The oil industry will keep making money and we're going to pick up the check in the form of insurance, taxes, and misery.
this post was submitted on 22 Mar 2024
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Being forced to have home insurance is ridiculous. Private companies jack up prices, make all the rules, and come and go as they please. We need to figure out a better system!
The only one forcing people to have homeowners insurance is mortgage companies, that want to ensure the collateral on that mortgage doesn’t disappear.
That and common sense, as even if you don’t have a mortgage, you also don’t want a disaster to make your largest asset go poof.
There is competition. That is meant to keep prices lower. But insuring people in disaster prone areas just isn’t a wise business decision.
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Not (re)building in areas prone to wildfires, mudslides, floods, and the like would be a good start. Otherwise, someone has to pay to rebuild when the ever more frequent disaster hits. State farm and other insurers suck in many ways, but this isn't unreasonable on their part.
And like a bad neighbor, State Farm won't care.
No insurance companies care. They are all in business to make money. I can’t blame them for not wanting to insure a disaster-prone area.
Hahaha I heard the jingle as I read it! Perfection!
There are some places you really should just not be building houses.
It's not about that. That's the insurance industry's cover story.
The real story is insurance companies giving a hissy fit about being subject to regulation by the state's insurance commissioner.
If the insurance industry was only dropping coverage in the middle of forests, or on beachfront or riverfront property, that would make sense. But it's not. They're dropping coverage on infill development in the middle of cities.
Infill development in the middle of a city can be just as disaster prone and those in a forest or on the ocean.
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All insurance types should be nationalized.
I agree, however I also agree that you should not expect to be able to build in an area that is prone to disaster. Like if I build my house on a Sandy Beach and the foundation fails because it's on Sand I'm not going to expect that the insurance company is going to cover it. The same should be considered for areas that are prone to natural disasters like California or Florida with Hurricanes
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What climate catastrophe-free area of the country does State Farm think it will make sense to still insure homes in?
Also, I thought they were like a good neighbor.
Where does the CEO live again?
Chicago area, apparently. Not exactly free from climate catastrophes.
No place is 100% safe. Around the great lakes is probably one of the best places to be going forward though.
Non-coastal new England is pretty safe. No earthquakes, few hurricane effects, almost no tornadoes, tends to stay damp enough and has enough old deciduous growth, where forest fires aren't a big issue.
I am sure there are other places that are low risk as well.
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“Like a good neighbor, State Farm is there” means that they resemble a good neighbor only insofar as both share the attribute of existence.
At least Geico is relatively honest. "Yes, we are a bunch of reptiles."
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This further pushes up the costs of homeownership.