State Farm canceled California homeowners’ insurance policies months before wildfires

#washingtonexaminer #california #californiafires #californiawildfires #insurance #statefarm #homeownersinsurance #homeownership

State Farm canceled hundreds of homeowners’ insurance policies for residents in many of the same areas now in the path of the Southern California wildfires.

The insurance company’s reasoning for canceling policies for people living in Pacific Palisades in Los Angeles County was due to elevated concerns associated with an increase in the frequency and magnitude of wildfires in the state, according to Newsweek.

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[mikemalone]

I am glad my insurance co., State Farm, left California. They were smart enough to know the current government was not doing anything to mitigate the fire dangers in California. I am pretty sure that had California government taken the proper mitigation and preparation they would not have pulled out. If I built my house in a flood zone, they wouldn’t insure my house for flooding. Same principle.

[Kombiya]

Thousands of families have now lost every last one of their possessions, have no food, shelter, or water.

But hey, at least State Farm was able to avoid financial failure.

[M]

How can they do this? People pay years and years without using their insurance, and once you use it, they drop you.

[easterlake]

State Farm wanted to raise the premiums because of the high risk of fire. The state of California wouldn't allow the rate increases, so State Farm pulled out.
State Farm was 100% correct. California let the homeowners down.

[cmeister]

Insuring CA homes is like insuring drivers with multiple DWI/DUI's - the fires are caused by horrific CA lawmakers failures. WAKE

But I am praying for those that are the true victims of this disaster. No one should have to deal with this, please go after the true culprits....think!

[jesseb]

They weren’t cancelled, they were non-renewed. Huge difference

[cdb]

If the government cuts off the water you can’t blame the insurance companies for dropping clients. Having the ability to put out fires is a known benefit for anyone that pays for insurance.

[barrettkettle]

They know it happens every year and the folks in charge made it un preventable

[pumpkingirl]

We had a Business, House, and Car Bundle with StateFarm, we got burglarized
with a loss of $6, 000 and they refused to pay...we cancelled all immediately.. Crooks 😝

[g.w.hampton]

I JUST FOUND OUT THAT LOS ANGELES WANTS TO HOST THE OLYMPICS IN 2028.. HOW CONVENIENT SO MUCH LAND WILL BE AVAILABLE.

[wildwhiskeywolf]

Why do people still think Insurance companies are useful in any way?

[jeffreylindley]

They have a right to do that. The California legislator needs to be blamed in this case. State Farm cannot stay if they do not get the premiums that are needed to support the risk.

[paulatrujillo]

They did this in Hawaii and the empty water to fight the fires!!

[photojones]

People have the power, anyone with State Farm insurance policies nation wide should take their insurance needs elsewhere, put these companies out of business..., Remember people have the power

[kriskeilholz]

State Farm CEO Salary last year was 24 million. I respectfully submit that this is the real problem. 24 million is 65, 000.00 a day. Really.

[IamHolou]

People: pay an insurance company because they fear fire could break out.
Insurance company: looks like we need to do exactly what we were paid for.
Also insurance company: No

[jons]

If fire victims happen to get ANY insurance settlement, they need to leave California while they have a chance.

[Foxfried]

Don't see what the problem is, they told them ahead of time.

[desmo]

If there’s a business case other insurers would enter the market. People think they should be able to pay a $1000 policy per year and make one, two or more million-dollar claims over their lifetime. Insurance is not an entitlement. Forcing insurers to insure high risk will make those in low risk areas subsidize some of the cost in their premiums.

[sanders]

It’s a common and dangerous mistake for people to think insurance companies are there to help when needed. Their sole aim is to make big profits and most do everything in their power to avoid payouts, especially large ones