California is set to approve a 22% increase in insurance premiums for State Farm, pending a judge hearing on April 8th. Corporations keep using disasters as an excuse to raise prices on the working class. Enough is enough! We need a new system!
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@RationalizedInsanity@mastodon.socialMy name used to be Jake and I changed it to something else for a lot of reasons I won't explain here.
I am kinda glad I did because everyone makes the "Jake from State Farm" reference about every 20 seconds for the rest of your life when your name is Jake, I currently live in LA near Palisades, and now everyone despises State Farm.
Quite glad to not have that attached to my name anymore honestly.
LA Times: Upscale Westside L.A. neighborhoods hit hard by State Farm home insurance cancellations https://www.latimes.com/california/story/2024-04-10/westside-l-a-hit-hard-as-state-farm-cancels-home-insurance #insurance #statefarm #wildfires
Los Angeles Times · Bel-Air, Pacific Palisades residents losing home insurance as State Farm exits
Complete list is embedded here: #insurance #statefarm #wildfires #California https://ktla.com/news/california/state-farm-to-non-renew-72000-policies-in-california-these-zip-codes-will-be-impacted-the-most/
KTLA · State Farm to non-renew 72,000 policies in California: These zip codes will be impacted the most
State Farm Insurance: "Update on California"
" Non-renew approximately 30,000 homeowners, rental dwelling, and other property insurance policies (residential community association and business owners)
Withdraw from offering commercial apartment policies with the non-renewal of all of those approximately 42,000 policies"
State Farm General Insurance Company: Update on California State Farm General Insurance Company: Update on CaliforniaBloomington, IL, March 20, 2024 — State Farm General Insurance Company (“State Farm General”) is working to ensure its long-term sustainability in California. In doing so, State Farm General has had to make some difficult but necessary decisions that will impact a portion of our California policyholders as follows:Non-renew approximately 3...
https://www.washingtonpost.com/business/2024/01/01/millennials-keep-living-at-home/
Even if #millenials can afford to buy a house, the fact that the big #insurance companies -- at least in #California -- aren't writing homeowner policies make such an investment really risky. I wish this article had mentioned these 2 things: 1) the fact that #StateFarm, #AllState, #Farmers, and #USAA are "putting a pause on these policies" (words used by agent) because of 2) #ClimateChange.
The Washington Post · Millennials have found a way to buy houses: Living with mom and dad
#StateFarm to stop accepting homeowners insurance applications in #California due to wildfires, construction costs
State Farm General Insurance Company on Friday announced that it will stop accepting new homeowners insurance applications in California.
The company cited "rapidly growing" catastrophe risks like wildfires, "historic increases" in construction costs and a challenging reinsurance market.
CNBCState Farm to stop accepting homeowners insurance applications in California due to wildfires, construction costs