And trump is trying to gaslight Canadians…try to guess who’s putting out the fires.
Los t Angeles
Lost Angel
esIt’s on a VHS cover somewhere. I never rented it.
Edit: Styling
In return for this added coverage, the state is making a few big tweaks that will allow insurers to pass on the price of fire risk to their customers. California is the only state in the country that doesn’t allow insurance companies to use forward-looking “catastrophe models” when they set prices. It also prohibits companies from factoring in the rising costs of reinsurance, the insurance purchased by insurance companies to ensure they’re able to pay out big claims.
This is basically the one and only time I’m on team Big Insurance. They want to write policies for people. That’s how they make money. They don’t want to write policies that cost more than the cost of the premiums they charge. It sounds like that’s what people are asking them to do, and then reacting as if it’s some kind of double-cross that the insurance company isn’t into the idea.
Lloyd and his wife later bought another home in Hidden Valley Lake, a town that has taken ambitious steps to reduce flammable vegetation, but their insurance premium is still more than $4,500 a year, more than triple what it was on their last home in Kansas. Lloyd is worried that his insurance company will hike his price further under the new rules.
Sounds like Lloyd and his wife need to speak to the wildfire’s manager, tell it to sort that shit out or they’ll have lost a valued customer of wildfires and natural disasters in the future.
I’m not sure why you’re being down voted because you’re right… maybe its just that bit at the end of your reply.
FTA, large insurance companies are required to insure risky homes if they want to do business in the state at all. Since they can’t use catastrophe models or reinsurance they have to spread the risk over every home they insure in the state. So, people living in risky areas are having the cost of insurance subsidized by people living in less risky areas.
This creates perverse intensives. Peeps are just going to rebuild in areas with high fire risk… right? Want a big mansion in the woods? No problem! We can just rebuild if it catches on fire! Paid for by the public!
I don’t know what the answer is, but the insurance companies just aren’t at fault on this one. If you take issue with the increased rates, your problem is with climate change, and a housing system that requires insurance to function (houses are so expensive that we pay with mortgages, which require insurance).
Lloyd should move.