Why did insurance companies drop California victims’ policies? | Cuomo

President of Crescenta Valley Insurance Rick Dinger joins "CUOMO" alongside David Jones, the former California insurance commissioner and current director at UC Berkeley's Center for Law, Energy & the Environment. The pair debate insurance companies’ controversial choice to no longer renew policies in California amid fire risks.

#California #Fire #Insurance

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[marty]

The insurance companies are like the canary in the coal mine. They sensed the area was unsafe and got out... and guess what? They were right.

[Flower-ycxl]

It look like State Farm is smarter than our Governor and Mayor 😮

[johnangela]

They dropped them cause the governor wasn't cleaning the brush

[darkgalaxy]

Someone in the insurance industry finally wised up & said "Why are we insuring wooden structures in a fire prone area that's just waiting for the next match?"

[robertjohnson-mtpz]

The insurance companies dropped these policies because this crap happens every year and they were losing their A$$E$.

[cjadrien]

We’re in central Oregon and these carriers pulled out of most areas around us years ago. And I get it. The west coast is a giant tinderbox, worsened by the gross negligence of our forests, and there have been no restrictions on the urban spread in high fire risk areas. Just like how we’re encroaching on bear territory, we’re encroaching on Fire territory, and then we’re all surprised when a fire runs through.

[masterofnone]

If insurance company no longer wants to take your money. There is great "risk" and they don't want to be part of it.

[sew_gal]

CA has fires every year, everyone who lives there knows it. I mean I moved specifically because of the fires, can't pay me to live there now

[Straxus]

Don’t blame the insurance companies, blame the people you vote for in California for not doing anything. Insurance companies don’t have the obligation to include fire coverage when fires are a yearly occurrence.

[mr.b]

Anyone who has taken an introductory economics course knows that price controls typically lead to shortages. So why are people surprised that imposing price controls on insurance premiums has resulted in fewer insurance offerings? The answer isn't ignorance, it's willful evasion.

"You can avoid reality, but you cannot avoid the consequences of avoiding reality." -Ayn Rand

[Willfully_Ignorant]

Because Fannie May and Freddie Mac worked out really well in 2008.

[Llama_vet]

So many people in America don’t read it’s sad.

[johnbruenn]

Insurance companies aren’t stupid. Look at California. Mismanaged forests. Insane regulation. Highest taxation in the country. Unbelievable incompetence at every level of government. Who in their right mind would underwrite that?

[aprilg]

This is not all climate change, improper forest and water management issues, or poor leadership in California. This is simple business. Insurance companies are losing more money than they are making.

[LargeDude]

Cause like a good neighbor, State Farm is There 😆

[FCastro-wmyv]

isn't it obvious?
Insurers are not idiots. They hire statisticians and actuarial specialists for a reason.

[tibbaretihweht]

All of this was orchestrated!!! The low water reserves, the dry underbrush, the dropped fire coverage.. ORCHESTRATED!!

[irenmolnar]

Best is to move from California problem

[donalddelgado]

Oh man, is this the end of mahomes commercials????

[Uswesi]

Victims apply to FEMA, and then wait until further notice.