Home owners around Pacific Palisades had their insurance canceled a few months ago. State Farm wanted to avoid "financial failure" Does that sound "Like a good neighbor"? - ThreadSky

thedesertginger.bsky.social • 54 days ago

Home owners around Pacific Palisades had their insurance canceled a few months ago. State Farm wanted to avoid "financial failure"

Does that sound "Like a good neighbor"?

Comments

mr-el-guapo.bsky.social•54 days ago

Well, they did have Aaron Rodgers in a commercial, so it makes sense.

edyieeiyde.bsky.social•54 days ago

Meanwhile, in Maine, our Homeowners insurance rates doubled last year and I was told they will double again this year, making my HO policy $800/ MONTH (that is some folks' mortgage payment!)

$800 per MONTH because I live in a home built in 1869 and they don't want to insure historic homes.

still-leslie.bsky.social•54 days ago

I pay $16,200/yr for my own health insurance. It’s not exactly the same but it goes to how insurance companies are raking in money.

edyieeiyde.bsky.social•54 days ago

When I was a 1099, my ins was almost as high as yours and I had a high deductible.

still-leslie.bsky.social•54 days ago

It's a racket, I tell ya'!

thedesertginger.bsky.social•54 days ago

😵 That's outrageous!

b-mcconnaughey.bsky.social•54 days ago

Political arson, anyone?

cranberryhorn.bsky.social•54 days ago

How much did the Executives receive while they were cancelling policies? Sue them if policy was cancelled while in force and not at renewal.

norcagal-54.bsky.social•54 days ago

I'm in NorCal. Sonoma County where we lived through several destructive wildfires. Insurance companies have left. You can't even get renters insurance. The state of California is where many now turn to for coverage.

kjthatdog.bsky.social•54 days ago

Thats so gross

missy-ubermom.bsky.social•54 days ago

Sounds like what I’ve heard happened in Florida years ago. It’s insane!

iamlouisebrooks.bsky.social•54 days ago

And Louisiana.
Attorneys are still trying to get SF pay up from IDA!

noodlemama.bsky.social•54 days ago

State Farm is not alone in that. Lots of articles now about how there are about 20 states from which many insurance companies are pulling out, all due to risks caused by climate change. Instead of attacking one company for making a frankly rational choice, we need to address the climate change.

funnybunny1956.bsky.social•54 days ago

Bet they had a hard time getting new insurance

thedesertginger.bsky.social•54 days ago

A friend said it was really difficult

madhattermn.bsky.social•54 days ago

Insurance companies didn't cause climate change. And they have an obligation to all their policyholder to stay solvent. The P&C insurance crisis is only going to get worse (CA isn't the only place, #Florida).

thedesertginger.bsky.social•54 days ago

They're in the business of covering people in cases of disaster. They've taken years of payments and, with no notice, just cancel. It's not right

iamlouisebrooks.bsky.social•54 days ago

Exactly! They wouldn't pay my claim for Hurricane Ida ... Had a very small claim a year or so later my SF agent urged me NOT to file bec my insurance would probably be canceled . WTF?

iamlouisebrooks.bsky.social•54 days ago

#Louisiana

timetraveler.bsky.social•54 days ago

Smells fishy to me. Shades of what happened in Hawaii.

morganmghee.bsky.social•53 days ago

No, but it sounds like a fiscally responsible insurance company. They have to, by regulation, balance risk with premiums to ensure a fund to pay claims is maintained. If the risk requires too high a premium then the policy doesn't pass. We've known of this eventuality for more than 30 years.

twistedingenue.bsky.social•53 days ago

CA DOI put rules in place in 1988 the prohibited using Catastrophe Modeling in ratemaking, and only started to allow it in exchange for placing more high-risk customers this year. And then who knows how long those rate filings will take to be approved thanks to rate intervenors.

It's a mess.

dvick-or.bsky.social•54 days ago

I say they cancel your insurance for no reason then they should refund you all of they premiums you paid over the years

hollywould775.bsky.social•54 days ago

We have them and I’ve had them for probably 35 years at this point (I’ve had them since I was 18). Our RV got broken into by a bear last summer and did $5k of damage. My agent assured us we wouldn’t get cancelled, so far so good.

megalu.bsky.social•54 days ago

So they must be very tuned in to weather treads and what climate crisis looks like I guess the best they can do is screw people over ?

brookshoffos.me•54 days ago

OMG!!!

kramersus.bsky.social•54 days ago

Are there other insurance companies still writing policies in California?

ferrerman.bsky.social•54 days ago

I bet they don't even really wear khakis.

iamlouisebrooks.bsky.social•54 days ago

🤣.

danistone73.bsky.social•53 days ago

Ugh 😡

thom-prov.bsky.social•54 days ago

Jake got a lotta "splainin" to do!

lacentrist.bsky.social•54 days ago

Nope. About 10 years ago, we had a break in (our garage and they stole a bike), I filed a claim and Farmers dropped us after 25 years. The claim was $3k. My agent told me I should not have filed a claim. I asked, what am I paying for? Insurance companies suck. All of them.

lauriekuhnke.bsky.social•54 days ago

Truth! I’ve always called them legalized protection rackets, aka The Mob.

lacentrist.bsky.social•54 days ago

💯

thedesertginger.bsky.social•54 days ago

Exactly this. We pay in but shouldn't file a claim. It's bs

dadib.bsky.social•54 days ago

Yup. Been with progressive 20 years but just switched (unfortunately to state farm) after my premium went up after filing a claim due to a vehicle theft. Cause the stuff inside the car is homeowners but the vehicle is under car insurance.

lacentrist.bsky.social•54 days ago

I’m so sorry. Insurance companies are taking advantage of us. It’s all about their reserves. that’s how Wall Street rates them.

janabw81.bsky.social•54 days ago

After dealing with my homeowners insurance after Hurricane Ian I feel like it’s a huge scam. They do everything they can to not pay. It took over a year to finally get some settlement money and even then it was a fraction of what it would cost to fix it all.

hannibal-chau.bsky.social•54 days ago

A guy I work with had his house burn down last year. Lightning strike. The house appraised at $340k. Insurance gave him $220k. Just enough to cover the remaining loan balance. He had to take out a new loan to rebuild and start completely over.

janabw81.bsky.social•54 days ago

Honestly, I’m surprised he got that much.

lacentrist.bsky.social•54 days ago

💯

i-am-ronin.bsky.social•53 days ago

That's what I have been saying these past couple years. ALL insurance companies are a scam. It doesn't matter home, health, or car. We are overpaying, and they refuse to deliver when we need them.

lacentrist.bsky.social•54 days ago

💯 it’s like, why do we pay premiums? They either drop you are raise your rates by 100%. It’s complete bs.

bluealways.bsky.social•53 days ago

Try adding a 16 year old who took driver's education & has a cert of completion onto your insurance policy and watch it skyrocket.

lacentrist.bsky.social•53 days ago

I can only imagine.

randycam1.bsky.social•54 days ago

Omfg that’s insane

lacentrist.bsky.social•54 days ago

💯

randycam1.bsky.social•54 days ago

I’d be flipping tables lol

fliphayes.com•54 days ago

Lady lost her house in a fire but was told she wasn't covered for "total loss". "So what He have I been paying for all these years? - Ans: "Peace of mind."

lacentrist.bsky.social•54 days ago

😞

ignoramusx.bsky.social•53 days ago

I can't find the words to convey how much I agree with you. Last year, I was in an accident where a car hit mine and fled. He tapped me on the front, while trying to merge into my lane, and like the ball in Pinball, I went from one end of the highway, bounced against the kerb (somehow, there was a

ignoramusx.bsky.social•53 days ago

kerb and not the concrete divider directly), all the the way to the rightmost lane. Called up insurance, who said that because I couldn't get the other person's details, I was liable for the deductible AND the claim would be on my record, even if only as one being not at fault. Had to pay $1 out of

ignoramusx.bsky.social•53 days ago

pocket for a $4k bill. Even with claim forgiveness with AllState, my premiums went up almost $80 per month. Insurance companies are a total scam, designed solely to separate you from your money, which only gets worse when you actually use them.

lacentrist.bsky.social•53 days ago

I’m so sorry. They are gouging consumers and putting people into risk pools. They run a list of factors around risk and you get lumped in with the masses. It can be age, city, zip code and have nothing to do what you’ve personally done, but you are subject to the pool.

pschex.bsky.social•54 days ago

Even with car insurance we were always told to not file a claim because our insurance would go up and yadayada! Meanwhile our agent was winning trips to Paris, China, Europe and taking in the big bucks.

lacentrist.bsky.social•54 days ago

Oh! WTF? they are all corrupt.

iamlouisebrooks.bsky.social•54 days ago

Had a very small claim my SF agent urged me NOT to file bec my insurance would probably be canceled . WTF?

lacentrist.bsky.social•54 days ago

Right? That’s what my agent said. If fact, he said, “if you didn’t file that claim, they wouldn’t be dropping you.”

Good riddance.

bookworm19.bsky.social•54 days ago

Sounds like corporate greed to me

thinshadeez.bsky.social•54 days ago

If you don’t believe in climate change, ask the insurance companies.

higheredalicia.bsky.social•54 days ago

It does not.

politicalbeanpole.bsky.social•54 days ago

Not at all.

teenaweena.bsky.social•53 days ago

Jake’s got some explaining to do.

jrtwrangler.bsky.social•54 days ago

State Farm is one of the worst.

msbmoran.bsky.social•54 days ago

Climate change won’t be taken seriously until 💩 like this happens. And it’s going to happen more and more. It always comes down to money.

neuroblacklight.bsky.social•54 days ago

...and like a bad neighbor, climate change is there.

wwjerrydo.bsky.social•53 days ago

Insurance is legalized fraud. Nothing more.

blackcat1111.bsky.social•54 days ago

Definitely not.

https://newsroom.statefarm.com/media-contacts/

caliwash83.bsky.social•54 days ago

I do not like insurance companies. I also get why they left. We're seeing the same thing play out along the Gulf Coast and SE U.S. in the hurricane-prone states. Insurers have lost billions in these states and are making a business decision to just leave altogether.

caliwash83.bsky.social•54 days ago

We have really hard choices to make right now. Do we keep rebuilding in areas that are flood prone, fire prone, earthquake prone after a natural disaster? Or do we decide to relocate people to less dangerous areas? And how do we do that? Voluntarily? Forcibly? Who pays? Feds? States?

caliwash83.bsky.social•54 days ago

Private citizens? Do we create a disaster insurance agency similar to FDIC, or turn FEMA into that? States have em:
https://www.cnn.com/2024/10/11/business/citizens-insurance-hurricane-milton/index.html

caliwash83.bsky.social•54 days ago

I think people should have the freedom to choose where they live, but with our ever increasing number and size of disasters we need to decide how we make people whole again and option(s) we can live with. A national insurance fund makes sense if people want to continue living in higher-risk areas.

odessa-1.bsky.social•54 days ago

Same thing happened in Oakland after the fire there. And Florida. Where home Ins. can be a million a year, depending upon the size of your house.

rozone74.bsky.social•54 days ago

Look at where State Farm spends hundreds of millions of dollars they get from policy holder premiums:
Their name on Stadiums & Arenas
Multimillionaire Athletes to push their product in TV ads
TV ads
Executive & agent bonuses

Until Americans learn to have & stand on principles, corporate wins.

aletheia225.bsky.social•54 days ago

Jake. 🙏😔

itsflanoy.bsky.social•54 days ago

this year everywhere in California, companies leaving the state.

thedesertginger.bsky.social•54 days ago

Just like Florida

itsflanoy.bsky.social•54 days ago

preddy much - different types disasters but same problem

richp86.bsky.social•54 days ago

That's ludicrous.

jamarinerfan.bsky.social•54 days ago

jared!!

olivia10.bsky.social•54 days ago

FYI, insurance companies are for-profit corporations with stockholders. They aren't in the losing business.

twistedingenue.bsky.social•53 days ago

State Farm is a mutual company. No stockholders save for their customers.

olivia10.bsky.social•53 days ago

They are for profit.

twistedingenue.bsky.social•53 days ago

Yep, most companies are. And honestly, I think people are seeing the effects of a problem, not the root cause. The CA DOI has a lot of the blame here. As one example, they are just now allowing the use of catastrophe modeling in ratemaking.

olivia10.bsky.social•53 days ago

Wouldn't that be a way to entice insurance carriers to continue in California?

twistedingenue.bsky.social•53 days ago

Yep! A great start, and the DOI was only starting to make changes this year.

I had hoped within a couple years things would stabilize and there would be a gradual return to market, but I don't know what will happen now. Loss ratios were unsustainable before, so it's going to be very wait and see

just-shayna.bsky.social•54 days ago

It’s happening in NorCal as well.

mdaltonp.bsky.social•54 days ago

What they mean is they don't want to risk losing those massive profits every year.

listentothyself.bsky.social•54 days ago

Absolutely not.

occulturecritic.bsky.social•54 days ago

This is just Ludicrous

humantohuman.bsky.social•53 days ago

Health and Safety should not be privatized for profit entities.

The rates go up for everyone to pay for those who experienced catastrophe. Insurance is a safety net we pay for so EVERYONE paying in can benefit. So, why are insurance companies acting like assholes? Greed!

morganmghee.bsky.social•53 days ago

Sf is a mutual company, no stock holders. Profits returned to policy holders.

lsdaif.bsky.social•54 days ago

Sounds like insurance

bluedoggy.bsky.social•54 days ago

California should ban insurance companies who pull out like All state did from selling all types of insurance within the state.

pschex.bsky.social•54 days ago

How much warning did they give them? Enough time to find another insurance?

twistedingenue.bsky.social•53 days ago

Yes. In general, policies are non-renewed, not straight up canceled mid-policy period. I don't recall what CA's notice period is, but it's probably at least 45 days if not 60-90.

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