Bay Area homeowners frustrated over State Farm Insurance rate hikes

Kenny Choi reports on Bay Area homeowners bracing for the latest rate hike from State Farm Insurance.

[anthonygermano]

Here in North Beach of San Francisco, State Farm dropped us for Insurance. Never ever in all the decades living in this house have we ever filed a claim.
Thanks for nothing State Farm.

[Phoenix-fi]

My Farmer's rental insurance rate went up 73% this year. Passing on rate hikes this high to city dwellers because of wildfires is ridiculous.

[DeenaMilkers]

if the insurance company is just going to deny your claim, is any insurance rate reasonable?

[ivandragomiloff]

But why are people in the Bay Area mad? They voted for these things. They voted for price controls on the insurance market, and price controls lead to chaos. I’m no fan of the insurance companies, but the FAIR Act and price controls was the wrong way to go about this.

[gary]

We need deflation to control home prices, taxes, and insurance.
Raise interest rates.

[formfunction-os]

What a racket you modify weather to cause disasters, then get people out of their homes either by destruction or by expense. In turn insurance companies raise rates forcing more homeowners out of homes. Vicious cycle

[ltkwok]

Also building codes to reduce fires for new and phase them in for existing homes.

[jamarvis]

High construction prices, rampt fraud and fire risk is to blame

[smk-qs]

Interest Rates need to be at 10% given the Rapid rise in Property Tax, PGnE Bill, Utilities, Water, Insurance, Healthcare

[krjourneyfan]

The severity of California wild fires would be reduced if the Forest Service was allowed to actually do forest management and reduce the fuel loads.

[christopherbasham]

Hey folks houses made of wood burn, really well. Maybe build back with concrete.

[edrosiak]

The main problem is the state’s dismal efforts managing the state forests resulting in annual wild fires and the out of control crime which has directly affected insurance rates. You can thank the Democrats for this as they focus on illegals rather than serve the state’s citizens.

[brentfisher]

Our State Farm policy increased 300% this year alone. We sought out other insurers (even a company we were already doing business with on another property) but were told, 'Thanks, but no thanks right now.'
Other here cite CA's business environment, but we have friends in states like UT and CO who are facing similar increase.

[melissalaliberte]

Here in Virginia the State Farm car insurance goes up every month. It's crazy I pay almost the same as my mortgage for my home.

[thevoid]

Gavin Newsom appointed bureaucrats are allowing utility companies and insurance companies to raise rates. Just remember that when going to the polls.

[sandytep]

My allstate go up more then 30% already we never claims for 24 years

[yayarea]

Insurance companies are a bunch of thieves, but then again there's plenty of crooked people out there who try and do get over on insurance companies. Imagine if people were actually responsible and did the right thing, it's not easy but it is possible.

[rj]

Guys get real, an insurance company can only work when it makes money, if the claims skyrocket so will the rates, if the cost of building go up so will the rates, if cost of real estate skyrockets so will the rates, wild fires, storms, wind damages will not b covered if it happens every year & if the mortgage payments are 50k get prepared to 5 to 6k / a year insurance or go naked with no insurance, that's a choice too that's if your house is paid off .

[copyprint-fzhb]

LMAO 🤣 iCali , maybe it the car jackings and home break ins

[christopherconcept]

It’s only right they increase everyone who decides to live in a fire zone. That is their choice