Question – This article says wildfires have cost insurers $20 Billion. Just read in another article that PG&E agreed to pay $13 Billion to victims of wildfires. Will the $13 Billion actually be paid back to insurance companies who already paid to help the victims rebuild? Couldn’t determine that for sure from other article.
Remember there are deductibles over various amounts (times 800,000 policyholders) and other costs that insurance will not cover that PG & E is likely liable for in some part or for all.
PG&E already made a deal with the insurance companies based on their payouts. This is for the individuals with no insurance or under-insured and also includes payments for emotional trauma, etc. It will be handled by an independent (?) trustee. The people who have filed claims with PG&E will need to negotiate with the trustee as to how much reimbursement they receive.
“As early as 2015 the Department of Insurance hadn’t been granting rate increases and they stared to push rates down,” Frazier said. “Then they turn around and wonder why there’s a lack of availability in high risk areas when they have a role in creating that. When you control price, it’s restricting availability.”
Think it’s bad now, wait until socialism F’s up everything.
This is an absolute joke. my insurance has gone up 430% in 2 years! putting a moratorium does absolutely nothing because the companies just jack up the rates so high you cannot afford them. I am a prime example. The insurance commissioner has already been shown to be in the back pocket of the insurance companies as documented by a recent article in the Sacramento Bee. he is doing absolutely NOTHING for us.
2018 my insurance was $1300/yr
2019 my insurance was $3300/yr then the company wanted $10,000/yr renewal
2020 my insurance with the “Fair” plan is now $5600/yr.
%430 increase in 2 years!
anymore and I will lose my home since I cannot afford to pay a mortgage and the insurance along with it.
the next housing crisis is looming…values in the “wildfire” area have plummeted and homes are not selling.
Question – This article says wildfires have cost insurers $20 Billion. Just read in another article that PG&E agreed to pay $13 Billion to victims of wildfires. Will the $13 Billion actually be paid back to insurance companies who already paid to help the victims rebuild? Couldn’t determine that for sure from other article.
Remember there are deductibles over various amounts (times 800,000 policyholders) and other costs that insurance will not cover that PG & E is likely liable for in some part or for all.
PG&E already made a deal with the insurance companies based on their payouts. This is for the individuals with no insurance or under-insured and also includes payments for emotional trauma, etc. It will be handled by an independent (?) trustee. The people who have filed claims with PG&E will need to negotiate with the trustee as to how much reimbursement they receive.
Another article in early September (09/08/19) tells of an agreement between PG&E and insurance companies.
https://www.pge.com/en/about/newsroom/newsdetails/index.page?title=20190913_in_second_major_settlement_pge_reaches_agreement_in_principle_to_resolve_insurance_subrogation_claims_relating_to_2017_and_2018_wildfires_
“As early as 2015 the Department of Insurance hadn’t been granting rate increases and they stared to push rates down,” Frazier said. “Then they turn around and wonder why there’s a lack of availability in high risk areas when they have a role in creating that. When you control price, it’s restricting availability.”
Think it’s bad now, wait until socialism F’s up everything.
This is an absolute joke. my insurance has gone up 430% in 2 years! putting a moratorium does absolutely nothing because the companies just jack up the rates so high you cannot afford them. I am a prime example. The insurance commissioner has already been shown to be in the back pocket of the insurance companies as documented by a recent article in the Sacramento Bee. he is doing absolutely NOTHING for us.
2018 my insurance was $1300/yr
2019 my insurance was $3300/yr then the company wanted $10,000/yr renewal
2020 my insurance with the “Fair” plan is now $5600/yr.
%430 increase in 2 years!
anymore and I will lose my home since I cannot afford to pay a mortgage and the insurance along with it.
the next housing crisis is looming…values in the “wildfire” area have plummeted and homes are not selling.