Comments by "Chaos Corner" (@chaos.corner) on "CA Insurers Cancelling Homeowner's Policies Willy-Nilly" video.

  1. Yes. Which means some poor dude working in a factory ends up subsidizing some millionaire's beach-front property.
    3
  2. They actually have a slider and you can see the same view as it changes over time. (It's not a smooth slider).
    2
  3. If that's the case though, the ideal thing would be to contact the owners to correct the issue (or just deny any claim when it's made if you're evil) so you can keep receiving those premiums. This is clearly being used as an excuse to get out of contracts that the insurance companies no longer want to cover.
    1
  4. The simple truth is that the ins cos want out of these contracts. These points are valid but are just a pretext for cancellation.
    1
  5.  @wdousley and/or interest rates will shoot up as the lenders self-insure their potential loss. People seem to think there's a free lunch to be had here.
    1
  6. Cancelling the policy isn't the best way to respond to that though. You could suspend the policy until the issue is remedied. This is clearly just a pretext to cancel contracts they no longer want to cover.
    1
  7.  @escapedfromnewyork Insurance companies are there to make a profit. If the risks are too high for the premiums, they're not going to want to continue coverage. I wonder if there are restrictions on how much they can increase premiums (which would be the more logical step). Maybe California has just become too crazy to make actuarial predictions. (Edit: I see from other comments that there are restrictions on increasing premiums. This was entirely predictable).
    1