Geico, and/orOnline insurance quotes

[kenmac]

What choice if not obtainable...

Guess I would have to cut my losses and go
I sure couldn't / wouldn't take 1-2 million ? out of savings to pay for a destroyed home

 

[ultrarunner]

You would still have the building lot after loss of structure.

If know a family with 25 rental properties and many are rent controlled and fire insurance escalation is a real issue...

They figured if one of their 25 single family rentals burned to the ground every year it would represent a 2% loss as they would still own the lot.

If the tenant was culpable it would further reduce the loss.

Many large companies self insure... only having a backup umbrella for catastrophic loss.

Fire risk spread over hundreds or thousands of locations.

Don't know if it is still true but companies like waste management and home depot reported self insuring.

Plus the thing about insurance is it doesn't cover everything...

Unless you have separate earthquake or flood you are not covered...

If the loss is due to civil unrest you may be also be out of luck.

Just thinking out loud as insurance continues to becomes scarce or not obtainable in California and it's not limited to remote rural... it's in cities with nearby fire stations and mitigation.

 

[caver]

I just got my pre-notice for homeowners renewal (USAA) and it went up 29%.

 

[D&D]

We have a different problem and that is all the companies leaving California plus the ones staying are not writing new policies in many cases.

We are Farmers and we don't want you or Like a good neighbor State Farm us there until you want to do business, etc.

This is what has affected everyone else doing business with these insurance carriers. The carriers had huge losses in some states, now they are recouping the losses in all states.
Another .gov helping hand that’s screwed the voters. They mandated insurance now you can’t get it.

 

[D&D]

I have been with one company for over 40 years. It’s a big national company and I feel comfortable continuing to use it.

I may not have the most inexpensive policies, but I feel that I am very safe with them and having stayed with one company for that long, I feel that they probably will not rape me and will treat me right if I ever do really need it! I also have a $2 million umbrella policy to boot.

All that being said, who really ever knows!

Unfortunately there is‘t any comfort factor. If they decide to stop doing business in your area, you will be dropped. Once dropped, you automatically become high risk because you were dropped. A vicious game they play.

 

[ultrarunner]

Very true... cancelled is the worst and then there is non-renewed... etc.

I don't have many contacts in the business anymore but the retired ones say they would never go into the insurance brokerage business today.

Several of the small mom and pop Farmers agents here were retired by the company in that Farmers said we are exercising our right to buy your book of business and the mom and pops were out of business... I know 3 with decades as Farmers.

My State Farm is having it rough but State Farm said she can sell outside the line if the product isn't available through State Farm... thanks a lot.

In 2017 when I bought my city home it was also a scramble... 7 applications and only 1 would write and I exceed all code requirements.

Later found out because I did not have annual chimney report I was denied... but the home has not once had a fire since it was built and now wood burning isn't allowed... so how does it make sense to annual Sweep reports for something that can't be used?

 

[MoKelly]

I agree 100% insurance is becoming difficult.

Last year, Travelers decided not to renew our homeowners as they said our house was “too expensive” and they don’t insure homes that high. We argued and they agreed to send someone to look. The person arrived, spent over 2 hours looking inside and outside and documenting stuff like # of windows, brand of windows, roofing, siding, mechanicals, doors, garage, etc.

3 weeks later they said sorry - we can’t insure.

We used an independent agent and got a new insurer —- but only if we also switched car insurance. We did since the cars were with Travelers.

But, what a pain in the butt! We have never had a homeowners claim. Over 32 years.

I always thought insurance companies aim to break even on the insurance business and make their profits from investing.

 

[ultrarunner]

I agree 100% insurance is becoming difficult.

Last year, Travelers decided not to renew our homeowners as they said our house was “too expensive” and they don’t insure homes that high. We argued and they agreed to send someone to look. The person arrived, spent over 2 hours looking inside and outside and documenting stuff like # of windows, brand of windows, roofing, siding, mechanicals, doors, garage, etc.

3 weeks later they said sorry - we can’t insure.

We used an independent agent and got a new insurer —- but only if we also switched car insurance. We did since the cars were with Travelers.

But, what a pain in the butt! We have never had a homeowners claim. Over 32 years.

I always thought insurance companies aim to break even on the insurance business and make their profits from investing.

Thats funny... a few years back I ran into the opposite problem...

Fireman's Fund non renewed saying my homes were too inexpensive...

Fireman's said they are implementing a minimum coverage amount of 500k not including land.

What this did was in one move remove just about all of the older homes in my city...

 

[MTGreen]

The days of insurance or loan decisions being influenced by a subjective face to face interview with a company rep are long passed. Actuarial calculations are just math. Insurance companies are not in business to lose money so it's in their best interest to have the most objective actuarial data available.

Insurance company decision making and company policies are an actuarial reflection of the realities of the existing sociopolitical climate as well as the existing meteorological climate. Extended drought=increased fire risk, pro-criminal local political climate = increased risk of theft and lawsuits, etc.

My point is that I think by and large the insurance companies are not to blame here any more than any other company (although like anything else there are some exceptions)

 

[ultrarunner]

It does seem 30 to 40 years claim free would count for something?

Also… insurance companies use maps that generalize or redline a area and often later find the map not to be accurate.

At least with flood plains the homeowner can contest and submit documentation to counter.

I do get it… insurance is a private business… the issue is when consumers are forced by mandate to have and for whatever reason not available.

None of the fire risk mitigation measures I have are factors which does raise the question what exactly does matter?

Short of that I do run the highest deductibles possible for the carrier.

My home deductible is 10k… business property 7.5k

The insurance commercials that blanketed the airways almost seem like false and misleading in retrospect.

My 50 year Farmers agent had a very good business and was afforded leeway to place policies based on the stats of his book of business.

In other words his outstanding low record of policy holder claims allowed him more say in writing.

He told me that all went out the window because it opened the company to discrimination suits because “Connected” customers had better access which could be claimed discriminatory to other groups.

So the solution is faceless algorithms?

As I have said… the slogans really border on false advertising… Your in Good Hands with All State, Like a Good Neighbor State Farm is There, etc.