Insurance companies that canceled fire insurance policies in the Los Angeles area have cited California's regulatory environment, including rate caps, as a contributing factor.
State Farm, in particular, has significantly reduced its coverage in high-risk areas like Pacific Palisades, where it dropped nearly 70% of its policies.
So before we start feeling sorry for the hardships these fires have dropped on LA residents (although we still feel bad for anyone who loses everything) remember the politicians these people elected made decisions that caused the loss of insurance. Sometimes you really do get what you ask for.
Insurance is a scam now more than ever. Just think in 2 years I hit 70 at the State Farmers will increase my premiums to that of a young person just starting to drive.
saw a news report yesterday that said Calif. had recently legislated that homeowners must rebuild within two years ( a stated impossibility under current reg requirements) or their tax aspect will rise to current level ie; a 30 year owned home had a much lower taxation rate. Who saw that coming???
Messed up how insurance companies grow fat over the years off of hard working Americans then dump them when time comes to pay out on a claim. It is a off they knew the fires were going to happen and canceled policies to save themselves!
I would boycott these companies let them go into financial ruin, most of your premium goes to pay there lavish lifestyle anyways!
Not as simple as 'more wildfires happening'. State idiocy driven by Newsom's ridiculous 'leadership' has got California to this point. Corruption + idle promises + DEI = disaster
The Infamous Delta Smelt Fish Has Not Been Seen in Nearly a Decade - California Allowed Its Cities to Burn to the Ground Over a Fish That They Can't Even...
California's controversial water policies have sparked a devastating debate as cities burn while the elusive ta Smelt remains unaccounted for. Discover the troubling implications of this environmental dilemma. For the seventh September in a row, the California Department of Fish and Wildlife has caught zero Delta smelt during its Fall Midwater Trawl Survey of the Sacramento-San Joaquin River Delta.
.............................
he pistachio tycoons who guzzle more water than all of fire-hit LA
Epic water consumption by 'Beverly Hills farmers' Stewart and Lynda Resnick has been spotlighted by the drought-fuelled infernos tearing apart America's second-biggest city.
The wildfires engulfing Los Angeles have put an uncomfortable spotlight on two of its richest residents — Stewart and Lynda Resnick — agriculture tycoons whose farms guzzle a vital and scarce resource: water.
...........................................
California-Based Insurer Crashes Amid Billions In L.A. Area Fire-Damage Losses
Out-of-control wildfires burning across the Los Angeles area continued Friday morning, destroying at least 10,000 structures and causing estimated fire damage over $150 billion. Meteorologists have issued warnings for "critical red flag" conditions throughout the day, signaling that fire damage to homes and businesses will broaden into the weekend.
Insurance companies are bracing for the worst-case scenario as analysts at JPMorgan said Thursday that insured losses could top $20 billion.
JPM's Jimmy Bhullar said insured loss estimates could be revised even higher "if the fires are not controlled."
Bhullar said losses would be "confined mostly" to homeowners insurers like Allstate, Travelers, and Chubb, but noted that commercial property insurers like American International Group and Kinsale Capital Group could also be exposed.
Shares of Allstate dropped 5% in premarket trading, while Travelers fell 4%, Chubb -4%, AIG -3.5%, and Kinsale -1%.
I wonder how they knew?
Thanks for the restack, Gbill7, it is appreciated.
Insurance companies that canceled fire insurance policies in the Los Angeles area have cited California's regulatory environment, including rate caps, as a contributing factor.
State Farm, in particular, has significantly reduced its coverage in high-risk areas like Pacific Palisades, where it dropped nearly 70% of its policies.
So before we start feeling sorry for the hardships these fires have dropped on LA residents (although we still feel bad for anyone who loses everything) remember the politicians these people elected made decisions that caused the loss of insurance. Sometimes you really do get what you ask for.
State Farm must own a Ouija ( weegee) board . 🤨💰🤬🤔
Insurance is a scam now more than ever. Just think in 2 years I hit 70 at the State Farmers will increase my premiums to that of a young person just starting to drive.
saw a news report yesterday that said Calif. had recently legislated that homeowners must rebuild within two years ( a stated impossibility under current reg requirements) or their tax aspect will rise to current level ie; a 30 year owned home had a much lower taxation rate. Who saw that coming???
How about that!
Messed up how insurance companies grow fat over the years off of hard working Americans then dump them when time comes to pay out on a claim. It is a off they knew the fires were going to happen and canceled policies to save themselves!
I would boycott these companies let them go into financial ruin, most of your premium goes to pay there lavish lifestyle anyways!
Not as simple as 'more wildfires happening'. State idiocy driven by Newsom's ridiculous 'leadership' has got California to this point. Corruption + idle promises + DEI = disaster
The Infamous Delta Smelt Fish Has Not Been Seen in Nearly a Decade - California Allowed Its Cities to Burn to the Ground Over a Fish That They Can't Even...
https://www.thegatewaypundit.com/2025/01/infamous-delta-smelt-has-not-been-seen-nearly/
California's controversial water policies have sparked a devastating debate as cities burn while the elusive ta Smelt remains unaccounted for. Discover the troubling implications of this environmental dilemma. For the seventh September in a row, the California Department of Fish and Wildlife has caught zero Delta smelt during its Fall Midwater Trawl Survey of the Sacramento-San Joaquin River Delta.
.............................
he pistachio tycoons who guzzle more water than all of fire-hit LA
Epic water consumption by 'Beverly Hills farmers' Stewart and Lynda Resnick has been spotlighted by the drought-fuelled infernos tearing apart America's second-biggest city.
https://www.dailymail.co.uk/news/article-14268323/pistachio-tycoons-water-usage-los-angeles-california.html
The wildfires engulfing Los Angeles have put an uncomfortable spotlight on two of its richest residents — Stewart and Lynda Resnick — agriculture tycoons whose farms guzzle a vital and scarce resource: water.
...........................................
California-Based Insurer Crashes Amid Billions In L.A. Area Fire-Damage Losses
https://www.zerohedge.com/markets/california-centric-insurer-crashes-los-angeles-area-fire-damage-losses-billions
Out-of-control wildfires burning across the Los Angeles area continued Friday morning, destroying at least 10,000 structures and causing estimated fire damage over $150 billion. Meteorologists have issued warnings for "critical red flag" conditions throughout the day, signaling that fire damage to homes and businesses will broaden into the weekend.
Insurance companies are bracing for the worst-case scenario as analysts at JPMorgan said Thursday that insured losses could top $20 billion.
JPM's Jimmy Bhullar said insured loss estimates could be revised even higher "if the fires are not controlled."
Bhullar said losses would be "confined mostly" to homeowners insurers like Allstate, Travelers, and Chubb, but noted that commercial property insurers like American International Group and Kinsale Capital Group could also be exposed.
Shares of Allstate dropped 5% in premarket trading, while Travelers fell 4%, Chubb -4%, AIG -3.5%, and Kinsale -1%.