jeffw@lemmy.worldM to News@lemmy.world · 2 years agoThe California fires could scorch the state's broken insurance marketwww.motherjones.comexternal-linkmessage-square14linkfedilinkarrow-up148arrow-down10
arrow-up148arrow-down1external-linkThe California fires could scorch the state's broken insurance marketwww.motherjones.comjeffw@lemmy.worldM to News@lemmy.world · 2 years agomessage-square14linkfedilink
minus-squareArbitraryValue@sh.itjust.workslinkfedilinkEnglisharrow-up7arrow-down1·2 years ago 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?
minus-squareRustyEarthfire@lemmy.worldlinkfedilinkEnglisharrow-up7·2 years agoMost of them are leaving. I think the ones remaining rely on bundling with other insurance or services.
minus-squareBombOmOm@lemmy.worldlinkfedilinkEnglisharrow-up6·2 years agoThey will have to charge more. Get ready for the 10+% rate increase next year if you live in CA.
minus-squareSpaceNoodle@lemmy.worldlinkfedilinkarrow-up4·2 years ago10% is low. Look for 50-100%, or worse.
minus-squareFeyr@lemmy.worldlinkfedilinkarrow-up2·2 years agoLots of my coworkers in CA just had their insurance rates go up 300%. Expect another couple hundred
So why do they offer insurance in California at all?
Most of them are leaving. I think the ones remaining rely on bundling with other insurance or services.
They will have to charge more. Get ready for the 10+% rate increase next year if you live in CA.
10% is low. Look for 50-100%, or worse.
Lots of my coworkers in CA just had their insurance rates go up 300%. Expect another couple hundred