Why are homeowner's insurance rates going up in California?

San Diego based insurance broker Kiyoma Yoshizumi says his office has been inundated with phone calls from new clients for weeks. Thousands of San Diego County homeowners are seeing their homeowner’s insurance bill skyrocket.

“We are getting about 2-5 new phone calls a day from new clients, basically saying my premium went up 3-5 times last year can you find me anything better or I am being non-renewed by my current insurance company,” Yoshizumi told CBS 8’s Heather Myers.

[Karmazov]

These new fire risk maps are proving to be such a cash cow for the insurance companies.

[vishnu]

Grocery up, car insurance up, everything up --- LOVE IT.

[coastalhillbilly]

Electricity has doubled in last couple of years, NG up at least 50% as well

[Impozalla]

My homeowner's insurance in Florida was $2, 500 annually and now it's $10, 000. The increase is just ridiculous. It's either pay it or just wing it; hopefully there's no hurricane that will destroy the property. I'm thinking about selling my Florida property and just stay in California.

[rickyricardo]

Because they want your land and don’t want you to be there

[hopespringseternal]

We were NOT in a drought last year, nor are we in a drought this year. It is not even abnormally dry in any portion of California.

[gammagogeta]

Ok definately not the lowest auto insurance in the country. I lived in 3 states and CA is def way way higher.

[jimmycain]

It’s California everything goes up except dope.

[rbfarrell]

Bottom line insurance companies want more profits. Most people pay house insurance for many years and never file a claim. It's the same for car insurance it is just greed.

[SC-peir]

Don't think for a second that insurance companies aren't going to try and mitigate their payout losses by increasing insurance. Lenders will probably also require fire insurance the way that they require flood insurance if you're in a flood zone

[ADadSupreme]

Stationed at RTC/NTC in the early 80's@ 18yrs old. First time in California and I knew I wanted to live forever in San Diego/Point Loma/etc. Fast forward to now; never got a chance to go back after serving, settled, married, bought on the East Coast. I look back and all I can think of is ... God sure was looking out for me. I still want to go back and see it (weather), but years ago I knew CA was not the place for me financially. Things couldn't have worked out any better now that I'm headed into the 60's.

[desmeisme]

How does California believe its current residents can keep up with this amount of money when we’re Barley holding on as it is

[spotlight]

Why, Greed! Mine just went up from 1400 to over 2000 a year plus a 5000.00 deductible.
No, exclamation!
The governor should do something about it.

[Karmazov]

The insurance companies are dropping their customers in areas where there is a risk of wild fires.

To mitigate the loss of revenue due to the non- renewal of customers in those high risk areas the insurance companies are raising premium for everyone else even though in many areas there is no risk of wild fires.

It is a win win situation for the insurance companies going forward because there is going to lot less risks for these companies and whole lot more profits due to high premiums.

[harmonk]

The price has been kept artificially low for decades. You can thank your politicians, and people who built in high risk areas.

[patrickmccarthy]

"It's working, " says President Biden about his inflation plan. Perhaps we didn't understand which direction he meant.

[glynnjohnson]

Real nice allow insurance companies to make new fire map to raise and quadruple insurance rates. In Southern California everyone is a wildfire zone of some kind unless you live in downtown San Diego or Los Angeles surrounded by high rise concrete buildings 3 miles in every direction.

[robertaperez]

Car insurance went up to $5000. For 6 months, what's the reason. Shit, house insurance went up, 98%, , then we have taxes, all i have is stress, 😢😮

[sunnienie]

how any home owners owning a house apartment that been build before 1980 afford the home insurance

[ampcenter]

nice looking white 1980s cadillac in the background