California Approves State Farm's Emergency Rate Increase on Homeowners

https://www.wsj.com/finance/california-approves-state-farms-emergency-rate-increase-on-homeowners-3d510b9e

by petethomas • 1 year ago

5 2 1 year ago

crorella• 1 year ago

This is so infuriating, per the article "The approval comes months after devastating wildfires, and will add an average $600 a year to homeowners’ bills". the wildfires caused this level of damage in part due to the lack of water to fight them and the lack of water was due to bad management from the city/county/state leadership that neglected the systems that supported the water network and water availability.... so at the end of the day people is paying for the negligence of these people.

My home insurance is now tripled what is use to be in 2024 and all of this without a single claim on my side.

toomuchtodo• 1 year ago

Property risk has been underpriced for some time, and is rapidly accelerating towards actual risk costs. Certainly, mitigations are important (and preventing identified failures in the future, as you mention wrt water supply), but the risk remains.

https://www.zillow.com/research/climate-risk-home-value-3493...

https://public.tableau.com/app/profile/zillow.economic.resea...

https://firststreet.org/methodology

https://news.ycombinator.com/item?id=42450680 (relevant subthread, but more focused on GSE securities exposure)

California Approves State Farm's Emergency Rate Increase on Homeowners

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