I just can’t blame the insurance companies for canceling insurance policies in large portions of California. State environmental laws increase risk to the Carriers to where they can’t charge enough premiums to offset this risk and/or the California Department of Insurance would not approve a rate increase in line to the actuarial rate required to offset the risk. MANY laws are being passed or are in the pipeline at State legislatures across the Country that will cause huge pain for the consumers/policyholders BUT the Department of Insurance regulators don’t care!! They have to “protect” the solvency of insurance companies and consumers be damned. Those pesky Insurance Company lobbyists are like a den of wolves at the easy prey getting Insurance Commissioners to adopt favorable conditions to the insurance companies. State legislators? To scared to rage against the machine. The Consumers/Policyholders ??? They sit on their hands drinking the kool-aid watching the TV Propaganda “you’re in good hands” bull*hit until the damage hits them squarely in the face. Who’s to blame….?
When insurance companies lose money, they discontinue their services- I read that for every premium $1 collected, they were paying out $1.87. With the state mismanagement on just about everything, it makes zero sense to keep offering policies in CA
I just can’t blame the insurance companies for canceling insurance policies in large portions of California. State environmental laws increase risk to the Carriers to where they can’t charge enough premiums to offset this risk and/or the California Department of Insurance would not approve a rate increase in line to the actuarial rate required to offset the risk. MANY laws are being passed or are in the pipeline at State legislatures across the Country that will cause huge pain for the consumers/policyholders BUT the Department of Insurance regulators don’t care!! They have to “protect” the solvency of insurance companies and consumers be damned. Those pesky Insurance Company lobbyists are like a den of wolves at the easy prey getting Insurance Commissioners to adopt favorable conditions to the insurance companies. State legislators? To scared to rage against the machine. The Consumers/Policyholders ??? They sit on their hands drinking the kool-aid watching the TV Propaganda “you’re in good hands” bull*hit until the damage hits them squarely in the face. Who’s to blame….?
"You get what you go shopping for".
Grandpa Dog
When insurance companies lose money, they discontinue their services- I read that for every premium $1 collected, they were paying out $1.87. With the state mismanagement on just about everything, it makes zero sense to keep offering policies in CA
,,,money talks...
Changes to Calif insurance regulations were why so many policies were canceled.
It didn't just happen to people in that area, it happened all over the state.
As of last year, even Allstate is no longer writing new policies in Calif.
...valid observation...
State Farm is not a good neighbor and went Woke a while ago.