this post was submitted on 11 Jan 2025
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[–] xmunk@sh.itjust.works 39 points 3 days ago (3 children)

Global Warming is getting to the point where the US government will probably need to step in as insurers start going under. This is pretty fucking scary considering it's Trump and he's likely going to fuck over California home owners out of spite.

I hope those affected by the fire carefully consider global warming when choosing where and how to rebuild.

[–] zbyte64@awful.systems 13 points 3 days ago

With tariffs and deporting labor, I'm not sure if many will be able to afford rebuilding.

[–] comador@lemmy.world 12 points 3 days ago (2 children)

Nope, just let every single insurance company go under.

No bailouts, no assistance, just kill the entire insurance industry please.

[–] FlowVoid@lemmy.world 9 points 3 days ago (1 children)

Home insurers aren't going under. They are simply going to leave California.

[–] ByteJunk@lemmy.world 2 points 3 days ago

Isn't that what they did Florida? At this pace, they'll run out of states to leave soon enough...

[–] SaltySalamander@fedia.io 1 points 3 days ago

With nothing to replace it, you're just advocating for fucking over everyone.

[–] MyOpinion@lemm.ee 14 points 3 days ago* (last edited 2 days ago) (1 children)

Slap some tariffs on it and I am sure it will all work out.

[–] SaltySalamander@fedia.io 1 points 3 days ago (1 children)
[–] MyOpinion@lemm.ee 1 points 2 days ago
[–] ArbitraryValue@sh.itjust.works 13 points 3 days ago (4 children)

Nationally, large insurance companies net an average profit of 4.2 percent on insurance transactions. In California, they lose more than 6 percent.

So why do they offer insurance in California at all?

[–] RustyEarthfire@lemmy.world 12 points 3 days ago

Most of them are leaving. I think the ones remaining rely on bundling with other insurance or services.

[–] BombOmOm@lemmy.world 9 points 3 days ago* (last edited 3 days ago) (2 children)

They will have to charge more. Get ready for the 10+% rate increase next year if you live in CA.

[–] Feyr@lemmy.world 2 points 2 days ago

Lots of my coworkers in CA just had their insurance rates go up 300%. Expect another couple hundred

[–] SpaceNoodle@lemmy.world 6 points 3 days ago (1 children)

10% is low. Look for 50-100%, or worse.

[–] HootinNHollerin@lemmy.dbzer0.com 2 points 3 days ago* (last edited 3 days ago)

my car insurance just went up 28% in CA and my rent has gone up 26% in 2 years

[–] Blackout@fedia.io 2 points 3 days ago

Are these losses artificial? Is it because of huge raises at the top and irresponsible stock buybacks? It's how my local utility company is justifying another huge price increase this year.

[–] SaltySalamander@fedia.io 1 points 3 days ago

The insurance companies are starting to wonder that themselves.

[–] TheEighthDoctor@lemmy.world 2 points 3 days ago

Change it's name to "America's Warning" and maybe it will fix itself