Have been with them for 50+ years … multiple auto and home policies … and they’ve been awesome. Have had a few claims over the years and it’s always been smooth sailing with prompt payment.
saying they do not non-renew due to fire is not the same as saying they don't non-renew. As someone who is in the industry, the forums talk about how they non-renew regularly for having 2 small claims. Not sure why someone is proud of their insurance carrier. BTW, look up their banking fines. Not exactly the shining star they pretend to be.
@ USAA is the best of the worst insurance companies out there. We’re a family!! Teamwork and military affiliation is important to me. Did you miss the point of having our CEO on the ground, in the trenches, fighting alongside the USAA team and disparaged USAA homeowners / members due to fire? 🔥 See, anyone can point out flaws. Lord knows I have an entire book of flaws for State Farm, Allstate, and Geico. USAA has no where to go but up! I’d rather be a part of the devil I know than work with the other insurance devils I don’t know. Thank you for your comment.
As a retired USAA employee, I can say that like most other companies it depends on who you get to handle your particular situation. Some reps really try to help and explain things while others don't want to be bothered.
He is due to retire soon. Juan Andrade will take over as CEO in April. Been a membe for 37 years and the last few years have been difficult. Many feel the same way. Doubt USAA has many policies issued in Pacific Palisades.
Agree, probably very few home policies in those fire damaged neighborhoods unless someone inherited a house. If be different case if there was a wildfire in San Diego county or hurricane in Florida
I'll just leave this here: "USAA reported a record profit for its fourth quarter in 2024, boosted by double-digit rate increases in its business and personal insurance units23. The company's net income for 2023 was about $1.2 billion"
USAA has about 13.5 million customers. Their 2023 revenue was $42.5 billion. So the average customer paid $3150/yr in premiums (auto, home, health, life). And only $89 of that (2.8%) became profit. The rest went into operating expenses and payouts for claims. They're really good as insurance companies go.
Ah, so you wanted to show us that you not only don’t understand how insurance works but also don’t understand the difference between “income” and “profit”. Life must be a struggle…
15 yrs with USAA from Geico. USAA is a little more expensive and 3x better. I called to clarify my fire policy and we talked for nearly n hr. Slept well that night w the fire so near.
Glad he openly admitted that the rest of the country has to pay for the California lifestyle. “We continue to lose money on homeowners in California.” Meaning everyone else’s market is paying the difference.
Risky parts of California, but no mention of hurricane costs over generations in the south. SMH. USAA shareholder returns have not gone down, so how bad can it be for the insurance companies.
As A USAA member i feel we are subsidizing California . The CEO stated "we are looking money in California". Raise the rates to cover the risks in high risk areas.
The insured cost from a major wildfire up until this point pales in comparison to a major hurricane. The biggest insured financial disasters have happened in the past ten years. We're all paying for all of these events. I'm a property insurance underwriter for reference.
@@drivelikejoewho NOAA has a list of US weather and climate disasters causing damages exceeding a billion dollars each for 2024. There are 27 events only one of which is a wildfire and it's in New Mexico, not California.
@@tomstevens7452 most of those houses do not cost $3 million. The land is what drives the property cost up. So if they're getting $3 million they can actually upgrade.
Do you know terrible situation but I know my rates are about to go up USAA has gone to s*** since this dude took over I wonder how much of our dividends went in the paying gronk and super bowl commercials for something not everybody can join
I had USAA. I ended up switching because cost was higher than other insurances for same coverage . Plus, I got in a car accident that totaled my car which I was 0% at fault. I literally had to navigate everything on my own, contacting their agents to understand the process. It was very frustrating. They never called me once and Google was my best friend trying to figure everything out. It happened on a Friday night, and basically the person told me to call them back on Monday morning. While great in small claims, the big stuff, was terrible. Talking to some friends, they had the same issues with bigger issues like car accidents.
@@RatfromNadeaust I have filed many claims! I’ve never been denied, except for a couple of roof claims after a hail storm but honestly I didn’t need them. Flooded house? USAA took care of the water remediation and repair. Every auto claim was handled efficiently! Had a rental, good service and was went to a USAA certified facility. Needed a loan to remove me for a higher interest auto loan? USAA took care of me. So, I’m not sure what you are referring to. I love USAA!!
The video seems great to already paid and settle claims. I thought of giving them a call then I google reviews for USAA. An abundance of 1 star reviews. Geez. It shows that most people and ceo's are all talk and no action.
I'm currently 2 months into my vehicle claim, made 2 truck payments on a totalled truck so it doesn't effect my credit, everyday I call and get hung up on. It's been a nightmare. I'll be glad to leave USAA. Their customer service is awful. And to boot my claims adjuster is work from home, screaming at her kid and dog barking. It's just great.
Usaa stop caring about their members in the 2000s. They fired all their good employees and outsourced everything. Somebody should really investigate that because it was a bunch of insider dealing and corruption.
I’m 2 years into a major home owners claim and we’ve just had to file a lawsuit in federal court against them because of how horrible it’s been. We’ve had 7 adjusters and 5 supervisors and had to get a FEMA disaster relief loan for almost 100k to repair the storm damage. They have a no rating with the better business bureau and have become one of the worst companies around.
There needs to be a complete reformation of how the property insurance business is regulated in the US. We are in a new World of much larger risks and people need to have available property insurance that will cover them for those increased risks at an affordable cost and insurance companies need to be a profitable business. Insurance companies other than USAA dropping 10’s of thousands of policy holders who now will simply be homeless and unable to re-build is not an acceptable outcome!
Certainly an insurance company should be responsive, but people in higher risk areas need to also take ownership of reducing the risks of their properties. This may take municipalities making rules to force people to take responsibility for reducing the risk to their home as well as the risks those homes pose to others property.
This is not about insurance companies inability to profit in California, this is about the amount that they expect to profit from California. The number of homes in California that have not burned down, that are paying into insurance, more than cover their costs. Don't let them cry victim. Complete B.S.
If these companies are profitable it's because of who they didn't insure versus who they did. If you want to mandate insurance companies to cover everyone, I'm on board. That will result in people that don't live in high hazard areas to pay more. Everyone will pay more. I'm fine with that.
There are two problems I have with USAA and that is, 1.) The absence of personal relationships. You can’t get to know your agent like State Farm. You can’t build a relationship with a voice. 2.) USAA credit and loan underwriting standards are worst than your bank or regular credit union. In the 90s, your military affiliation got you everything you needed regardless of credit problems, divorce, etc. USAA underwriting today is like the old school mafia or cartel. They are running all credit reports and examining them; to include your secondary credit files ( core logic, credco, etc). Basically USAA is running a microscope up your rear end before they consider loaning you anything. Their insurance products, however, are fantastic.
I can't speak to many of your non insurance related issues but I work as a property insurance underwriter and I can assure you where usaa is exceptional is there claims handling. That's really what you pay for. I wish I could elaborate more but I'm typing on a phone. I will say it's that is that anyone that has an insurable interest should take ownership over that and understand the hazards and the potential loss. Is the state farm guy the best guy? Maybe. But over the past few years i can tell you that the person selling you the insurance might not be proactive in dealing with the load their dealing with.
How much was this persons equity and bonus this holiday compared to his job performance? 🎭 USAA isn’t healthcare so not entirely the same thing. Luigi Part 2 will be on the hunt again after the rejections begin. You need to trust me.
I mean if they can't stablize their market in California their customers elsewhere are not going to stick around just to give their money to California.
But essentially whatever the insurance companies don't pay for the taxpayers do because the city still has to be rebuilt.. and unfortunately the state of California doesn't have the kind of money in reserve to rebuild itself on its own so it's going to have to tap the federal government 😢😢
insurance companies need to work with the state and let the states know what they need to do to mitigate these risks, in order for them to continue to operate in california and at the same time, lower rates for californians. state farm pulled out from palisades because not enough was being done to mitigate risks. instead of asking for flexibility to raise rates for californians, ask the states to fulfill their duties and see what they need to do in order to lower rates to a level that still allows the insurance companies to operate in the state. and for the states, instead of passing laws the restricts the insurers ability to raise rates, ask what you could've done as a state to help them to NOT raise their rates for californians.
Regulators are the ones responsible for those under insured during these times. If they allowed top insurers like USAA, Chubb, Travelers, State Farm, etc. then people would have adequate coverage. It’s insane how long it takes for things to get done. Old people, old policies, and old ideas.
What nonsense are you spewing? The companies that don’t write in California is at their choice. The state hasn’t prohibited them from doing business in CA.
@@Jen-ur4ut you’re wrong. The insurers were unable to increase rates to cover the risk, so the left the state. If regulators allowed them to increase rates, then a lot of people would have better coverage out there (ie not CA Fair Plan)
@ I know exactly what happened. I live there. That is entirely different than saying they’re not allowed in the state, which is what you wrote. They are. They just can’t gouge people like they do almost everywhere else!
@ I live there too and work in insurance. Insurers are businesses and have to charge a rate based on the potential risk. The state regulates the rate and would not let insurers increase their rates. So they all left - literally 99% of all home insurers left CA over the past 5 years because they saw the extreme potential for a wildfire and were not able to charge a price to cover the expected loss. Again, if regulators allowed insurers to charge a fair rate, homeowners in these areas would be in a much better situation with their insurance right now.
@@259crawf A fair rate would be one with no profit. And you did not address your misstatement. They are absolutely allowed to write in California. They just won’t because it doesn’t meet their profit demands!
I have to suggest that we have no issue with higher rates but here's the history and past so far. As the economy moves forward we have of course inflation but the typical price increases from our insurance companies, utilities and other big market corporations have not gone up in small numbers like they have in the past. We recall in the past rate increase were a small percentage of an increase such as 2% or 5% until a few years went by and then we'd see prices increase by 2% or 3% to keep up with inflation. Well, in the past good 25 years, big corp and insurance has raised prices way more than inflation and into the hundreds or thousands more than a previous year. Those kind of increases are obviously not having anything to do with inflation or the economy especially in insurance when there aren't any big catastrophic losses but they have increased by those huge numbers. Are the public to presume the folks who run their companies have been asleep at the wheel for a decade or several years and all of a sudden the following year rates doubled, tripled etc.? No company is that ignorant so many of us in the public do not believe those huge rate increases are tied to the cost of doing business in any form. Look at the past 50 years...rates increased very little and slowly. In just the past 10 years, rate are three times higher ! Something isn't being looked into or revealed as to why.
Home insurances in So. CAL right now: Under section 37B I the undersigned shall forfeit all rights, privileges and licensed herein and herein contained. Etc etc, fax mentis incendium gloria cultum etc etc membo bis punitor delicatum! You get NOTHING! YOU LOSE GOOD DAY SIR!!
@@robertr3470 It’s not solely about losses. It’s about preparedness. It’s becoming very evident that California has been using their resources somewhere else.
@robertr3470 Two very different things. The fires were bad because of mismanagement. The winds were fully predictable. Actually do some research and know your subject before commenting.
@@KK-pm7ud Hurricanes have similar forewarning as Santa Ana winds. The problem is having dense populations living in these high-risk zones that are only getting riskier.
@hu_b Rick Caruso had no trouble preventing his mall from burning down in the middle of the fires. Other people protected their homes with water from their pools and other ways. It isn't the same at all. Don't pretend it is. Gavin Newsom and Karen Bass' management of the city and state are the reason why the fires did way more damage than they otherwise would have.
A very knowledgable report and a forthright USAA Executive make this interview valuable for all citizens. Proud to be a USAA member for 50+ year.
This is how all CEO’s should be.
He's an ass clown he ran MetLife into the ground and now he's the head of a company that usually has a retired general
USAA is the bomb. It’s for military service members.
Have been with them for 50+ years … multiple auto and home policies … and they’ve been awesome. Have had a few claims over the years and it’s always been smooth sailing with prompt payment.
I don't remember them showing up and giving interviews after the Paradise fire.
To see the CEO on the ground is rare, good for USAA
….and dangerous
And claim they need a 20% increase in CA. Total B.S.
Makes me proud to be a member of USAA.
I love his PG&E answer!!
saying they do not non-renew due to fire is not the same as saying they don't non-renew. As someone who is in the industry, the forums talk about how they non-renew regularly for having 2 small claims. Not sure why someone is proud of their insurance carrier. BTW, look up their banking fines. Not exactly the shining star they pretend to be.
@ USAA is the best of the worst insurance companies out there. We’re a family!! Teamwork and military affiliation is important to me. Did you miss the point of having our CEO on the ground, in the trenches, fighting alongside the USAA team and disparaged USAA homeowners / members due to fire? 🔥 See, anyone can point out flaws. Lord knows I have an entire book of flaws for State Farm, Allstate, and Geico. USAA has no where to go but up! I’d rather be a part of the devil I know than work with the other insurance devils I don’t know. Thank you for your comment.
Me too, since 1970!
@@1Dude2009 he said they don't non-renew due to "fire risk" so does that mean if you're a member they'll cover you no matter where you live?
I love USAA!!! THANK YOU all for your service and the many sacrifices of your family and yourself while in service.
USAA!!
Chump
USAA is the best - proudly “overpaying” all of my insurance for 35 years!!
Great answers from the CEO. Didn't step on any toes. Great job.
I’m retired Air Force and have been with USAA for 30 plus years. They are the best!
For anyone that missed it, this CEO just gave a great overview of how property insurance markets disperse risk in secondary markets. Listen carefully.
As a retired USAA employee, I can say that like most other companies it depends on who you get to handle your particular situation. Some reps really try to help and explain things while others don't want to be bothered.
He is due to retire soon. Juan Andrade will take over as CEO in April. Been a membe for 37 years and the last few years have been difficult. Many feel the same way. Doubt USAA has many policies issued in Pacific Palisades.
Agree, probably very few home policies in those fire damaged neighborhoods unless someone inherited a house. If be different case if there was a wildfire in San Diego county or hurricane in Florida
exactly
Forty Five years with USAA and I'll never leave. I wonder how many other CEO's are on site. I think he's about to retire.
I'm a lifelong USAA member. Glad to be with them, but the insurance industry and California needs to figure out this insurance crisis.
So thankful to be a USAA member
I'll just leave this here: "USAA reported a record profit for its fourth quarter in 2024, boosted by double-digit rate increases in its business and personal insurance units23. The company's net income for 2023 was about $1.2 billion"
Which will be drained after the socal claims, we will all pay for this.
@@Greek9797you're right we'll all pay. Had a price increase when I questioned why, I was told because of Florida
USAA has about 13.5 million customers. Their 2023 revenue was $42.5 billion. So the average customer paid $3150/yr in premiums (auto, home, health, life). And only $89 of that (2.8%) became profit. The rest went into operating expenses and payouts for claims. They're really good as insurance companies go.
Ah, so you wanted to show us that you not only don’t understand how insurance works but also don’t understand the difference between “income” and “profit”. Life must be a struggle…
Great interview with real information.
Contessa you are a star - what a great interview.
USAA is a great insurance company.
15 yrs with USAA from Geico. USAA is a little more expensive and 3x better. I called to clarify my fire policy and we talked for nearly n hr. Slept well that night w the fire so near.
Glad I’m a member of USAA
Great interview and great company.
Glad he openly admitted that the rest of the country has to pay for the California lifestyle. “We continue to lose money on homeowners in California.” Meaning everyone else’s market is paying the difference.
Risky parts of California, but no mention of hurricane costs over generations in the south. SMH. USAA shareholder returns have not gone down, so how bad can it be for the insurance companies.
And California been paying for Florida, Louisiana etc lifestyle
No, that’s not at all what that means.
This was just a polite way to say "Please deregulate us so we can raise insurance rates 27%."
Yes to accurately measure it with the risk, it's not complicated let the market be free😂
Been with USAA for 45 years. Always treated me well.
@@davevargo6256 45 years?? Wow!! Impressive!!
We need CA to better maintain their forest areas and have water readily accessible everywhere
This interview makes me proud to be a USAA member❤ great CEO!
As A USAA member i feel we are subsidizing California . The CEO stated "we are looking money in California". Raise the rates to cover the risks in high risk areas.
That is literally the whole point of insurance. Pool your resources together. California premiums will bail you out when you need it.
Californians feel the same way with every hurricane or tornado.
The insured cost from a major wildfire up until this point pales in comparison to a major hurricane. The biggest insured financial disasters have happened in the past ten years. We're all paying for all of these events.
I'm a property insurance underwriter for reference.
People already pay rates that are relative to risk.
@@drivelikejoewho NOAA has a list of US weather and climate disasters causing damages exceeding a billion dollars each for 2024. There are 27 events only one of which is a wildfire and it's in New Mexico, not California.
Great answers, I ❤ USAA
USAA is the best!
Great insurance, first hand knowledge as we lost our house in the 2017 wildfires and they came through immediately to help.
My company for 56 years....non better.
What is the average cost of home insurance in California?
Easy. Get rid of the profit motive. California needs to self insure. Throw out the insurance companies. It will be far cheaper.
So the fair plan......
It is capped at 3 million which would not rebuild and cover possessions for many
@@tomstevens7452 most of those houses do not cost $3 million. The land is what drives the property cost up. So if they're getting $3 million they can actually upgrade.
@@ryanwalters6184 yeah but the fair plan is only covering the highest risk homes that the insurance companies won't, not exactly a balanced portfolio
Great , the DMV is now going to be my agent ?
I’ll stick with a company at least I can change if I don’t like the service. Or prices .
Wayne is a great guy I’ve shaken his hand when I received my coin 0:39 CAT TEAM mount up 0:56
Great questions by the reporter.
THESE INSURANCE WIZARDS IS LOVING ALL THESE HOUSES TORCHED TO DA GROUND .
That was a very nice way of saying the California state government needs to let us raise premiums lol
Do you know terrible situation but I know my rates are about to go up USAA has gone to s*** since this dude took over I wonder how much of our dividends went in the paying gronk and super bowl commercials for something not everybody can join
I had USAA. I ended up switching because cost was higher than other insurances for same coverage . Plus, I got in a car accident that totaled my car which I was 0% at fault. I literally had to navigate everything on my own, contacting their agents to understand the process. It was very frustrating. They never called me once and Google was my best friend trying to figure everything out. It happened on a Friday night, and basically the person told me to call them back on Monday morning. While great in small claims, the big stuff, was terrible. Talking to some friends, they had the same issues with bigger issues like car accidents.
"We need to boost their rates by 27%"
People who are saying "this insurance company is th best!" Havent failed a claim yet. Once that happens...
@@RatfromNadeaust I have filed many claims! I’ve never been denied, except for a couple of roof claims after a hail storm but honestly I didn’t need them. Flooded house? USAA took care of the water remediation and repair. Every auto claim was handled efficiently! Had a rental, good service and was went to a USAA certified facility. Needed a loan to remove me for a higher interest auto loan? USAA took care of me. So, I’m not sure what you are referring to. I love USAA!!
I have filed claims, they show up quickly and have worked with me to get the claim dealt with quickly and paid out. They ARE awesome.
Luigi might even like this guy…
Why is everyone ignite fact they’re in a drought?
Good interview!
I think I'm the end all California insurance holders will have to pay something for these losses.
I love USAA and want to come back to work for them .
How many insurance comnpanie are coming in giving aide is what we should look at! They take the money then abandon the people!
We left usaa after 35 years saved 4000 per year last year not to mention cutting are home owners deductible in half
The video seems great to already paid and settle claims. I thought of giving them a call then I google reviews for USAA. An abundance of 1 star reviews. Geez. It shows that most people and ceo's are all talk and no action.
I'm currently 2 months into my vehicle claim, made 2 truck payments on a totalled truck so it doesn't effect my credit, everyday I call and get hung up on. It's been a nightmare. I'll be glad to leave USAA. Their customer service is awful. And to boot my claims adjuster is work from home, screaming at her kid and dog barking. It's just great.
Looking forward to my USAA home insurance going up. Because of what’s happening in California
Usaa stop caring about their members in the 2000s.
They fired all their good employees and outsourced everything. Somebody should really investigate that because it was a bunch of insider dealing and corruption.
Were those 1 Stars for cost? I can assure you it was not for service. USAA is not the cheapest but provide no questions ask service.
I’m 2 years into a major home owners claim and we’ve just had to file a lawsuit in federal court against them because of how horrible it’s been. We’ve had 7 adjusters and 5 supervisors and had to get a FEMA disaster relief loan for almost 100k to repair the storm damage. They have a no rating with the better business bureau and have become one of the worst companies around.
USAA member for over 30 years. I love USAA, can say that I’ve e ever had a claim, but they seem fair.
Sir it so needed. People don't understand the insurance industry HELLO we need insurance companies they aren't the bad guys here
They just did a bunch of layoffs...
Reform? Companies need to spend a few hours evaluating every single house they underwrite and price it according to risk.
NO FIRE MIDIGATION
INSURANCE RUNNING AWAY
THESE COMPANIES ARE NOT STUPID
There needs to be a complete reformation of how the property insurance business is regulated in the US. We are in a new World of much larger risks and people need to have available property insurance that will cover them for those increased risks at an affordable cost and insurance companies need to be a profitable business. Insurance companies other than USAA dropping 10’s of thousands of policy holders who now will simply be homeless and unable to re-build is not an acceptable outcome!
They need building and zoning reforms to prevent insurances issues in the 1st place
Sad to see what happen to usaa.
Certainly an insurance company should be responsive, but people in higher risk areas need to also take ownership of reducing the risks of their properties. This may take municipalities making rules to force people to take responsibility for reducing the risk to their home as well as the risks those homes pose to others property.
This is not about insurance companies inability to profit in California, this is about the amount that they expect to profit from California. The number of homes in California that have not burned down, that are paying into insurance, more than cover their costs. Don't let them cry victim. Complete B.S.
If these companies are profitable it's because of who they didn't insure versus who they did.
If you want to mandate insurance companies to cover everyone, I'm on board. That will result in people that don't live in high hazard areas to pay more. Everyone will pay more. I'm fine with that.
It should be not-for-profit.
There are two problems I have with USAA and that is, 1.) The absence of personal relationships. You can’t get to know your agent like State Farm. You can’t build a relationship with a voice. 2.) USAA credit and loan underwriting standards are worst than your bank or regular credit union. In the 90s, your military affiliation got you everything you needed regardless of credit problems, divorce, etc. USAA underwriting today is like the old school mafia or cartel. They are running all credit reports and examining them; to include your secondary credit files ( core logic, credco, etc). Basically USAA is running a microscope up your rear end before they consider loaning you anything. Their insurance products, however, are fantastic.
I can't speak to many of your non insurance related issues but I work as a property insurance underwriter and I can assure you where usaa is exceptional is there claims handling. That's really what you pay for.
I wish I could elaborate more but I'm typing on a phone. I will say it's that is that anyone that has an insurable interest should take ownership over that and understand the hazards and the potential loss. Is the state farm guy the best guy? Maybe. But over the past few years i can tell you that the person selling you the insurance might not be proactive in dealing with the load their dealing with.
USAA is fine if only a couple houses in an area are affected. But if a major disaster happens in a town outside of a military base, good luck.
Be their to make sure they don’t give out money
They treat the employees horrible which reflects in the service.
U need u check ur insurance year to see if the market has out priced the replacement cost.
Better forest management with controlled burns.
If you can use public adjusters then do so.
How much was this persons equity and bonus this holiday compared to his job performance? 🎭 USAA isn’t healthcare so not entirely the same thing. Luigi Part 2 will be on the hunt again after the rejections begin. You need to trust me.
I mean if they can't stablize their market in California their customers elsewhere are not going to stick around just to give their money to California.
But essentially whatever the insurance companies don't pay for the taxpayers do because the city still has to be rebuilt.. and unfortunately the state of California doesn't have the kind of money in reserve to rebuild itself on its own so it's going to have to tap the federal government 😢😢
Just like wildfires insurance companies can’t afford to take massive losses. It’s a few here and there just like a city fighting fires.
insurance companies need to work with the state and let the states know what they need to do to mitigate these risks, in order for them to continue to operate in california and at the same time, lower rates for californians.
state farm pulled out from palisades because not enough was being done to mitigate risks. instead of asking for flexibility to raise rates for californians, ask the states to fulfill their duties and see what they need to do in order to lower rates to a level that still allows the insurance companies to operate in the state.
and for the states, instead of passing laws the restricts the insurers ability to raise rates, ask what you could've done as a state to help them to NOT raise their rates for californians.
Regulators are the ones responsible for those under insured during these times. If they allowed top insurers like USAA, Chubb, Travelers, State Farm, etc. then people would have adequate coverage.
It’s insane how long it takes for things to get done. Old people, old policies, and old ideas.
What nonsense are you spewing? The companies that don’t write in California is at their choice. The state hasn’t prohibited them from doing business in CA.
@@Jen-ur4ut you’re wrong. The insurers were unable to increase rates to cover the risk, so the left the state. If regulators allowed them to increase rates, then a lot of people would have better coverage out there (ie not CA Fair Plan)
@ I know exactly what happened. I live there. That is entirely different than saying they’re not allowed in the state, which is what you wrote. They are. They just can’t gouge people like they do almost everywhere else!
@ I live there too and work in insurance. Insurers are businesses and have to charge a rate based on the potential risk. The state regulates the rate and would not let insurers increase their rates. So they all left - literally 99% of all home insurers left CA over the past 5 years because they saw the extreme potential for a wildfire and were not able to charge a price to cover the expected loss.
Again, if regulators allowed insurers to charge a fair rate, homeowners in these areas would be in a much better situation with their insurance right now.
@@259crawf A fair rate would be one with no profit. And you did not address your misstatement. They are absolutely allowed to write in California. They just won’t because it doesn’t meet their profit demands!
Everyone praising him yet USAA is way to expensive!!!
Insuring something that will go to zero is expensive
The smell of burning Teslas
I hope his bodyguard is near by. 😂😂😂
California residents,, grab your check and get the hell out of California…
Soon another fire 🔥 or earthquake is coming again.
I have to suggest that we have no issue with higher rates but here's the history and past so far. As the economy moves forward we have of course inflation but the typical price increases from our insurance companies, utilities and other big market corporations have not gone up in small numbers like they have in the past. We recall in the past rate increase were a small percentage of an increase such as 2% or 5% until a few years went by and then we'd see prices increase by 2% or 3% to keep up with inflation. Well, in the past good 25 years, big corp and insurance has raised prices way more than inflation and into the hundreds or thousands more than a previous year. Those kind of increases are obviously not having anything to do with inflation or the economy especially in insurance when there aren't any big catastrophic losses but they have increased by those huge numbers. Are the public to presume the folks who run their companies have been asleep at the wheel for a decade or several years and all of a sudden the following year rates doubled, tripled etc.? No company is that ignorant so many of us in the public do not believe those huge rate increases are tied to the cost of doing business in any form. Look at the past 50 years...rates increased very little and slowly. In just the past 10 years, rate are three times higher ! Something isn't being looked into or revealed as to why.
He said nothing
Home insurances in So. CAL right now: Under section 37B I the undersigned shall forfeit all rights, privileges and licensed herein and herein contained. Etc etc, fax mentis incendium gloria cultum etc etc membo bis punitor delicatum! You get NOTHING! YOU LOSE GOOD DAY SIR!!
Blame newsome. This could’ve been prevented had they put proper measures in place.
USAA steals from their customers haha. Guess that question didn't pop into her mind.
usaa cancels
Gavin Newsom and Karen Bass must resign
If that's the case, then so should DeSantis and all the other governors/mayors who had hurricane losses in the south. Lets not have hypocrisy.
@@robertr3470 It’s not solely about losses. It’s about preparedness. It’s becoming very evident that California has been using their resources somewhere else.
@robertr3470 Two very different things. The fires were bad because of mismanagement. The winds were fully predictable. Actually do some research and know your subject before commenting.
@@KK-pm7ud Hurricanes have similar forewarning as Santa Ana winds. The problem is having dense populations living in these high-risk zones that are only getting riskier.
@hu_b Rick Caruso had no trouble preventing his mall from burning down in the middle of the fires. Other people protected their homes with water from their pools and other ways. It isn't the same at all. Don't pretend it is. Gavin Newsom and Karen Bass' management of the city and state are the reason why the fires did way more damage than they otherwise would have.
No USAA dividend this year.😢
Easy. Don’t charge too much usaa and cut down on the bull