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I didn't listen to the audio, but I know many insurers are pulling out of California. However, I think for CA, the bigger issues construction costs and regulati
by s1artibartfast 2y ago
I didn't listen to the audio, but I know many insurers are pulling out of California. However, I think for CA, the bigger issues construction costs and regulations on how much they can charge.
The fires were definitely a huge loss, but there is a reason they can't just raise their rates to cover the risk
- MrMember 2y agoInsurance companies in California by law cannot use future predictions to set rates today. If they think there is a higher risk of fire losses in the future there's nothing they can do about it.
- s1artibartfast 2y ago>If they think there is a higher risk of fire losses in the future there's nothing they can do about it. They can stop issuing new insurance policies if they think they will be unprofitable. I also know a few people who have had their policy "accidentally" cancelled, and then they can not get a new one with that company.