California homeowners struggle amid state's insurance market crisis

People across California continue to struggle as they are being told their homeowner insurance policies will not be renewed. Thom Jensen reports.
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[hudsonfrank]

"Densely populated' total bs answer. Just insurance being greedy.

[michaelscarn]

I tried changing my insurance recently but most companies are not written new policies for homeowners, I don’t know what the hell the state govt is doing but this should be illegal

[edwardbianchi]

We looked at how much profit is at risk and FU!

[myworld]

Sounds like State Farm needs to give her. Huge refund

[anthonyhamilton]

People are becoming insurance poor. It’s getting expensive for any insurance for car health and home. But the ceo is still getting millions a year in bonuses.

[MH_]

I think there should be a law that if your insurance is cancelled you get a 100% refund on your premiums…

[Levikrw]

How about we get the department of insurance approve proper rate and not wait 600-900 days

[samuelwong]

This is how big financial institutions like insurance companies can screw ordinary people.

[ElonMuckX]

The company is worth $134B, but what do they have in investment assets. Their problem might be that they invested at low income rates, and now that the interest rates are higher, they are not making enough money on their investments.

[ginogallegos]

That's a sign for everone to drop state farm all over the U.S

[threeheavenshealing]

When insurance companies actually have to hold up their end of the bargain, they suddenly don’t want to do business with you anymore.

[WalkawayRene]

Houses are unaffordable nationally and we will be a Nation of renters. Only rich people will own houses in the future.

[MadStyle]

Happening in Florida as well, Another High risk state insurance companies are saying.

[douginorlando]

No insurance means no mortgage. That will put a drag on home sales

[starrysky]

Yup, finalizing my California Fair Plan policy tomorrow morning with my broker. Buh bye money 💸…

Ridiculous, JUST fire the new premium is going to be $ 2, 713.00 for anyone curious about cost.

State Farm dropped me on the notice of wood siding and wilderness proximity. Not a surprise but EVERYONE up here IS losing their insurance and freaking out.
Beyond that I now need another policy for all the other home schtuff.

The price of living in Lake Tahoe. It’s a good thing I live in vacation land where nature is FREE.

Mountain biking and hiking on tap from my backyard 😛👈🌲🌲for 2024. 🤬 Gotta survive the stress somehow.

[anderander]

I suggest to move to a less crowded state

[DanL]

I call bs on the $1 in $1 out claim. If you ever tried to file a claim with State Farm, you’ll know how hard it is to get them pay.

[Lucy-ecpt]

What happens if California residents start boycotting State Farm Homeowners insurance as well as auto and every other product or service State Farm offers in California

[Steven-xfmz]

People are all angry before you read some financial.
If it's a great deal, why would insurance companies leave? If it is soooo easy, why don't you all set up a company to insured these houses in these places?

The missing link to all of these: State Farms posted combined estimated $13 Billions loss in 2022 and 2023. It's such a great deal, why don't you people pull out $6-$7 Billion dollars from your banks and insured these house for 2024.

[danasmith]

If you won't let them make any money, why would they 2:06 want to i nsure your house? Car or life ?