Buying Home and Auto Insurance Is Becoming Expensive
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Re: Buying Home and Auto Insurance Is Becoming Expensive
#2Re: Buying Home and Auto Insurance Is Becoming Expensive
#3Not sure what you do for home prices - with increasingly horrific wildfires occurring more frequently and in places that normally don’t see them (Louisville, CO springs to mind), it probably just is going to cost more. Sucks to feel the effects of climate change, I suppose. If you cap rates, sounds like insurers will simply stop selling in your state.
For auto insurance, at least in some states, I suppose people will have to start thinking about minimum liability (? I may have the wrong word) coverage and just save money to cover damages. For the folks in cities, desperate to get people out of cars, seems like an opportunity to push harder for more transit options.
I suppose it also means it’s time for drivers to add more protection from uninsured drivers.
Re: Buying Home and Auto Insurance Is Becoming Expensive
#4We’d been hearing stories about crazy insurance price increases, trouble with claims, etc. So we went out and got some quotes. The lowest we saw was 2x our current rates.
Just another reason not to sell the house and not to buy a new car.
Re: Buying Home and Auto Insurance Is Becoming Expensive
#5>Another concern is Texas, partly because of increased development on the fringes of metropolitan areas stemming from migration from California, the report said.
The California part makes sense to me because of fires, but this sentence about Texas seems super vague to me. There aren’t any new natural disasters in TX, why does increased migration from CA affect insurance rates in TX?
Re: Buying Home and Auto Insurance Is Becoming Expensive
#6>Another concern is Texas, partly because of increased development on the fringes of metropolitan areas stemming from migration from California, the report said. The California part makes sense to me because of fires, but this sentence about Texas seems super vague to me. There aren’t any new natural disasters in TX, why does increased migration from CA affect insurance rates in TX?
California needs to let insurers assess risk of people a lot more. I live in wildfire country (seriously, there are 40' char marks on trees I can see from where I type this right now) and I have one neighbor who's the captain of the fire department his property is the most fire-hardened you've ever seen. I have another neighbor who's an old guy who can't keep up with his property, it's a tinder box over there. They pay the same in fire insurance premiums because we're all on the state plan and they can't charge riskier people more money.