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Redditors are OUTRAGED that insurance companies "cancelled" CA fire insurance
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Date: January 11th, 2025 5:44 PM Author: snk neo geo This of course did not occur, but Redditors are incapable of understanding the distinction between cancelling a term insurance policy and declining to renew it once it expires in accordance with its terms. (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544071) |
Date: January 11th, 2025 5:44 PM Author: turtledood Didn't they cancel policies because California regulations prohibited them from increasing rates in line with the actual risk? (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544074) |
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Date: January 11th, 2025 5:45 PM Author: Klebold Whatever they did it was the right call lol (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544083) |
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Date: January 11th, 2025 5:46 PM Author: turtledood And my understanding is also that there's always an insurer of last resort. (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544084) |
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Date: January 11th, 2025 5:47 PM Author: snk neo geo No. It's a myth that any policies were cancelled. Insurers declined to renew fire insurance policies because the California insurance regulators would not permit them to set premiums in line with the actuarial risk.
California has a fire insurer of last resort, which does set premiums in accordance with the actuarial risk, but premiums for such plans are extremely expensive for reasons no Redditor can figure out. |
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Date: January 11th, 2025 5:48 PM Author: Faggottini (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544095) |
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Date: January 11th, 2025 5:50 PM Author: turtledood To be fair, having your policy not renewed is close enough to having to canceled that. I don't blame the redditors for that misunderstanding. (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544099) |
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Date: January 11th, 2025 5:52 PM Author: ...,....,,........ (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544104) |
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Date: January 11th, 2025 5:53 PM Author: snk neo geo Respectfully, it's completely different. If you were to purchase a fire insurance policy, and pay your premiums, only for the insurer to cancel once the fire broke out, that would be extremely shitty. And also illegal.
Buying a year of fire insurance, receiving a year of fire insurance, and then having your insurer decline to sell you *another* year of fire insurance is completely different. |
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Date: January 11th, 2025 5:59 PM Author: turtledood You're right, but we're talking about retards here. Can't expect retards to understand things that well. (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544138) |
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Date: January 11th, 2025 5:55 PM Author: ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544116) |
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Date: January 11th, 2025 6:01 PM Author: ADA-compliant Monkey Bars don't be obtuse, he meant stop underwriting (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544146) |
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Date: January 11th, 2025 5:55 PM Author: ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544115) |
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Date: January 11th, 2025 5:45 PM Author: Klebold Proles have a ceiling on these things and they really don’t understand insurance at all imho. (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544080) |
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Date: January 11th, 2025 5:52 PM Author: snk neo geo Many Redditors believe that if an insurer declines to renew a policy for any reason that the insured should receive a refund of previously paid premiums.
Reading Reddit has significantly blunted my support for democracy, I must say. |
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Date: January 11th, 2025 5:58 PM Author: Klebold Idk why you guys read the comments. And whenever you post the thread the comments you’re talking about and buried 100 deep (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544128) |
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Date: January 11th, 2025 6:00 PM Author: snk neo geo I want to understand how people think about things. (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544142) |
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Date: January 11th, 2025 6:06 PM Author: Klebold Some proles will just catastrophize or devise lurid nonsense about how scammy the world is. They think that an insurance company can do basically anything bc they assume that everything is corrupt af. (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544169) |
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Date: January 11th, 2025 6:00 PM Author: Klebold Venum555 • 3d ago Probably a dumb take, but I feel like if an insurance company drops you or refuses to renew, they should be required to refund you all your payments |
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Date: January 11th, 2025 6:02 PM Author: .;:..;:.;.:.;.,,,..,.:,.;....;,;;;..;,..,,.,,...., 10.1K Likes (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544152) |
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Date: January 11th, 2025 6:03 PM Author: ....,,....,.,.,.,.,.,.,.,.......,.,.,.,.,..,. I bet you could get one of the most upvoted comments if you post something like “California needs to pass a law requiring insurers to cover fire damage two years after a policy ends to prevent this from happening in the future.” (http://www.autoadmit.com/thread.php?thread_id=5662649&forum_id=2#48544155) |
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Date: January 11th, 2025 6:04 PM Author: ..;;.;;;;.;;..;.;;;;.;;..;;,;;,.... Yes the insurers can decide to stop offering insurance in a large market if the regulators make it certain to lose.
Makes sense, sure. But the market needs some time to adjust so it's just terrible timing. Blame the regulators for trying to artificially keep the price of fire insurance down for now reason (to help millionaires save on their bills?)
The question is what should be rebuilt in those areas? A concrete fortress? |