State Farm homeowner insurance rates to skyrocket in California
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- เผยแพร่เมื่อ 4 ม.ค. 2024
- State Farm home insurance customers whose policies are renewed, will soon pay a higher premium after California's Department of Insurance approved a rate increase. Rates will go up for other insurance providers as well.
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I can't believe it that me making 120k a year isn't enough for me to own a single home in CA.
Gotta live below your needs. It’s like diet. I know it’s tough. I made $60k a year, own an old truck 2006, no eating out at restaurants, and paid off my house
If State Farm needs money, why are they running so many commercials during NFL games? Every single commercial break feels like they show a State Farm commercial. PG&E. Home insurance. Car insurance. What a mess.
Because advertisement generates revenue. Meathead
Its California only. The democrats plan is to find a way to get peoples homes!!
I don`t think the competition is stupid enough to come back.
Yeah they are going to Florida…. Oh wait, they are losing insurers as well.
I got 52% increased insurance fee for 2024 😢
a run of the mill Black Bear diner hamburger will set you back 22 bucks...so theres that...Everything goes up!! everything!
Going out to eat is Already a big deal these days, I ain't spending that much on a simple burger
Exactly but some people don't understand. You raise minimum wage to $20/hr and everyone is still poor.
after walking this earth for 50 years I can tell you one thing, never buy property insurance from a carrier that advertises heavily. That tells you where they spent the money.
Fax
State Farm is a mutual company. Look up what that means. If you're lazy, it means that the insurance company is owned by the policy holders - not Wall Street.
And they call themselves a good neighbor LOL.
Rough neighborhood， they have to stiff you😂
Are they supposed to go broke insuring you?
You really think Insurance companies dont rake in money hand over fist? your a joke if you think otherwise. Go look at their balance sheet its literally publicly available. @@kirbywaite1586
Its California only!!
You don't want it anyway. It doesn't do any good whatsoever. I had a line back up in my basement right after I purchased my home, and my agent authorized the repair through a local plumbing company while telling me to keep my receipt and State Farm will take care of it. Nope. I tried to file a claim and State Farm covered NOTHING. They told me that after looking at my policy deeper, I wasn't eligible to use part of the $19K that my policy clearly states that I can use toward this kind of problem. By far one of the worst experiences I've had with any insurance company. Never trust a company that can afford to purchase half of an NFL team to appear in their commercials. That's where their money goes, not toward legitimate claims.
Your line "backed up".... homeowner's insurance doesn't fix plumbing problems caused by lack of maintenance, construction defects, settling, etc... It fixes the damage associated with plumbing problems (like drywall replacement, mold mitigation, etc..). Homeowner's insurance isn't a "home warranty" that fixes pre-existing conditions or negligence.
You need a specific rider for that coverage that you obviously didn't have. I have it... pay extra for it. It's called "supply line coverage". The water intrusion may also have required flood insurance (FEMA), but with the deductible, you'd still be SOL.
Property crime… auto theft…etc. Gavin Newsome…. Too worried about gender neutral toy sections in Walmart to care about anything else.
"Too worried about gender neutral toy sections" - that made me laugh out loud...
Newsom is corrupted and controlled by the insurance industry. Rental price will up and Newsom needs to be recalled ASAP.
yup california need 3 bathroom instead making more affordable homes for californians...
His plan is when someone who doesn't have insurance he can buy their property for pennies on the dollar
Jake is laughing his af 😂😂😂😂😂😂😂
30 years of paying homeowners insurance and not one claim my house is paid off fu**ck it I’m canceling my insurance i’ll take the risk but am not paying anymore right now
That's a really stupid thing to do!
All insurance is a waste of money until you need it. Self-insuring is stupid unless you're in a position to walk away from the loss - plus paying to scrape and dispose of the debris... which is considered toxic waste due to the plastics that burn. Then you have to remove the foundation, cap the water, and sewer.
If you can't afford insurance, you can't afford to be without it either. Time to sell.
…..Glad I MOVED out of California!!! Just visit now.
Insurance is legalized extortion.
Then don't buy insurance, simple no?
no different than taxes in that sense.
@@ryanbarker5217 ……And that’s ANOTHER reason I moved from California to Nevada.
@@ryanbarker5217 If you don't want to pay taxes, how about moving to the desert where roads, city services don't exist as well as no taxes?
@@bobroberts2371 i didn't say all taxes were unnecessary, but it's still legalized extortion when you're taxed on the dollar you earned then again when you spend that dollar. then you have to pay tax on the home you 'own' outright lest the gummint steal it from you. there are fair taxes that covers the needs required, then there are outrageous taxes to cover for 'leader's' incompetence, mismanagement, corruption, buying votes/political favors/kickbacks through unsustainable programs ('non-profits' i'm looking at you), boondoggles, etc..
run properly, there would be a surplus of tax money, enough so to where taxes should be lowered. the crooks in office with spend it on stupid shit, creating more ineffective, fat bureaucracy, whatever they can so they don't have to give us back *our* money.
the large reason things like healthcare and college are so expensive is because the gummint interferes with it using *our* tax money. meanwhile, no one has given herman cain's 9-9-9 tax plan any consideration.
is that what my taxes are going for? shit roads and ignoring a crumbling infrastructure, ancient schools, and defunded police departments?
THANK DEMOCRATIC VOTERS
Check out the outrageous insurance bills in Trumpyland Florida~!
@@popgems bet you can still get new insurance there, though, can't you? CA not so much....
@@ryanbarker5217 People can get insurance in CA in hazard zones and like Florida, will go broke paying for it. So what's your point? Don't like high insurance, don't live in a hazard zone. Just ask Susan Gregory how she likes Florida's insurance rates. Gregory lives in St. Augustine Florida. When her insurance company United Property and Casualty went insolvent earlier this year, her homeowners' insurance policy was taken over by the new company Slide and her bill went from $8800 to almost $36,000.
@@popgems no one said it was a perfect system, but some are definitely better than others on average. yes, if you live in a particularly hazardous area you're going to pay more in insurance. duh. that's why i won't buy a house in a flood zone. you'd have a better argument in your extreme example if state farm went insolvent.
my point? my point is in FL you have options of who to get insurance through, in CA you rapidly are losing that option unless you buy insurance through the state, insurance that's notoriously expensive and not very good.
@@ryanbarker5217 I would never EVER live in Florida. Horrible weather, awful politics, FLAT and in my opinion, very ugly.
I live in a non hazard area of California sacramento and my house insurance farmers doubled and my cars quadrupled!
Where is the insurance commissioner? Obviously he didn’t do his job protecting Californians. Recall Lara Ricardo
Switch to GEICO. 15 min will save you 50% on your house insurance
I live in CA and have home insurance with AAA. My property insurance has almost doubled in the last 3 years.
Has the value of your property / cost to rebuild the house gone up? Have there been many losses in CA due to fires and such? Who pays for that?
"Like a good neighbor, State Farm is jacking up your rates"
😂😂😂
50% increase this year. Family has been in California since the 1800s. I'll be the first one to leave and never come back.
Democrat Utopia…. Insurance Commissioner is probably getting kick backs, campaign donations, and family gifts…..
fires and floods....crime and vandalism...window breakage and snowstorms....All the same...
They are skyrocking every where.
State farm rarely pays up when you have issues. Newsome not handeling crime makes us sitting duck for State Farm, insurance rip off industry
My state pension and I are about to LEAVE. Good riddance!
Insurance is part of the economic system.
And the fact that it grows only shows that it was influenced by other parts of it
Just watch… later this year State Farm will announce record profits and giant bonuses for their executives.
tell me what are not hike in California? it is crazy.
California…. A nice place to visit, but I wouldn’t want to live there
Farewell sub $4000 apartments. 20% insurance inflation is going to hit everyone, but TV's got 20% cheaper so inflation target achieved.
Insurance is a scam.
The Golden State has turned into a golden shower.
Time to leave.
Baloney! My home insurance increased 50%. I think they must have expanded risk areas to increase the rates.
They basically fubared the insurance market in California by forcing a situation where premiums are no longer tied to actual risk. The business model of insurance is like 2000+ years old and has worked until now because premiums were based on actual risk. The only way I see this not getting much worse is by the state gov getting into the business of insurance. For profit insurance and caps not based on risk go as well together as peanut butter and mustard.
Why does not this " consumer watch dog " start their own insurance company?
What I have heard is the state does already have a public last resort insurance option and it is 2-3x the cost of the private insurance that is "fleecing" us. Nobody seems to have an explanation for that. But sure, keep building in fire-prone areas and telling insurers they have to issue policies below cost, what could go wrong. Some room temperature collective IQ going on.
@@someguy6075 Yep, the other issue is too many people don't understand that insurance is shared risk. They think that since they didn't file a claim they should get all of their $ back because " the insurance companies have lots of $ "
@@someguy6075 i've heard of that program, too, and it's absurdly expensive. i'd say the high cost is to deter everyone from picking state insurance, and the government should never be in competition with businesses on a dollar-for-dollar basis, it's wildly unfair in the gummint's favor... not to mention pretty damn commie-fried.
Because the larger insurance companies have cornered the market in a way that local politicians keep other entities from becoming licensed to offer any kind of competitive rates. Every time an entity tries to get into the game, they are immediately shut down by that particular state and it becomes a domino effect across the country. Politicians are paid extremely well for keeping any other hand out of the cookie jar. That's why you pay an outrageous rate.
@@Leftisinsane i wouldn't even say it's that as much as the simple fact that the math doesn't work. it doesn't even work for the state farms and allstates and prudentials. i can get insurance from any number of smaller companies, but that's not to say the rates are any better because they have the same restrictions, laws, and basic costs as any of the larger companies refusing new policies.
of course, the gummint is going to favor larger companies in any industry, but that doesn't necessarily automatically exclude smaller companies. insurance is an expensive game to begin with.
You can thank Gavin for this.
How is Gavin responsible?
@@moorefacts6605He let this happen
This is a GREAT THING
🤣 shady
Sad.
Just sad.
Of course, they have to raise their rates. There are too many rich people leaving California. So they have to make it up on the poor middle class. Vote Red or move out!
Sure buddy
Red states as in Florida?
Or
Red states as in Texas property tax’s ?
The grass is always greener.
As if repubs are looking out for the little guy. 😂 Billionaires yes, not you. Wake up and stop watching fox
@pilauopala843 I never watch Fox. How are those democrats working out for you? Lol! Have a nice day.
@JAYY_JAYY No, Red as in Republican, get the democrats out of California! You'll be glad you did.
It’s too many reckless poor people that drive stolen cars or drive while uninsured. The buck gets allocated to law abiding citizens.
Your homeowners insurance is regulated by the state you live in😢
They have already paid out so much then paid in..this is last resort before the bankruptcy.
If your home is paid for you do not need homeowners insurance. Chance you take but just info that should be pointed out. .
the problem is if you move and pay cash to own it outright, you won't be able to get a new insurance policy if you wanted one.
Thank a Democrat the majority voted for!
They gotta make up for all the payouts due to the rampant crime...
Insurance scam
"Skyrocket" is grossly exaggerated. Cut the cheap alarmist headlines, KTVU. You're supposed to demonstrate something remotely resembling journalism.
wtf - Biden ad was first - No!!!
California Democrats in collusion with big insurance companies are dropping these policies and forcing older homeowners to have more expensive insurance because property taxes and insurance is so low since they bought the house in the 50s and 60s. California Democrats are forcing them into foreclosure so that the rich Chinese will buy these homes and thus pay the higher property taxes. State Farm will rather underwrite a new policy for the Chinese because its tens of thousands more a month and much more profitable rather than the measly $100 a month from the struggling American Aging Middleclass, with fixed income and cannot afford the rising taxes and inflation.
This has been going on for months. Not new😂
Oh goody more wonderful nees for us Californians.😂
My nees are great thx! 😂🤣
Putin's keyboard pounders busy at work this morning.
Bidenomics, it’s working 😱👀
BURDENomics.
You get who you vote for. Don't complain when super inflation hits you and your taxes go up along with every thing else.
Didn’t vote for it so, I can complain. 🙋🏽♀️
Complain about what?@@ladym7852
Thank you Democrat voters for all the increases . Its all because of you.
Once a beautiful state now a vleeping mess.
Lol!
hahahahahahahahahajahajajahahahahahahaha livestock
You all better be ready for $7-$10k/year premiums by 2025.
lol, Californians, you baked your cake, now eat it!
"Oh no, the things and people we voted for are making us poor and unsafe!"
It’s not competition it’s RISK you pay $5000 - $7000 per year in premium and every 5 - 7 years need a new house because of natural disasters who’s going to sign up for that?
The solution? Stop building such lavish houses and build more utilitarian homes so they don’t cost so much to replace.
Where I live (not California) builders are building both smaller and larger homes. The small homes are ranch type with probably 1000 sq ft, but plenty of people are buying the McMansions yet. Builders build what sells.
Cry me a river
Newsom for President...
NuSCUM belongs in prison.
California will be 3rd world state if your lover Newsom becomes a president