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2025-01-19 -Land of the Free

Turns Out All CA Homeowners are going to backstop the LA Fires with increased premiums-Insurers' Rule Change Puts California Homeowners on the Hook for L.A. Fire

[Archive.is] The spiraling cost to rebuild could overwhelm the California Fair Plan, the decades-old, government-created insurance safety net

A little-noticed rule change last year by California’s insurance regulator will likely shift a large chunk of the cost of the Los Angeles wildfires to homeowners across the state.

Pushed by insurers, the change puts California homeowners on the hook to pay directly toward the cost of rebuilding from very large disasters through even fatter insurance bills—whether they were exposed to the L.A. fire or not.

“That would be a huge wake up call for Californians because they have no idea that the rules have changed,” said Dave Jones, a former California insurance commissioner.

The new policy affects the backstop for California’s Fair Plan, the state’s insurer of last resort, which sells fire-damage policies to homeowners who can’t get coverage elsewhere.

The worry is that the Fair Plan lacks the resources to pay for the quickly escalating cost of the fires, which have destroyed tens of thousands of structures.

Posted by NoMoreBS 2025-01-19 00:00|| || Front Page|| [11153 views ] Top
File under: Pirates

#1 More U-Haul trucks will soon be needed in California.

Posted by Besoeker 2025-01-19 01:05|| 2025-01-19 01:05|| Front Page Top

#2 California - a horrible example for the rest of USA?

Posted by Grom the Affective 2025-01-19 01:13|| 2025-01-19 01:13|| Front Page Top

#3 ...yes. As someone else said, everyone is good for something, even if its a 'bad example'.

Posted by Procopius2k 2025-01-19 08:38|| 2025-01-19 08:38|| Front Page Top

#4 I'm fairly sure there's a "good reason" that all the rest of us will be asked to help rebuild mansions in California. I know it's coming.

Posted by ed in texas 2025-01-19 08:43|| 2025-01-19 08:43|| Front Page Top

#5 ...well, right after Western NC and they finish up their already subsidized high speed train to nowhere.

Posted by Procopius2k 2025-01-19 08:50|| 2025-01-19 08:50|| Front Page Top

"Insurance" is little more than protection money. You simply mail in the check, as opposed to someone coming around to pick it up.

Posted by Besoeker 2025-01-19 08:54|| 2025-01-19 08:54|| Front Page Top

#7 No getting around it, California is expensive. Anybody thinking of moving here should think again. Unfair too. But that's to be expected of Democrats.

Posted by Glager Bourbon2765 2025-01-19 12:12|| 2025-01-19 12:12|| Front Page Top

#8 As though insurance companies aren't going to raise their rates across the country to make up the shortfall. Yes, you will be paying for California's lousy decisions.

Posted by Mercutio 2025-01-19 12:16|| 2025-01-19 12:16|| Front Page Top

#9 We'll either be paying higher premiums or higher taxes to cover it.......or both.

Posted by Besoeker 2025-01-19 12:18|| 2025-01-19 12:18|| Front Page Top

#10 Anybody thinking of moving here should think again.

Governor Newsom’s Open Letter to California’s Muslim, Palestinian American, and Arab American Communities

Posted by Skidmark 2025-01-19 13:53|| 2025-01-19 13:53|| Front Page Top

#11 ^Does the letter come with high school girls' pics?

Posted by Grom the Affective 2025-01-19 14:28|| 2025-01-19 14:28|| Front Page Top

#12 I lived about 60 miles west of SF for 7 years. More fires than oli have ever seen in my life. The entire area was a tinderbox.

Posted by Super Hose 2025-01-19 15:39|| 2025-01-19 15:39|| Front Page Top

#13 #10, Can you say pandering? Yes, of course you can. It's what slimy bastards like Newsom do hoping to get a few more votes. Much, much easier and cheaper than being prepared for wildfires. Then when they riot over the next Gaza war, he'll let them riot. He'll let them blockade buildings on university campuses just like he has already done so Jewish students can be persecuted. Newsom will sell out the Juice. Just like Biden, he'll take the Jewish vote for granted. Dunno how long Democrats can get away with that.

Posted by Abu Uluque 2025-01-19 16:54|| 2025-01-19 16:54|| Front Page Top

#14 Exactly how bad you suspected- deferred maintenance on vehicles, stations and equipment-demokrats fleecing the tax base to pay for friends and pets.

"Mold, potholes, broken doors, collapsed ceilings.
The FP’s @AustynJeffs exposes the shocking conditions of Los Angeles fire stations that are falling apart.

“The firefighters I spoke to told me that the only way repairs are done is if they do it themselves—with their own money.”

https://x.com/TheFP/status/1880742090528690468

Posted by NoMoreBS 2025-01-19 18:16|| 2025-01-19 18:16|| Front Page Top

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