California homeowners struggle amid state's insurance market crisis 

Why? You paid the premium, they provided coverage during the policy period. The non renewal is point forward.

Sure, keep making it harder for insurance companies to operate in CA

@@steveguillory7568 They offered the premium in the first place. They shouldn't have made a contract with you. state farm has risen their cost on me every year 30% since 2010. It's getting stupid! there isn't any other option in my area.

It’s not going to work

Why would any insurance company want to do business in a State that it costs ten times more to repair damage than any neighboring State. With all of the ridiculous permit costs, fee costs and what contractors charge in California it's no wonder they want to bale. On top of that, the property owners, understandably, don't want their insurance premiums to reflect the cost of doing business there. I don't blame the insurance companies for making the logical decision. And yes, Florida is in the same pickle as California. If you live in a area that is prone to wildfires, earthquakes or hurricanes get used to paying extremely high insurance rates. The rest of us that don't live in those areas shouldn't have to subsidize those that do decide to live in these areas, by raising our insurance costs.

State Farm posted net loss of 6.3 Billions in 2023, loss of 6.7 billions in 2022. Why don't ordinary people give it all back, these ordinary people are loving, caring, people, no?

No, when it's too costly to do business they leave. See the PGE caused fires.

What insurance companies collected in the last 10 years, they paid out 125% of that in the last five. What ever rate increases they got had to be revenue neutral...if they raised rates in one area, then some other place got reduced rates.

Insurance companies are mismanaging their business and money if they can’t afford to actually do their job…. but keep simping for the corporate overlords with that big cuckold energy👍

Ok simps👍

Crowded? lol what…

@@brianholloway6205 nearly 40,000,000 is crowded...by any measure

They need to stay there and suffer their voting ideology end game

Nothing they loose more money in California, leaving it would be profitable

If you want to know what I mean, just go to the fair plan website and read it for yourself. It says that they're in plain English. The crazy part, is that other news organizations keep reporting that the fair plan will be insolvent. Think about it, this Fair plan is a joint company that is basically owned by all of the insurance companies. Therefore, it can't be insolvent without some illegal bookkeeping. Also, think about your econ class that you had in high school and see if that doesn't sound like a monopoly. Also, if they really are insolvent, then they are basically breaking the law, because you can't sell insurance in the state of California unless you can show that you can cover the losses. Bernie Madoff went to prison, for telling people that they had a lot of money in their accounts when actually he couldn't come through and was insolvent. They called what he did a Ponzi scheme and basically, if you are sold insurance and then they say they are insolvent all while officials knew that, that is a sanctioned Ponzi scheme. I'm not a conspiracist and I don't have an ax to grind one way or the other. I'm just pointing out very common sense. Go and look at the website yourself and this should make complete sense to you. I'm not saying that the insurance companies are wrong or that the insurance commissioner is wrong, or that we shouldn't be charged more or less. I mean I have my opinions about that and some ideas about what would solve the problem, but that's not my point here my point is please stop giving out misinformation!!

Okay, one more thing. Man I hate to sound like a big mouth on this, but I didn't listen to the whole thing because I was so quick to react. I just went back and listened to the entire video. One thing I see that is great in this video, is that someone is actually finally checking the books for the insurance companies. Did you hear them say that they were worth x amount? That's not the figure that we need. The figure that we need is the profit and loss statement and not the balance sheet. A balance sheet does not tell you whether you're losing money or not, it just tells you that you have a certain amount of assets. What would be interesting to see, is the actual profit and loss statement. Then, we can see if it is actually true that they are losing money, or have just reduced their profit. For instance, there are many small businesses right now, that have reduced profit, but are still operating. Any small business owner in this california, most likely is not making as much money as they were a few years ago. Basically, inflation has gone through the roof and businesses can't keep charging their customers more and more. Therefore, the insurance companies ought not to be different than small business owners. If inflation and costs have gone way up, and they are making a smaller profit, then join the boat with us. But, we won't know if that's true without seeing a profit and loss statement. And when you have crazy bookkeeping, like a company that all the other companies are part of, good luck making sense of those profit and loss statements. By the way, for better or for worse, I am a free market person. I don't really think that the insurance commissioner can do much to regulate, if the insurance companies are actually losing money. It doesn't make any sense does it? What I'm saying is, if you were elected to make sure that certain companies didn't charge too much and then they came and told you that they couldn't make any money and you insisted that they not raise their rates, then essentially you would be driving them out of business. That's why I believe in the free market. But then, for better or for worse I am a believer in some form of capitalism. If you want to believe in socialism, I have absolutely no problem with you believing that and I'm sure that somewhere somehow a socialist system works. For instance, I have a socialist system in my household and it works. I don't compete with my wife and children and we share everything. So far, in the 20th and 21st century, there are some examples of socialist systems working. So far in the United States of america, I have not seen anything that makes me believe that our culture and we as people will ever have a system that is socialist and will work. For one thing, our culture is too diverse. So, I'm not arguing capitalism versus socialism, but just the fact that a an insurance commissioner or anything that they can really do other than be a headpiece. Seriously, if you were elected as the tzar of insurance, and a bunch of big billionaire insurance companies told you that they needed to charge more, what can you do for them to take a loss? So, that brings us back to competition. Capitalism and free market need competition in order to make things work right? If you and I could start an insurance company right now, and we didn't have to have billions of dollars and jump through certain hoops, we could get very rich right now. For instance take Paradise california. It's not going to burn again, because everything is already burned up. I would start myself an insurance company and insure everybody in the town and make a killing. It would be a great Gamble and I would do it right now. It's better than opening a barber shop or a muffler repair shop right? If you open up one of those businesses you're going to work your ass off. If you start an insurance company and sell policies in paradise, you're going to make money, because that place is not going to burn. So, you ask yourself, why doesn't somebody do that? Because it appears that the insurance companies are a sham for competition. There is no competition. They are all charging the same price and want to make a profit. Also, if you look at what we've all been educated about over the last couple of years is something called reinsurance. What private Joe ever heard of reinsurance before the last couple of years. These are basically people who insure insurance companies do you know who they are? I sure don't? But I can surmise one thing..... There are people with lots of money who make lots of money off of their money. And, they have a long history of making lots of money off of insurance companies. They are not going to continue to insure those insurance companies unless they get a certain rate and because they've had to payout a bunch lately, they want their money back. They're just going to take their billions of dollars and go invest it somewhere else. So there, I believe that's what's happening here. The big big boys somewhere at the top who knows who they are, had to pay out some money and they want it back. So, as the old saying goes, "off to work I go to pay the debt I owe". Single family home that you own that you think is going up in value, is not going to have gone much up in value after you subtract what you paid in homeowners insurance. But, you're not going to get ahead renting either. Let's face it, you might as well take some deep breaths and feel happy for the moment, because you're not getting anywhere. Not in California!

Already is😂😂😂😂

Did you vote Democrat?

I love State farm... CA is too risky

Insurance problem is a widespread problem. Florida is even worse. But I do agree that $20 minimum wage is a terrible move. It is essentially raising a minimum inflation. Restaurant menu will be very expensive to offset the cost.

Exactly

​@@malin7919did Florida have insurance companies leave the state completely?

Also, didn't TX have a higher premium cause of extreme climate changes no one believes in? Instead of complaining, do some research before posting.

@@middleguy1776 Yep.