I predict a massive rise in rates - followed by an exodus of insurers from California.
It could become state run the way hurricane insurance is in FL. Can you imagine the incompetence of CA running it? I can only imagine how they’d do compared to the pension fund…
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State run insurance could be a real costly thing.
FEMA provides flood insurance. Few people know that there are private alternatives.
FEMA quoted me 12k+ for a flood policy. I bought the same amount coverage from Lloyds for $3500.
Some lenders have been giving me hard time with accepting non-FEMA policies, not just upon obtaining the financing, but down the road during the annual review and renewal. But the savings is worth the hassle (I have to email some document confirming that Lloyds is a valid insurer.)
I would hate to see my hazard policies go through the roof like that.
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The only upside is that it woul put pressure on CA to finally start managing it’s fuel load and the access to fire prone areas as opposed to blaming everything on PG&E or global warming.
And on a related note…I was a docent in Big Basin (Rancho Del Oso unit - Wilderness Patrol) before I left.
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I doubt it. They’ll just increase premiums.
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