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CM_Ponch 05/30/23 11:51:25 AM #1: |
https://www.cnn.com/2023/05/28/business/state-farm-california-insurance-wildfire/index.html undefined posted... State Farm is stopping new home insurance sales in California, citing wildfire risks and skyrocketing construction costs, the company announced Friday. The insurance giant stopped accepting applications for all business and personal lines property and casualty insurance in California on May 27. However, State Farms decision does not affect existing auto insurance. State Farm General Insurance Company made this decision due to historic increases in construction costs outpacing inflation, rapidly growing catastrophe exposure, and a challenging reinsurance market, the company said in a statement. California has seen an average of more than 7,000 wildfires each year, consuming an average of over 2 million acres, over the past five years, according to data from the governors office. Scientists and California authorities blame the climate crisis for the intensity of the fire seasons. While insurance companies prioritize their short-term financial goals, the long-term goal of the Department of Insurance is protecting consumers, California Department of Insurance spokesperson Michael Soller said. The factors behind State Farms move are beyond the agencys control, Soller added. Its important to note that current State Farm customers are not affected, and no non-renewals are being issued as a result of this announcement, Soller said. State Farm, which is the largest provider of auto and home insurance in the US with its affiliates, claimed it would still work with the California Department of Insurance and lawmakers to build up market capacity in the state. However, its necessary to take these actions now to improve the companys financial strength, State Farm said, adding it will reevaluate according to market conditions. The Illinois-based insurance group said its agents will continue to work with existing customers. Last year, American Insurance Group said it would pull policies for multimillion-dollar homes in California, partly because of wildfire risk, the Wall Street Journal reported. --- SW-8316-3213-4720 ... Copied to Clipboard!
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Jagr_68 05/30/23 11:52:52 AM #2: |
"Like an asshole is there, fuck you." --- New York Rangers [2004-2008] https://media.giphy.com/media/WvQHBYW0q4TuxdAg61/giphy.gif https://psnprofiles.com/Jaromiroquai68 ... Copied to Clipboard!
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Crimsoness 05/30/23 11:54:57 AM #3: |
This wouldn't have happened if they didn't recast Jake --- CrimsonAngel's alt ... Copied to Clipboard!
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Tyranthraxus 05/30/23 11:57:59 AM #4: |
Wow this is a very not good neighbor thing to do --- It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha." https://i.imgur.com/dQgC4kv.jpg ... Copied to Clipboard!
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Derwood 05/30/23 12:09:08 PM #5: |
Insurance companies HATE paying out claims --- Living in fear's just another way of dying before your time ... Copied to Clipboard!
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Payzmaykr 05/30/23 12:13:11 PM #6: |
They should be forced to shut down then. Operating an insurance company should never guarantee a profit. In fact, you might go in the red sometimes. Bottom line: If you accept the monthly payments then you need to cover any and all damages. Otherwise, its a scam. The entire concept of insurance needs to go away. ... Copied to Clipboard!
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UnsteadyOwl 05/30/23 12:19:39 PM #7: |
Payzmaykr posted... They should be forced to shut down then. Operating an insurance company should never guarantee a profit. In fact, you might go in the red sometimes.The only way that happens is if insurance is done by the government and paid for with taxpayer money. If a private insurer is paying out more money than they're bringing in for long enough they're eventually going to run out of money and won't be able to pay any claims. --- "It is possible to commit no mistakes and still lose. That is not a weakness. That is life." ... Copied to Clipboard!
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burns112233 05/30/23 12:22:26 PM #8: |
We want your money bur don't want to pay out when something happens ... Copied to Clipboard!
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DipDipDiver 05/30/23 12:22:31 PM #9: |
Derwood posted... Insurance companies HATE paying out claimsWell yeah, their entire business is structured around paying out as little as possible ... Copied to Clipboard!
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Cocytus 05/30/23 12:22:49 PM #10: |
Insurance sucks. --- Is this reverse psychology? And if I ask, will you lie to me? ... Copied to Clipboard!
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opopopza 05/30/23 12:24:03 PM #11: |
Payzmaykr posted... They should be forced to shut down then. Operating an insurance company should never guarantee a profit. In fact, you might go in the red sometimes.Did you even read the article? They have too many houses insured in a particular region, so they are no longer accepting any new policies. This is pretty normal and standard. Places with regular natural disasters will see this more and more as climate change gets worse. If an entire neighborhood gets destroyed in a fire or hurricane, and you've chosen to insure the whole neighborhood, you are in serious trouble. --- Can you say David Hasselhoff? ... Copied to Clipboard!
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Anarchy_Juiblex 05/30/23 12:29:55 PM #12: |
Makes sense. People that build in hurricane, tornado, wildfire areas are just asking for it. Insurance companies are about profit and do to that they need to mitigate risk. I don't sympathize with the Cali folk any more than the Floridian ones. Manage your state better. --- https://en.wikipedia.org/wiki/Straw_man#Steelmanning https://en.wikipedia.org/wiki/Principle_of_charity ... Copied to Clipboard!
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lilORANG 05/30/23 12:44:21 PM #13: |
It's why insurance is so scammy. The whole business model relies on not providing the service you are paying for. --- #FeelTheBern http://i.imgur.com/q5z4CUu.jpg http://i.imgur.com/6B9oFXh.jpg http://i.imgur.com/sy42Dlf.jpg ... Copied to Clipboard!
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EndOfDiscOne 05/30/23 12:46:07 PM #14: |
Isnt this happening in Florida too? Though people probably dont care as much about Floridians --- I am the Cheese! I am the best character on the show! I am better than both the salami and the bologna COMBINED! ... Copied to Clipboard!
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Tyranthraxus 05/30/23 12:47:01 PM #15: |
EndOfDiscOne posted... Isnt this happening in Florida too? Though people probably dont care as much about Floridians Some companies just don't offer flood insurance there. Don't think anyone pulled out entirely. --- It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha." https://i.imgur.com/dQgC4kv.jpg ... Copied to Clipboard!
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Humble_Novice 05/30/23 12:48:05 PM #16: |
What the fuck is the point of insurance then? --- Miss the old GameFAQs politics board? Then come here to discuss it with us: https://www.reddit.com/r/gamefaqs261/ ... Copied to Clipboard!
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Tyranthraxus 05/30/23 12:49:04 PM #17: |
Humble_Novice posted... What the fuck is the point of insurance then?To scam you. That's it. Even when you have a claim they will fight as hard as they can to deny you. --- It says right here in Matthew 16:4 "Jesus doth not need a giant Mecha." https://i.imgur.com/dQgC4kv.jpg ... Copied to Clipboard!
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Anarchy_Juiblex 05/30/23 1:03:36 PM #18: |
Humble_Novice posted... What the fuck is the point of insurance then? The closer disaster gets to a sure thing, the less worth it it is for the insurance company. It's like gambling. The house is never going to host a game where they don't have superior odds. The point is to protect you in an emergency, not subsidize you living in a fucking disaster zone. --- https://en.wikipedia.org/wiki/Straw_man#Steelmanning https://en.wikipedia.org/wiki/Principle_of_charity ... Copied to Clipboard!
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Lord_Ephraim 05/30/23 1:07:27 PM #19: |
Tyranthraxus posted... To scam you. That's it. Even when you have a claim they will fight as hard as they can to deny you.To top it all off, if you never use your insurance they do not provide paybacks or discounts based on your service even if they're advertised as much. I've never had a car accident ever and been insured for about 18 years. For some reason my rates keep going up and up and up. --- SNARGLEBLAGH ... Copied to Clipboard!
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Rexdragon125 05/30/23 1:09:57 PM #20: |
lol expecting profit driven entities to actually give a fuck about you ... Copied to Clipboard!
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Jagr_68 05/30/23 1:30:43 PM #21: |
opopopza posted... Did you even read the article? They have too many houses insured in a particular region, so they are no longer accepting any new policies. This is pretty normal and standard. Don't excuse them for their clown world approach to business where TOO MANY CUSTOMERS damages their profit margin. --- New York Rangers [2004-2008] https://media.giphy.com/media/WvQHBYW0q4TuxdAg61/giphy.gif https://psnprofiles.com/Jaromiroquai68 ... Copied to Clipboard!
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Seaman_Prime 05/30/23 1:30:49 PM #22: |
Old jake would never let this happen ... Copied to Clipboard!
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Solar_Crimson 05/30/23 1:49:44 PM #23: |
Derwood posted... Insurance companies HATE paying out claimsThis. They will do everything they can to make sure they keep all the money you're giving them. --- Eat the rich Destroy the GOP ... Copied to Clipboard!
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Gritty 05/30/23 1:51:13 PM #24: |
If they can legally stop offering coverage then I should get ALL premiums back. cant have it both ways ... Copied to Clipboard!
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ArtiRock 05/30/23 1:51:45 PM #25: |
opopopza posted... Did you even read the article? They have too many houses insured in a particular region, so they are no longer accepting any new policies. This is pretty normal and standard.Sounds like that should lobby against big corporations that support actions that lead to more wildfires. --- This is the duty of the Grim Angels. ... Copied to Clipboard!
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thronedfire2 05/30/23 1:51:52 PM #26: |
Payzmaykr posted... They should be forced to shut down then. Operating an insurance company should never guarantee a profit. In fact, you might go in the red sometimes. theyre not taking new customers. It doesnt say anything about canceling existing policies --- I could see you, but I couldn't hear you You were holding your hat in the breeze Turning away from me In this moment you were stolen... ... Copied to Clipboard!
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voldothegr8 05/30/23 2:01:08 PM #27: |
Gritty posted... If they can legally stop offering coverage then I should get ALL premiums back.They're not canceling current policies, just not taking on new policies for the time being. --- Oda break tracker 2022- 13 (3) | THE Ohio State:11-1 | Las Vegas Raiders: 6-9 ... Copied to Clipboard!
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XxZiomaxX 05/30/23 2:45:30 PM #28: |
That's a lot of potential customers they are turning away. Wouldn't want that to bite them in the butt... or would I? --- LAL - PSN: Deuce-Cuatro - @DeuceCuatroD2 ... Copied to Clipboard!
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Ivynn 05/30/23 2:52:01 PM #30: |
Jake from State Farm didn't die for this. --- http://i.imgur.com/vDci4hD.gif ... Copied to Clipboard!
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FactsKeepHurtin 05/30/23 2:59:36 PM #31: |
Gritty posted... If they can legally stop offering coverage then I should get ALL premiums back. You really don't understand what is happening hth ... Copied to Clipboard!
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StormSignal 05/30/23 3:00:29 PM #32: |
lol --- hobbit life ... Copied to Clipboard!
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ellis123 05/30/23 3:02:00 PM #33: |
[LFAQs-redacted-quote] Ye. The alternative is socialism, and that is just too crazy. --- "A shouted order to do something of dubious morality with an unpredictable outcome? Thweeet!" My FC is in my profile. ... Copied to Clipboard!
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Questionmarktarius 05/30/23 3:07:30 PM #34: |
https://www.ocregister.com/2023/05/26/state-farm-says-no-new-property-insurance-clients-in-california/ Instead, the DOI is focusing on protecting consumers through its Safer from Wildfires discount program, Soller said. A moratorium on insurance price increases during the pandemic only heightened tension within the insurance industry. https://www.bloomberg.com/news/articles/2022-10-19/california-becomes-first-in-us-to-mandate-wildfire-insurance-discounts The California Department of Insurance has issued rules that require insurers to offer discounts to property owners for reducing wildfire risk, which its calling the first of its kind in the US. tl;dr: price controls made it non-viable for insurance companies to operate in the state. ... Copied to Clipboard!
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Blbmbr666 05/30/23 3:13:48 PM #35: |
I, for one, will appreciate my costs not going up due to people building in wildfire and other natural disaster areas. --- Your memes.... end here. ... Copied to Clipboard!
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Vokrent 05/30/23 3:16:17 PM #36: |
Blbmbr666 posted... I, for one, will appreciate my costs not going up due to people building in wildfire and other natural disaster areas.Jokes on you, the rates are gonna go up anyways --- Damned if I do, damned if I don't, damned if I will, damned if I won't, Doomed if I try, doomed if I fail, damn you all to hell. ... Copied to Clipboard!
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Blbmbr666 05/30/23 3:17:12 PM #38: |
Vokrent posted... Jokes on you, the rates are gonna go up anywaysNot going up even more then. --- Your memes.... end here. ... Copied to Clipboard!
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ellis123 05/30/23 3:18:22 PM #39: |
Blbmbr666 posted... Not going up even more then.They going higher than "even more." --- "A shouted order to do something of dubious morality with an unpredictable outcome? Thweeet!" My FC is in my profile. ... Copied to Clipboard!
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Prestoff 05/30/23 4:03:05 PM #41: |
[LFAQs-redacted-quote] fixed --- DI MOLTO! ... Copied to Clipboard!
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Gobstoppers12 05/30/23 4:11:34 PM #42: |
To be fair, homes in California are incredibly expensive. It's the second most expensive state to buy a house in, with only Hawaii costing more. It's gotta be a major strain on the finances to cover houses that cost that much compared to all the other states. --- (He/Him) I write Naruto Fanfiction. But I am definitely not a furry. ... Copied to Clipboard!
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g980 05/30/23 4:16:32 PM #43: |
wow CE really doesnt understand how insurance works --- These old bones live to learn her wanton ways: (I measure time by how a body sways). ... Copied to Clipboard!
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Jagr_68 05/30/23 4:24:16 PM #44: |
g980 posted... wow CE really doesnt understand how insurance works Is it magical and gives us money back? --- New York Rangers [2004-2008] https://media.giphy.com/media/WvQHBYW0q4TuxdAg61/giphy.gif https://psnprofiles.com/Jaromiroquai68 ... Copied to Clipboard!
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UnsteadyOwl 05/30/23 4:28:44 PM #45: |
The way I see this going is that as climate change gets worse several parts of the country where people live now are gradually going to become mostly uninhabited. As disasters like hurricanes and wildfires get worse and more frequent in certain places insurers are not going to be able to insure homes without charging exorbitant rates and people are going to basically be forced to move. --- "It is possible to commit no mistakes and still lose. That is not a weakness. That is life." ... Copied to Clipboard!
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BakonBitz 05/30/23 4:31:09 PM #46: |
I remember when AAA cancelled our home insurance when we had to replace part of our roof. That's all it took for them to drop us, we had no other issues with our home for years. Insurance is a scam, tbh. --- Game collection: http://www.backloggery.com/bakonbitz Gaming channel: https://www.youtube.com/channel/UCwVQm69J7bGScbv3_50C0dA ... Copied to Clipboard!
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Derwood 05/30/23 4:36:36 PM #47: |
g980 posted... wow CE really doesnt understand how insurance works Looks like we understand it perfectly --- Living in fear's just another way of dying before your time ... Copied to Clipboard!
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garan 05/30/23 5:17:12 PM #48: |
lilORANG posted... It's why insurance is so scammy. The whole business model relies on not providing the service you are paying for. Yep, I've said for years that Insurance is a fucking scam. ... Copied to Clipboard!
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iPhone_7 05/30/23 5:21:37 PM #49: |
Anarchy_Juiblex posted... The point is to protect you in an emergency, not subsidize you living in a fucking disaster zone.This. Thats the governments job (just look at how its handled in the Midwest & South which are prone to tornados or hurricanes) --- Sig User Logic http://i.imgur.com/lA5fm7w.jpg ... Copied to Clipboard!
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