Robert Wendell received a surprise notice from his insurance company in the mail recently: a notice of non-renewal for his homeowners' insurance because his home is too old. Wilson Walker reports.
I'm they are just giving donations to elections. Most likely some personal "donations", as well. How else are politician making million$ ? That should be public information, if it already is then it needs to be reported on and easily accessed so that ALL voters can see the amount lobbyists are "donating" to their elected politicians, what perks/gifts they are getting and also how that affects their votes. Because they don't vote for us. They vote to protect themselves and their cash cow$.
Declining insurance coverage to houses based on age sounds discrimination. An old house does not necessarily mean falling behind code upgrades, though often they are. So the insurance companies must provide specific reasons. We were declined coverage by our insurer unless we fixed the roof while we were working out the details for a remodel. So we accepted that as a valid reason. Our house after remodel would be a brand new house except the framing and the foundation.
Imagine if an entire Historical District couldn't get insured because of age. Also plenty of municipal buildings, office building, and Churches older than that.
If they were destroyed, cities and counties would basically never be able to rebuild. Neighborhoods and communities would be empty lots for the wealthy and wealthy foreigners to pick up land really cheap. We're doomed if an earthquake hits. Let's all hope and pray for us all to be safe.
Look what a lifetime of paying taxes has done. Reparations for all, no benefits left for you. Insurance is failing like goverment ...the ponzi scheme folds.
This is nothing new. It's been going on for years. People who purchase period homes- because the age might be a couple of hundred years old where you can't get insurance at all.
My house is over 100. Previous owner upgraded the electric and plumbing systems. And added earth quake protection. There is no reason to reject a house because of age if the electric and plumbing are new. Frickin insurance companies! Cant the state insurance commissioner do something?
The guy in the vid is looking for coverage, how about you starting an insurance co and covering him and others? Just think, you have an instant customer base.
it doesn't work that way - you paid an annual premium for them to provide one year of coverage and they accepted the risk for the 12 months PERIOD! at the end of that year the terms of the contract has been satisfied by them, they provided what you paid for. each year they send you a new contract offer (policy) and you accept that contract by paying the premium.
@@yorinov2001 obviously it isnt working that way. Thew gentleman paying the insurance figures he will do that fo 40 years. When the insurance mob collects there money and gives them nothing but piece of mind then drops them after 25 years is criminal . I think u should give them insurance. Obviously if they have no Claims. You could offer it at a much lower rate
@@curiouspenguin6887it's a national thing, California just leads the way of goverment destruction in dispare. This is going to hurt residents....fire, flood, wind...kid burned a hotdog, battery bike caught garage on fire. It's a big deal. Czu fire clients are still struggling to rebuild....I don't have experience with paradise fire other than old news..... It's a dang big deal.
The problem with insurance companies is that you hand over your dues for 30+ YEARS and when you do have to make a claim... they say that's not covered... or they offer pennies on the dollar that you will need to fix the problem. We need more regulation so they can't just sit back and rake in the money for nothing in return.
Glad we put a new roof on couple years ago, but our home is over 100 years old now, but was updated sometime in the 70's both the foundation, and the wiring....
My neighbor had a leak in their foundation wall that led to a flooding in their finished basement. Insurance company response: "Oh sorry, foundation wall leaks aren't covered. We will pay you exactly nothing. Have a nice day"
Older buildings = older in-wall wiring, older circuit breakers (if not fuses), no sprinkler systems, gas stoves, few or no fire alarms, and so forth. We live in a 1964 house in Oakland, maybe we are next in line to be dropped.
I could understand if they won't insure because of wiring that's not up to code, plumbing that is also not up to code and roofs that are old, the house is is in disrepair, it's in an area with there is dry grass, brush, overgrown trees and landscaping, but just an arbitrary, "You house is too old" and never mentioned in the policy does't make sense. That should be for new policy holders when they move.
People need to understand that this country isn't about people or society. Everything will be better when we don't have to take into account people's lives.
I was stationed at the Mare Island navy yard in the early 1980's and loved the area. At that time I thought when I retire I wanted to come back to live. I never was stationed anywhere near there again and only would return on vacations. The way CA went down I'm glad I never made it back to live there. This just sucks what the corrupt insurance company did to these people. Shalom
Okay so you can't insure a home that is technically not old you can insure a home for fire are earthquake in you can barely insure your car so I'm guessing the insurance companies are going to tell people how to live their lives now this is stupid and utterly ridiculous so I guess we can't get a loan against this house no insurance can't sell the house no insurance
California makes it difficult for insurance companies to raise rates. As a consequence, canceling policies of properties deemed higher risk to limit their exposure and improve profitability. Seems odd their policy was cancelled, but other homes of similar type and age weren't. Wonder if they've filed any claims in recent years or there's something different about their house.
This sounds very suspicious!!! Has anyone noticed this has been happening all around the country where major insurance companies are canceling insurance or no longer offering new homeowners policies. California makes a little sense because of the wildfires which costs insurance companies enormous amounts of money. I can't think of any other time in history when this has been so rampant, And yet the media has been very quiet about this, just mentioning it on occasion. This will force homeowners either to sell their homes or find another company which will charge them very high rates!!! You will own nothing seems very probable!!!
This is all about the cost to replace the home. As valuations go up, insurance companies claim they are losing money due to replacement costs. Inflation is part of the blame as well as other factors.
It has also been said the the "open" floorplans of today's homes makes them more deadly in case of fires, they used to say "feel the door" if you sensed fire, if it was hot, don't open it - now we have much less doors and more open area -
If you cap premiums to a point where the insurance companies can't make money, they will cancel policies. It's just that simple. It doesn't matter where the home is located, its age, or fire risk because they are all part of a pool that covers the cost for any particular home that is damaged. The insurance company also has to figure the risk potential (though small) that all homes could be lost in a catastrophic loss and charge accordingly. Their goal is to survive and to make a profit. So, if they can't charge what they need to do so, they'll just not renew.
I hate to be a naysayer here, but the house is indeed in a high-risk fire zone. That tall tree standing next to he house, is a veritable torch. But a house's age should not be a criteria for housing insureance, as oftentimes insurance is a mortgage requirement.
This IS A big California problem that is affecting other states. I appreciate the insurance companies dropping the state like most corporate business have. Enjoy the weather, economy, sideshows and available shopping. Dont snibble, we as a nation dont want to pay your fire, flood, theft reparations anymore.
danielbrown: I see posts from Californians all the time that brag to people who left or are leaving CA for better lives in other States that those people won't be missed, that CA is super wealthy and pays for all the Red States, etc. I try to tell them that What Is doesn't mean it will always be. CA has been an extremely blessed State with good administrations for a long time. So, there's a generous cushion between the California They built and made great, and the CA that the last couple administrations have basically begun to drive into the ground. Now, the fanaticism that drives many of these people is driving away businesses, business owners, and law-abiding taxpayers in the middle and upper classes. As they leave, the replacement population isn't as helpful, so, eventually, the outgoing flood will be more than the incoming flood, and terrible leadership and bureaucracy will sink the entire State Despite everything CA had going for it before
You can stop that alleged trend. The guy in the vid is looking for coverage, how about you starting an insurance co and covering him and others? Just think, you have an instant customer base.
This is the opposite of communism. It’s business as usual. The insurance companies are in it for money, pure and simple. We may need socialized insurance. Definitely not communism!
