easy.
@azo5000: thank you 💯, say it again. How anyone could live in those areas that are known to be susceptible to wildfires and not have a couple defenses is CrAzY.😮
@@MeMy.I Definitely. Construction needs to be cement and steel. All pools need to have mandatory pump and sprinkler systems. There should even be massive pumps by the ocean that can boost water pressure by pumping into the water system in emergencies like this.
Fire or homeowner insurance in California is not required by the state or federal government. It is usually required by your lender if you get a mortgage. A mortgage is from a private bank and they can dictate the requirement to get insurance to get a loan. If you don't want insurance, then don't get a loan from these lenders or you have to pay cash or find a lender willing to lend you money without insurance. FYI, if you have no mortgage, you don't need fire or home insurance and the choice is up to you.
state farm: "hey, this place is prone to fire, you shouldn't be living there, we won't insure something that high risk" californians: "even though we chose to stay in this location with wildfires and earthquakes, it's all climate change/state farm's fault we don't have insurance" ... entitled much?
By that logic why live anywhere. No geography is completely safe from Mother Nature. Insurance companies are just trying to get out of paying claims as usual.
Please act. The time for blaming is over. It is now time to act and to move forward. The current leadership at multiple levels has failed in multiple areas. This happened long before DEI, but unfortunately, DEI is not the solution. There still needs to be no discrimination and there are plenty of laws on point without DEI. Time to move forward with new leadership starting at the top who will get the problems solved or they, too, will need to be removed. But it’s all up to you, the American citizens of that beautiful state of California to make this happen. No one else can get it done.
Insurance companies are not obligated to write policies for things they don't want to cover. I truly feel for these victims of these fires... But if their insurance company did not include a provision for fire, they cannot legally now be demanded to be on the hook to cover it.
Life has consequences, and you vote for the California government to implement a price ceiling on home insurance. If the insurance firms can’t make money, then they will not offer your state their services. It’s the pe Life has consequences, and you voted for the California government to implement a price ceiling on home insurance. If the insurance firms can’t make money, then they will not offer your state their services. It’s the people’s fault; you wanted this.
Of course. The insurance company is a business. The government can't go bankrupt. No one in the corrupt government that is California will lose their job due to incompetence. People working a job like insurance agent don't have that luxury. It's honestly weird that the insurance companies haven't already left California given that the state just thinks it can force them to lower prices while they actively make things more dangerous and risky.
Simple. They have to make sure that their more reliable customers are protected, so they will explain the denials are good business decisions not just in the interest of the usual suspects, like shareholders, but the customers as well. State Farm explains to the rest of the country "We saved you from the reckless Californians", and they come out smelling like roses.
Trump loves Corporations. Especially Healthcare n Homeowners ones. He's Not going to allow any more "Luigis". Nor force Corporations to behave. Don't be so naive n gullible. Ain't Cold Blooded Unfettered American Capitolism n Greed Grand, lol???😅😅😅
The insurance gains can also be fueled by "Shadow" policies where a person pays premiums thinking they are insured. However, they are not insured because titles or deeds, particularly with financed automobiles and mortgages, are not transferred in the buyer's name; Thus, the borrower has no legal claim to the property when a claim is filed. Insurance companies won't tell the borrower this. They will either take over the claim using a "power of attorney" and screw the claimant or just flat-out deny the claim. It's a massive fraud scheme that needs to be addressed.
Policies even on items still on lien deliver to possessors of the property even while paying on the mortgage or loan, where details of what is covered are explicitly outlined. Nobody who bothered to read this information is being blindsided unless they neglected to read that policy. Mortgage and loan documents expansively relate circumstances exposure for culpability may lie with the person paying off that mortgage or loan. It would not be in the best interest of the mortgage or lien holder to withhold that information from the buyer.
In a properly managed state, there should be no conflict of interest between the insurance companies and their clients. Nobody should expect insurance companies to pay out more than they make. They are a business, not a charity. And paying out legitimate claims should never become so costly that it forces insurance companies to bow out of a market entirely. If you think it's because they are greedy, then you don't understand how business works. If a business can make a profit, any profit at all, then they will stay in a market. The reason they had to leave California is because they were afraid they would lose money. And that is because the wildfire risk got so high, due to the incompetence and mismanagement of our politicians and public officials, whose job it was the mitigate the wildfire risk.
So you think insurance companies paying out $60 billion in claims for this fire are going to be happy about it? Do you think they have that much money in reserve?
@@jakeviolet2195 You know, it’s funny that people blame the government. There’s a new requirement in California that you need to have fire shutters on your house to stop embers from getting into the eaves. Somebody posted a video of that and everybody in the video wind and complaining that the government is forcing people to spend thousands extra on their houses. When the government tells you to clean all of the brush from against your house. People complain about that because they like the way it looks. When they tell them, don’t put wood chips next to the house. They say don’t tell me what to do.
Move where? Texas or Florida? Policies being canceled due to increased hurricane risks. North Carolina? Same. Montana? Fires. Kansas? Tornadoes. Climate Change is real. Insurance companies certainly believe it’s true. There’s nowhere to hide from it.
Nah I’m not going to blame home insurance on this. The home insurance industry was one of the first to accept climate change and its effects back in the 90s. They tried to price in climate change risk but the states including California would not allow that. They only allowed “historical models” and not “catastrophe” models for pricing risk. They were also prevented from raising rates the past two years. I’ve been reading all over the news the past two years about this. Lastly just the wildfires in the previous years wiped out 25 years worth of profits, so these guys were definitely not raking it in. This was a failure of country and voters for denying climate change for over 100 years. Hell even Alexander graham bell was already talking about it!!
I think if insurance companies take this moratorium requiring suspension of allowing policies to lapse to court, I fully expect insurance companies would win.
Insurance has a right to pull out of California. California restricts what insurance can charge for premium. If they feel that the risk/rewards is not good, they have an obligation to shareholders to pull out. It's just common sense business. Sadly, Californian leadership did this to their own state.
When Mayor Karen Bass cuts funding for the Fire Dept despite the high risks, I would not renew home owner insurance policies either if I were an insurance company. The blame falls on your public officials.
You can't force a company to insure customers when there are tons of losses...sorry Commissioner this is bad for business so they just leave California and offer services where its PROFITABLE! Goodbye Farmers, Statefarm, Progressive, Geico and all the other big names.
Insurance shouldn't be for profit , it should be for help when needed , Insurance are so evil they just want easy money collecting trillions of dollars from poor public and not to give back , pure evil well regulated industry, biggest scam ever in human history
If State Farm knew over a year ago, what did the California government know, and didn't do ANYTHING about? Gavin Newsom (Cal.Governor) and Karen Bass (LA Mayor) MUST be held to account!
This is capitalism at work. Insurers assess the risk and decide whether to offer insurance and at what price. What do you expect the californian government to do? Write you a check ? Station a fire truck at your front door 24/7 which would make FA difference? Nothing could have prevented this catastrophic event. Climate change is a real thing and if you decide to live in a high risk area then that's YOUR CHOICE. I accept some people don't have an option, but playing the blame game dosen't work other than provide you with some self gratification.
Your tax money goes to incompetent politicians bank accounts like Newsome and bass😂
5 годин тому
We you elect idiots to run a state risk go up. Insurance companies look at risk and made the choice not to destroy themselves. But more importantly the fire department is more diverse which is what mattered most.
The easiest thing you can do is if you own the land is build a tiny home. Home reassessed and property tax should drop. It will work if you put some effort into it.
Insurance is a profit making company and if local govt. is not doing their job in water and forest management perfectly then why insurance should cover them. Ask your politician you elected on why they cut the funding for fire department and where is the water that is suppose to be there in fire hydrant. Dont put your hate to some other cause instead of root cause.
It's about time these insurance companies stop coving people that live in dumb places so the rest of us can have much cheaper rates that dont have these problems
I've been thinking about this the last couple days; The amount of properties & claims... insurance companies are going to put a hold on new claims due to the excessive amount. Its going to be decades before those neighborhoods look like they did. Some owners it will take years just to settle with their insurances & how many are going to want to rebuild vs. relocate.... just imagine the long term economic impact its going to have, betting a 10% drop in population by 2030. Supply & demand.
This is what happens when our government stops protecting the people and allows big business to do whatever they want. While we were sleeping, we were not paying attention and pushing back on all of these issues and changes. And here are the consequences. When policy makers cater to big business, we all lose, rich and poor. Only poor, middle-class, and underprivileged people lose so much more.
![Lp. Сердце Вселенной #60 РОЖДЕНИЕ ЛОЛОЛОШКИ [Финал] • Майнкрафт](http://i.ytimg.com/vi/YoR0pAV9FVQ/mqdefault.jpg)
Only 1 thing in all this is 100% guaranteed. The executives who made the call to cancel all those California policies are getting a promotion and a big fat b’onus this year.
You’re an idiot that doesn’t understand how failed woke demokRATS have caused the fires.
They should. It was smart to stop doing business when California won't let them raise rates on risky homes.
When the city is cutting budgets as the population is growing and then they tell them they can't raise rates it's a recipe for disaster. We need to put the blame where it belongs.
Good business practice, especially since the politicians in california refuse to implement the forestry management practices and water infrastructures that will mitigate and reduce wildfires
Called smart business. I despise insurance companies but this was a no brainer. The risk assessment was way too high for any company to insure. We're down to like 3-4 options now . Off course they would push climate change bullshit . This falls on the state not mitigating these fires.
Deny, defend, depose. Coming soon.
Gen Z must be taking note to all this and I would not be surprise if they put a stamp 'close and defunct' to the real state sector...buying a house? No, that was an old societal ideology.
Fire took out a bunch of Luigi type kids..... nepo babies
Those arnt the ones they need to worry about 🫡@B86432
Or the leaders could actually do some preventive measures that would lower the risk for insurers.
Just like democrates ❤
“I’ll take your money as long as I don’t need to spend any. When it gets too risky I’ll cancel our contract and keep your money!”
-insurance
Actually they can’t and never cancel the contract, they just choose not to sell you a new one. They got what they paid for.
Its nothing but a glorified ponzi scheme
@@Plutogalaxywhat do you mean they got what they paid for?
I live in Louisiana. I wish I could I get all the money I wasted paying into insurance companies. All we are paying is for some high up CEO to afford his new Maybach or Mansion in the Hamptons.
@Plutogalaxy "they got what they paid for" what did they pay for? Insurance? Yes. Did they get insurance that they paid for? No. So tf did you even mean by that? Silly comment
Here’s a thought, if Insurance companies are going to cancel policies, why not get rid of the mandate or the requirement that you have to have home insurance?
Or get back all the money you paid out when no claims were made. If we missed payments they would cancel us, well you cancelled despite on time payments so why not give me my money back.
@@PodiumTuningRacingvalid point ‼️
If you have mortgage, you’re required to have home insurance. Banks won’t take risk to lend you uninsured money.
Could not agree more and then also they should refund you all the premiums you paid because you did not use them!!
Or the leaders could actually do some preventive measures that would lower the risk for insurers.
Luigi...Where are you, we need you to fix these insurance CEO
Whose starting a gofundme for luigi's bail out money? Lol
He is in jail
It’s about time! We’re paying for this B/ S high risk California fires and they still rebuild there. Good job State Farm 👍
Good Job State Farm👍
Like a good neighbor State Farm ...Is getting the hell out of there ! 😆
I shouldn't be laughing but I am😅
😂😂😂
So a business is losing money by the boatload and your answer is they should’ve just toughed it out.
If they weren’t leaving before, they will certainly be leaving now
This is why insurance companies are getting desperate and hiring celebrities for their ads now lmao.
@@amols101acknowledgment of being a sociopath in no way mitigates the reality of being a sociopath.
If possible America as a whole should start building concrete houses on steel foundations with ceramic tiled roofing. Non combustible and more resistant to earthquake and Hurricane damage.
@martinabert29 Alot more costly than wood.
@@ctufan24 because the current wood houses are cheap😂😂😂
You can't watch an NFL game without seeing a State Farm insurance LMAO
Luigi looks more like a hero every day that passes.
no, you look like an idiot. let's see you operate a successful home insurance company which covers all over california and doesn't go bankrupt immediately.
@@xalspaerocan’t afford it, don’t operate in the state. If people are paying big premiums for fire insurance, they deserve the protection they PAID FOR.
@@ImOnGearSoWhat yea, and it's an at-will agreement so an insurance company can cancel that agreement at any time. obviously not AFTER a home gets annihilated, but before is fine.
Luigi is a nepo baby
@@B86432and youre a cum stain
Like a bad neighbor, State Farm isn’t there.
And this is why no insurance should ever be required by law to have.
who is State Farm CEO ?
Louisiana resident here. I was dropped twice by insurance companies. Last year was the second time. I recieved a nice little letter in the mail basically informing me that I was too much of a risk being a Louisiana resident. Additionally, I live in a manufactured homes and other insurance companies won't insure a home with roof that's over 10 years old. They find every excuse not to give you any coverage. I currently only have flood insurance which I just paid too much for. I'm sick of the whole fraudulent circus.
in north carolina insurance company left when they know its coming and it left us broke forever
That's sad. And I wish poorly educated Trumpers realized Insurance Corporations are doing this in not just Democrat Majority California. But Republican states like N.Caroiina n especially Florida.
They left and didn’t refund all the policies so that at least people have their money back for all the years they paid into an unusable policy?
@@HandsomeMalcolmcats tell me you don't know how insurance works without telling me you don't know how insurance works.
@@ChuckStewart-q3zTwo week account. You need smacked
There is no point rebuilding and living in an area that insurance companies won’t cover.
Some homeowners will just sell their land at below price and move elsewhere. Even those who can afford to rebuild will think twice because they’ll just be surroundings looking like a war zone neighborhood. And some will be paranoid that it will happen again soon. So why build again. Just sell the piece of property.
Insurance wont pay unless they rebuild.
Bingo, so some billionaire will buy up all the property/ land
@@anthonyalexzander2104
That's incorrect.
They cut a check...they pay your mortgage company first OR you one lump sum.
If the mortgage is satisfied, then what you do with the remaining money is YOUR choice.
The other option would be to build their houses more fire resistant.
@@anthonyalexzander2104that is true. Our house in paradise burned down in 2018 and insurances told us if we do not rebuild something that they wouldn't pay us out. Ridiculous
No worries USA tax payers will Pay and everyone's insurance premiums will go up for everyone again in the USA
Only cash buyers will be able to purchase homes now.
2 Trillion for "Gay Wedding cakes " seems a bit expensive now ....
Ooofff…true
You mean, only cash buyers will be able to purchase homes in fire zones in the future.
You will own nothing and be happy
We will all be facing an insurance crisis after this past year.
Unlike a good neighbor, state farm is not there
Insurance: I’m sorry for your loss, but you’re not covered, NEXT!
You left out the epilogue..."given that not only did your policy not cover fire, expressly stated it would not cover fire.". Private insurance companies are just that... Private.
The court system thats essentially designed for bankers, insurance companies and wealthy people will certainly have the temperature cranked right up.
Jake is not a good neighbor, because he was never even there.
Do they really think the insurance company's have that kind of money to pay for all of the claims being filled? Forget about it, those claims will never be paid.
@MomCycleKing Exactly what I first thought. Their going to put a hold on new claims due to the excessiveness. It will be decades before those neighborhoods look like they did. Population will decline rapidly < decline in local economy. Supply & demand.
@@ctufan24They can't put a hold on new claims, except perhaps by filing for bankruptcy protection. They can put a hold on new policies... And are not bound to pay on Old policies that don't cover a prevailing incident. But - It seems the pervading circumstances not insufficient funds to cover current policies, but that many current policies do not offer coverage for this incident.
these looming issues you speak of stem from people thinking its is fine to build your house anywhere you please at any size in any situation..........not the case
No, they stem from government officials shirking their duties. Wildfires have always been a risk in California, just like hurricanes in Florida, flooding in Louisiana, tornadoes in Kansas, etc. It is the job of city and state officials to mitigate wildfire risk. To prevent fires from starting, to starve them of fuel and to be ready to fight them when they do start. This is not a case of irresponsible building practices (these neighborhoods have been there for decades) or doing everything right and still losing out to nature's wrath. It is the result of decades of neglect and incompetence by politicians who care more about optics and virtue-signalling than providing actual services to their community.
If they no longer insure then refund ALL premiums paid prior to that decision.
What’s the point of having insurance ?
We pay insurance won’t cover how’s that fair?
Way too many people.... Completely misunderstand how insurance policies work.
the state fire fund only has $200 million - so enough money to cover a couple dozen houses in pacific palisades ..
OK, then here is a thought...why not just stop people from living in a known fire prone area, and instead force them to live with everyone else in the city proper? Do you see anyone in South Central or Crenshaw or Long Beach crying their eyes out with the woe is me crap right now? Try not building houses in areas that burn really easy.
@@starventureand increase the prices and living of those places you mentioned? Lol there's no way around this. We are all f'ed after this period.
I’m driving my gas car till the day I die and I ain’t buying a car past 2000 . Never in my life will I own a hybrid or a electric car
People call Luigi a terrorist, I wonder what drove him to do what he did?
Reading too many posts on the Internet. He was from a rich family and didn’t have any insurance issues.
@@neilkurzman4907 You're late to your rich billionaire b00tlicking meeting
People never called that.
@@smeeangleare you blind? there's literally someone above you saying it
Insurance claims getting turned down. I wonder how many with AI? Turns out Luigi was right after all 😄
Luigi admitted he didn't know how the insurance system worked.
He wasn’t and he’s the kind of guy that would have started the fires
Insurance is not a replacement for a solid firefighting defense or good construction.
@azo5000: thank you 💯, say it again. How anyone could live in those areas that are known to be susceptible to wildfires and not have a couple defenses is CrAzY.😮
@@MeMy.I Definitely. Construction needs to be cement and steel. All pools need to have mandatory pump and sprinkler systems. There should even be massive pumps by the ocean that can boost water pressure by pumping into the water system in emergencies like this.
Thats why the goverment should make them cover everyone or dont fucken force it on us to get it
Fire or homeowner insurance in California is not required by the state or federal government. It is usually required by your lender if you get a mortgage. A mortgage is from a private bank and they can dictate the requirement to get insurance to get a loan. If you don't want insurance, then don't get a loan from these lenders or you have to pay cash or find a lender willing to lend you money without insurance. FYI, if you have no mortgage, you don't need fire or home insurance and the choice is up to you.
Another Luigi about to take revenge.
Another spoiled rich kid? 😂
"Like the Grim Reaper, State Farms is there."
It’s a domino effect of decades of poor leadership. Lack of insurance and fires are the effect; not the cause.
I was watching a video from the 60's yesterday about it, so yuup, no one has ever really taken care of things.
@ it’s just been decades of kicking the can down the road on every issue imaginable.
Nothing to do with climate change, nothing at all.
I imagine lots of vacant lots for the next few years
No Firefighting Equipment ... No Budget ..... No Water .... But , Plenty of Lesbians !
New rentals for the olympics 😂😂
According to the website, LA is scheduling to be a smart city by the Olympics in 2028 so the lots will not be vacant for long.
@@april-showers77like when Rome burned so Nero could build his palace in the downtown
state farm: "hey, this place is prone to fire, you shouldn't be living there, we won't insure something that high risk" californians: "even though we chose to stay in this location with wildfires and earthquakes, it's all climate change/state farm's fault we don't have insurance" ... entitled much?
Just like people who choose to live in the Midwest where there are tornadoes. It makes NO sense!
By that logic why live anywhere. No geography is completely safe from Mother Nature. Insurance companies are just trying to get out of paying claims as usual.
Please act. The time for blaming is over. It is now time to act and to move forward. The current leadership at multiple levels has failed in multiple areas. This happened long before DEI, but unfortunately, DEI is not the solution. There still needs to be no discrimination and there are plenty of laws on point without DEI. Time to move forward with new leadership starting at the top who will get the problems solved or they, too, will need to be removed.
But it’s all up to you, the American citizens of that beautiful state of California to make this happen. No one else can get it done.
Move to Texas 🎉
State Farm. "WE'RE ALWAYS THERE FOR YOUR MONEY, NOT OURS TO YOU"
"How many times do we need to teach you this lesson, old man?"
California is so far messed up, governor has to go... California has to get their act together.
@@MrPl0xygen California needs to stop sending money to red states and take care of their own!
California ! Perpetually stuck in 1968 !
California sends families to red states.
@@dixonmopar2129 Red uneducated states are the ones stuck in the past. 😂
@@dixonmopar2129 California’s economy ranks 5th internationally. That would be impossible if they were stuck in the 60s. 🤦🏻♂️
Insurance companies are not obligated to write policies for things they don't want to cover. I truly feel for these victims of these fires... But if their insurance company did not include a provision for fire, they cannot legally now be demanded to be on the hook to cover it.
rise luigi.... rise
Life has consequences, and you vote for the California government to implement a price ceiling on home insurance. If the insurance firms can’t make money, then they will not offer your state their services. It’s the pe Life has consequences, and you voted for the California government to implement a price ceiling on home insurance. If the insurance firms can’t make money, then they will not offer your state their services. It’s the people’s fault; you wanted this.
More DEI will fix the state.
Yup some confused gender will fix it
The insurance company knew the risk but the local government didn't? Incompetence
They knew too, but diversity was their top priority.
Of course. The insurance company is a business. The government can't go bankrupt. No one in the corrupt government that is California will lose their job due to incompetence. People working a job like insurance agent don't have that luxury. It's honestly weird that the insurance companies haven't already left California given that the state just thinks it can force them to lower prices while they actively make things more dangerous and risky.
And what would you like the local government to do? Force people to fireproof their house at gunpoint?
@@gageshippy2256
Do you think you’ll lose your posting privilege due to your incompetent post?
Insurance is a business. Waiting to see what BS response they come up with for this
Simple. They have to make sure that their more reliable customers are protected, so they will explain the denials are good business decisions not just in the interest of the usual suspects, like shareholders, but the customers as well. State Farm explains to the rest of the country "We saved you from the reckless Californians", and they come out smelling like roses.
More CEO's have just scrubbed their titles and photos from the internet and upgraded their security do to the"delay, deny, defend policies.
And that's why people like Anonymous are very gleefully revealing that information whenever possible
That would morbidly funny if the insurance company’s started fighting the oil companies for them causing climate change and losing money because of it
The oil companies can simply point to other nations and companies and say "you have a beef with them, not us."
Paging Luigi. Paging Luigi.
YEP LUIGI AKA ROBIN HOOD WAS 100 PERCENT RIGHT
Trump loves Corporations. Especially Healthcare n Homeowners ones. He's Not going to allow any more "Luigis". Nor force Corporations to behave. Don't be so naive n gullible. Ain't Cold Blooded Unfettered American Capitolism n Greed Grand, lol???😅😅😅
Yeah what a hero 😂 nepo baby
@@sinistan1002if robin hood was rich & cut from the same cloth & lived same lifestyle sure 😂
Anyone see any flashes of light on Tuesday January 7?
The insurance gains can also be fueled by "Shadow" policies where a person pays premiums thinking they are insured. However, they are not insured because titles or deeds, particularly with financed automobiles and mortgages, are not transferred in the buyer's name; Thus, the borrower has no legal claim to the property when a claim is filed. Insurance companies won't tell the borrower this. They will either take over the claim using a "power of attorney" and screw the claimant or just flat-out deny the claim. It's a massive fraud scheme that needs to be addressed.
Policies even on items still on lien deliver to possessors of the property even while paying on the mortgage or loan, where details of what is covered are explicitly outlined. Nobody who bothered to read this information is being blindsided unless they neglected to read that policy. Mortgage and loan documents expansively relate circumstances exposure for culpability may lie with the person paying off that mortgage or loan. It would not be in the best interest of the mortgage or lien holder to withhold that information from the buyer.
why they blame more the Weather.. do they had enough effort of monitoring the fire prone areas, do more preparation and prevention?? 💔💔
How that's not illegal is crazy, the insurance cos. not holding up their end of the deal.
Insurance companies will make their profits, don’t worry about them. The insured, well, they’re screwed…
In a properly managed state, there should be no conflict of interest between the insurance companies and their clients. Nobody should expect insurance companies to pay out more than they make. They are a business, not a charity. And paying out legitimate claims should never become so costly that it forces insurance companies to bow out of a market entirely. If you think it's because they are greedy, then you don't understand how business works. If a business can make a profit, any profit at all, then they will stay in a market. The reason they had to leave California is because they were afraid they would lose money. And that is because the wildfire risk got so high, due to the incompetence and mismanagement of our politicians and public officials, whose job it was the mitigate the wildfire risk.
So you think insurance companies paying out $60 billion in claims for this fire are going to be happy about it? Do you think they have that much money in reserve?
@@jakeviolet2195
You know, it’s funny that people blame the government. There’s a new requirement in California that you need to have fire shutters on your house to stop embers from getting into the eaves. Somebody posted a video of that and everybody in the video wind and complaining that the government is forcing people to spend thousands extra on their houses.
When the government tells you to clean all of the brush from against your house. People complain about that because they like the way it looks.
When they tell them, don’t put wood chips next to the house. They say don’t tell me what to do.
Deny Defend Depose.
I thought Mel Gibson was talking all crazy but when you see stuff like this… Maybe they do want it empty?
Now, the timber industry wants us to build high rises out of wood.
Thought it said in fine print when you sign the agreement it says may not cover natural disasters ?
Yet these insurance companies wonder why they have such bad PR smh
Time to move out of California. :/
@@kennyc1375 No matter where you go, they will find a way to screw you up.
A lot of these people are kicking themselves for not moving out last year.
@@kennyc1375 Where ever you go, they will find a way to deny you insurance. Same thing is happening in Florida. 🤷🏻♂️
Move where? Texas or Florida? Policies being canceled due to increased hurricane risks. North Carolina? Same. Montana? Fires. Kansas? Tornadoes. Climate Change is real. Insurance companies certainly believe it’s true. There’s nowhere to hide from it.
Watch out TEXAS !!
The government should force these companies to cover the damages
It’s time for those insurance directors to removing their photo from their site .
How is the FAIR plan going to address all the potential claims when costs are at least an order of magnitude above reserves?
State Farm isn’t there? Bundle that sheet
Nah I’m not going to blame home insurance on this. The home insurance industry was one of the first to accept climate change and its effects back in the 90s.
They tried to price in climate change risk but the states including California would not allow that. They only allowed “historical models” and not “catastrophe” models for pricing risk.
They were also prevented from raising rates the past two years. I’ve been reading all over the news the past two years about this.
Lastly just the wildfires in the previous years wiped out 25 years worth of profits, so these guys were definitely not raking it in.
This was a failure of country and voters for denying climate change for over 100 years. Hell even Alexander graham bell was already talking about it!!
I think if insurance companies take this moratorium requiring suspension of allowing policies to lapse to court, I fully expect insurance companies would win.
Isn't the purpose of purchasing insurance is to be assured? If so who feels assured of their insurance? You may have better luck at a casino.
If the policy did not state an assurance of covering a given event... Then no assurance was violated.
And the rest of the home owners in America are going to pay for it.
Good. Since Californias economy literally supports the welfare red states.
So sad.
This is the time our government needs to step up
Insurance has a right to pull out of California. California restricts what insurance can charge for premium. If they feel that the risk/rewards is not good, they have an obligation to shareholders to pull out. It's just common sense business. Sadly, Californian leadership did this to their own state.
When Mayor Karen Bass cuts funding for the Fire Dept despite the high risks, I would not renew home owner insurance policies either if I were an insurance company. The blame falls on your public officials.
Blame it on the weather lol!!!
You can't force a company to insure customers when there are tons of losses...sorry Commissioner this is bad for business so they just leave California and offer services where its PROFITABLE! Goodbye Farmers, Statefarm, Progressive, Geico and all the other big names.
Insurance shouldn't be for profit , it should be for help when needed , Insurance are so evil they just want easy money collecting trillions of dollars from poor public and not to give back , pure evil well regulated industry, biggest scam ever in human history
Can they refund these people? Its theft!
Maybe luigi mangione was right
You're conflating premises.
If State Farm knew over a year ago, what did the California government know, and didn't do ANYTHING about? Gavin Newsom (Cal.Governor) and Karen Bass (LA Mayor) MUST be held to account!
This is capitalism at work. Insurers assess the risk and decide whether to offer insurance and at what price. What do you expect the californian government to do? Write you a check ? Station a fire truck at your front door 24/7 which would make FA difference? Nothing could have prevented this catastrophic event. Climate change is a real thing and if you decide to live in a high risk area then that's YOUR CHOICE. I accept some people don't have an option, but playing the blame game dosen't work other than provide you with some self gratification.
My roomates family had State Farm for 38 years. When their house burned they got 5k
Instead of paying insurance, build your house on fire resistance and earthquakes proof
People deserve an insurance refund for fire insurance
46% of your paycheck in California goes to nonsense
Your tax money goes to incompetent politicians bank accounts like Newsome and bass😂
We you elect idiots to run a state risk go up. Insurance companies look at risk and made the choice not to destroy themselves. But more importantly the fire department is more diverse which is what mattered most.
Oh no , those poor insurance companies.
"Intend to keep their commitment" It is no no
The easiest thing you can do is if you own the land is build a tiny home. Home reassessed and property tax should drop. It will work if you put some effort into it.
I live in my 87 ford aerostar,,, liability only ,,,
No wonder Luigi is so liked.
orrrrr how about we transition to a society WITHOUT insurance companies?
They don’t mind taking your money.
This is when we boycott these company
The company is kinda already boycotting CA as a whole.
You can not own a house I guess but mortgage companies require you to have home insurance regardless if it covers anything or not
“they gotchta by the balls”- George Carlin
Apparently people now need insurance companies more than those companies need people.
I'm sensing more CEOs getting their comeuppance in a few years for this
Insurance is a profit making company and if local govt. is not doing their job in water and forest management perfectly then why insurance should cover them.
Ask your politician you elected on why they cut the funding for fire department and where is the water that is suppose to be there in fire hydrant.
Dont put your hate to some other cause instead of root cause.
Well, we have a homelessness crisis, now a housing crisis? Sounds like just what the doctor ordered.🙄🙈
It's about time these insurance companies stop coving people that live in dumb places so the rest of us can have much cheaper rates that dont have these problems
I've been thinking about this the last couple days; The amount of properties & claims... insurance companies are going to put a hold on new claims due to the excessive amount. Its going to be decades before those neighborhoods look like they did. Some owners it will take years just to settle with their insurances & how many are going to want to rebuild vs. relocate.... just imagine the long term economic impact its going to have, betting a 10% drop in population by 2030. Supply & demand.
Insurance is legal racketeering.
This is what happens when our government stops protecting the people and allows big business to do whatever they want. While we were sleeping, we were not paying attention and pushing back on all of these issues and changes. And here are the consequences. When policy makers cater to big business, we all lose, rich and poor. Only poor, middle-class, and underprivileged people lose so much more.
The CEO should really look after himself Louiji isn't in jail anymore