California insurance companies canceling fire insurance

[stinkynuts]

Many insurance companies canceled the fire policy before the fires spread to avoid paying out

Nurse frustrated her parents' fire insurance was canceled by company before fire

A local ER #nurse was doing all she could to #save her 90-year-old parents' #home in #HastingsRanch as the #EatonFire ravaged the area. Amid the firestorm, s...

m.youtube.com

 

[stinkynuts]

Thousands of Los Angeles homeowners were dropped by their insurers before the Palisades Fire

About 1,600 policies for Pacific Palisades homeowners were dropped by State Farm in July, the state insurance office says.

www.cbsnews.com

 

[stinkynuts]

Some people paid for 70 years every year, only to get cancelled when they needed it most

 

[whynot888]

These fucking insurance companies are filth!
Let's see how many Mangione copy cats appear down the road

 

[xix]

These fucking insurance companies are filth!
Let's see how many Mangione copy cats appear down the road

It wouldn't surprise me if the jury finds him not guilty.

 

[jalimon]

Many insurance companies canceled the fire policy before the fires spread to avoid paying out

Nurse frustrated her parents' fire insurance was canceled by company before fire

A local ER #nurse was doing all she could to #save her 90-year-old parents' #home in #HastingsRanch as the #EatonFire ravaged the area. Amid the firestorm, s...

m.youtube.com

they have the same problem in Florida. Cost of insurance is going crazy. Seems like the Actuary of insurers got climate changes factored in in their calculations.

 

[stinkynuts]

These fucking insurance companies are filth!
Let's see how many Mangione copy cats appear down the road

When someone is hailed a hero by society for taking out a CEO, it says that company may be doing something wrong.

 

[glamphotographer]

Who feels sorry for the demise of insurance execs?

 

[glamphotographer]

These fucking insurance companies are filth!
Let's see how many Mangione copy cats appear down the road

Righties and Lefties agree on 1 thing.

 

[Shaquille Oatmeal]

Release Luigi from prison and let him take care of it. lmao.

 

[Goodoer]

I'm on the fence with this one. You pay for insurance every year to cover you for that year. It doesn't matter how long you've been paying for insurance. No-one has been ripped off.

If the insurance companies were cancelling fire insurance, that would raise a red flag for me. They are smart people that look out for themselves and investors.

You cannot live in an earthquake zone and expect coverage for earthquakes... The same goes for flood zones, hurricane zones, etc. It seems that this is a known fire zone (or high risk).

 

[stinkynuts]

I found this clip from 13 years ago.

United Health refused to pay for a woman’s cancer treatment. They couple kept battling the company until the woman gave up and was ready to die.

In a last ditch effort they contacted the news, who contacted the insurance company. Just like magic, the company immediately sent a check to cover the bills.

Imagine all the deaths and aggravation caused to millions of people over decades do that the companies could line their pockets and pay their ceos millions.

No wonder no one is sympathetic to the ceo.

 

[jeff2]

Think I posted this before. Only works for the rich.

https://finance.yahoo.com/news/suze-orman-isnt-wasting-money-154841136.html

 

[JackieJack]

Not surprised. I'm sure insurance companies are having emergency meetings trying to figure out a way out of this.

 

[GeeBee]

Several major property insurers pulled out of California in the past few years because they were loosing too much money and saw the situation only getting worse. The state is trying to step in with a public insurance backstop but fires like the recent ones will bankrupt that program.

The debate can rage about climate change, what’s causing it etc… but insurance companies aren’t stupid (some are immoral perhaps but not stupid) They know it’s real and are acting accordingly to protect their businesses. Florida and the Gulf states are also loosing insurers for the same reasons. Insurance is about spreading and managing risk and no company is going to loose money in an area and not act.

Their hands are also being forced by their re-insurers (huge groups that underwrite the catastrophic risks of insurance companies) who aren’t willing to be in certain markets any more. The same is true for Canada BTW, eventually insurance in some areas of BC and Alberta will become prohibitively expensive, and then simply unavailable.

 

[Y_Diner]

Typical

 

[moredale7]

Hope you weren't invested in Allstate their stocks are tanking and they won't see a profit for 10 years.

 

[JayRoam]

Many insurance companies canceled the fire policy before the fires spread to avoid paying out

Nurse frustrated her parents' fire insurance was canceled by company before fire

A local ER #nurse was doing all she could to #save her 90-year-old parents' #home in #HastingsRanch as the #EatonFire ravaged the area. Amid the firestorm, s...

m.youtube.com

Welcome to capitalism. Who really is surprised by this? When making more profit is the sole motivating principle of a service, it's just matter of time before they shortchange their customers. Can I introduce you to the US health insurance industry whose motto is "delay, deny and defend".

 

[that6969]

Investors want their return or they put in a new CEO. This is why everyone should invest in companies who make firearms. You'll never lose. Durrrrr.