Apparently, these insurance companies in LA are canceling people's fire coverage. People are losing their entire livelihood. All these companies care about is their profit margins. And people are still wondering why Luigi did what he did.
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and the government allows ut. The government regulates insurance companies. American tax payer will be the payers in this horrible event. Unless insurance companies are forced to pay. Do you think the 😡🦧will insist they pay
It's going to get weirder as they're implementing AI and machine learning to do the analysis, which is exposing weaknesses in their business models. Risk threshold is something like 3.2%. Last, I had a discussion with the devs in that industry.
Just went through a recertification after cancelation. I had to replace my electric meter, my roof, and the water heater and document every repair. They still wouldn't re-up me without pulling in CA Insurance Commisioner. Even with the help, it was a dice throw getting renewed.
Imagine buying a house and paying for fire insurance every single month for years and years and when a fire actually happens the insurance company just says nuh uh
Things like that need to be illegal. We need better protections for consumers and not more deregulation. Deregulation allows this to happen. Zero accountability for shady business practices.
So the USA not only the land of the free it's also the land of companies who feel free to do as they please, no wonder there is so many billionaires in the USA, are they also crooks as well?
So, they will receive no reimbursement. So people understand, you still owe the $$ on your mortgage. ~Probably Feb 1, you might still be required to make a mortgage payment on your destroyed house. Without insurance, that mortgage is still binding on you to payoff, refinance, or default on.
Sad.
I have been reading that they canceled them last year. They did the same in Florida.
Insurance companies suck, but this isn't just them. It is absurd to expect to be able to rebuild continously in areas that are made uninhabitable by climate change.
Yeah that's not the solution, obv. I don't know what the solution is, but the aridification of the west is a pretty dire situation and rebuilding forever isn't it.
Agreed. However, some responsibility must be taken by people who choose to live in a semi-arid ecosystem. The risks have always been obvious, and that risk has only been increasing.
They had plenty of time to get other insurance. The problem is if you call another company and they tell you it's $10,000 for a year, you have a big choice to make
They taught us how to free Luigi today. By granting an unconditional discharge, Merchan places a judgment of guilt on Trump's permanent record without any other legal penalty. No fine. No prison time.
there are a lot of bros. aka dumb fucks out here justifying the profit/loss issue with insurance and when you say "fine. nationalize insurance companies in CA" they lose their shit, even though they love seeing LA burn. They're not human anymore at this point.
CA's insurance commissioner just enacted a moratorium on cancellations and non-renewals through 2026, so anyone in the affected areas who's currently covered should be protected. Anyone who didn't already have coverage is probably still out of luck though, unfortunately. The system inherently sucks.
Does the moratorium prevent a company from leaving the state entirely after it ends? That will be the predictable response by insurers and it won't be a good thing for most homeowners and businesses, unless government creates an alternative.
And the really infuriating thing is that, in some of the neighborhoods like Altadena, folks who've lived there for decades bought their homes at reasonable prices. The current market value / replacement costs--with or w/out insurance--are INSANE.
Fire insurance covers the rebuilding cost, which is not the same as the purchase price. In an expensive area, the rebuilding cost will be a lot lower than purchase cost, the difference in house price between a cheap and expensive area is the land and they didn't lose the land in the fire.
Spent 30yrs litigating against insurance companies and the one common denominator is that if they can void a policy or pay out minimal compensation they will.....they are solely profit driven
All any public corporation in America cares about is their profit for the owners. It has rotted everything in America like a viciously profitable private equity firm.
National Association of Insurance Commissioners figures show that US insurers made record profits of $87.6 billion in 2023 from Property and Casualty business. The first 3/4 of 2024 indicates they'll break that record: they've made about $130 billion in net income in P & C policies.
Sorry I just have this tick that makes me add Allegedly whenever someone says that Luigi killed the CEO because it hasn't yet been proven in court and since when are the NYPD a trustworthy source
Farmers canceled our insurance in 2023. We spent $15K on mitigation work they requested and they did reinstate but doubled the premium! In 2024 they bailed and wouldn't budge. We now use Bamboo for liability and CAL Fairplan for fire. We're in Sonoma county and have never claimed in 70 years insured
This fire will affect other states insurance too. Here in Colorado people could possibly be dropped for fire danger as well. Time for major changes within the insurance industry.
It's time for a National Natural Disaster Insurance program that covers all types of disasters everywhere in the country with sliding scale premiums and no opt outs.
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Those services are essential.
because if their finances were somehow joined the insurers would want fires to be stopped before they have to make massive payouts
ps ca plz build brick homes w slate roofs tq
Sad.
Insurance companies suck, but this isn't just them. It is absurd to expect to be able to rebuild continously in areas that are made uninhabitable by climate change.
They were worth only $134 BILLION in 2023…
And they're not cancelling policies righ now. Doesn't work like that.
Sorry I just have this tick that makes me add Allegedly whenever someone says that Luigi killed the CEO because it hasn't yet been proven in court and since when are the NYPD a trustworthy source