Why Americans Are Suddenly Losing Their Home Insurance

Рет қаралды 728,549

Күн бұрын

Many homeowners in the U.S. are losing their home insurance policies. Major insurers like State Farm and Allstate are no longer offering new policies in California. State Farm attributes this to increased wildfire risk, inflation and other challenges in the region. Louisianan and Floridian homeowners are facing similar issues due to flood risk. Watch the video to learn more about why homeowners are receiving non-renewal notices and what that means for the U.S. real estate market.
Chapters:
0:00 Introduction
1:47 Chapter 1: The insurance market
5:03 Chapter 2: Alternate options
9:14 Chapter 3: Pricing in climate risk
Produced and Edited by: Lindsey Jacobson
Additional Camera by: Juhohn Lee
Animation: Jason Reginato, Andrea Schmitz
Additional Footage: Getty Images, Darlene Tucker
Additional Sources: State Farm, U.S. News & World Report, Insurance Information Institute, U.S. Bureau of Labor Statistics
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Why Americans Are Suddenly Losing Their Home Insurance

Пікірлер: 3 100

@MichelleAlexander14953 6 күн бұрын

The biggest lesson I learned in 2023 about the stock market is that nobody knows what will happen next, so practice some humility and low a strategy with a long-term edge.

@SharlaJordan3 6 күн бұрын

Nobody knows anything; You need to create your process, manage risk, and stick to the plan, through thick or thin, While also continuously learning from mistakes and improving.

@MichelleAlexander14953 6 күн бұрын

@DeniseRogers712 Could you kindly elaborate on the advisor's background and qualifications?

@MichelleAlexander14953 6 күн бұрын

@DeniseRogers712 I just ran an online search on her name and came across her website; pretty well educated. thank you for sharing.

@HodgeChris Ай бұрын

The issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people-at least in California, where I currently reside-are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!

@PatrickFitzgerald-cx6io Ай бұрын

It’s getting wild by the day. The prices of homes are quite ridiculous and Mortgage prices has been skyrocketing on a roll(currently over 7%). Sometimes i wonder if to just invest my spare cash into the stock market and wait for a housing crash or just go ahead to buy a home anyways.

@carssimplified2195 Ай бұрын

I concur with your comment, personally I've avoided drawbacks of uncertain times by simply following guidance from a reputable advisor, and have been able to increase my savings by at least 300% since late 2019, just before rona out-break, summing up nearly $1m after subsequent investments to date. I'm semi-retd now, and only work 7.5 hours weekly.

@KaurKhangura Ай бұрын

Impressive can you share more info?

@carssimplified2195 Ай бұрын

Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’COLLEEN ROSE MCCAFFERY” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.

@KaurKhangura Ай бұрын

Thanks a lot for this suggestion. I needed this myself, I looked her up, and I have sent her an email. I hope she gets back to me soon.

@NicholasBall130 3 ай бұрын

I believe the retirement crisis will get even worse. Many struggle to save due to low wages, rising prices, and exorbitant rents. With homeownership becoming unattainable for middle-class Americans, they may not have a home to rely on for retirement either.

@StacieBMui 3 ай бұрын

Consider buying stocks when the economy is not doing well, like during a recession. It could be a chance to buy them at a lower price and sell later when prices go up. Just keep in mind, this isn't financial advice, but sometimes it's better than keeping a lot of cash.

@DilaraKamelya 3 ай бұрын

Accurate asset allocation is crucial. Some use hedging or defensive assets in their portfolio for market downturns. Seeking financial advice is vital. This approach has kept me financially secure for over five years, with a return on investment of nearly $1 million.

@lindabrooks6667 3 ай бұрын

Mind if I ask you to recommend this particular coach you using their service?

@DilaraKamelya 3 ай бұрын

Sonya lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.

@VictorBiggerstaff 3 ай бұрын

I just checked her out on google and I have sent her an email. I hope she gets back to me soon.

@Lauragraceabels 15 күн бұрын

Insurance can be an effective tool to protect your financial security while leaving a larger estate for your beneficiaries, providing a cushion for transitioning a business to the next generation, and covering taxes and other major expenses resulting from estate liquidation.I will assess your current insurance coverage and identify any risks to your financial security, filling any gaps in coverage, including death, disability, and critical illness.I will show you how to get better value for premiums paid by managing insurance as a cost-effective defensive strategy.

@adamweah8037 15 күн бұрын

Thank you. I see certifications on your website, with good experience. Intrigued, can’t wait to hear from you. just search up her name on goo gle

@smithdavis1362 15 күн бұрын

I looked up her full name online and found her page. I emailed and made an appointment to talk with her; hopefully, she gets back to me.

@dehoyosrudolph8885 4 ай бұрын

Paid $400k for their home 18 years ago, and still owe $360k?? I think they used that home as a piggy bank with home equity loans.

@chiragmehta8212 4 ай бұрын

I was thinking abt that too

@Pete.across.the.street 4 ай бұрын

If they are as bad off as they claim, they probably shouldn't have retired with that much debt.

@inthesun3884 4 ай бұрын

It's refinancing that will do that to you. High up front costs and then it resets the clock.

@Pete.across.the.street 4 ай бұрын

they must really like paying pmi

@angeluceta5688 4 ай бұрын

Stupid people

@turbotoommyguns1971 4 ай бұрын

Listen to what theyre saying, insurance companies are straight up Business only! They are NOT like a good neighbor. You are a number with a risk, nothing like a neighbor

@arshdeep691 4 ай бұрын

And?

@faketruth7740 4 ай бұрын

As you grow older and mature, you come to an understanding that no company is going to operate at a loss. They need to profit in some way or break even at the very least and if they cant, than they will close down business and leave, which leaves you with state run insurance where as ever taxpayers will suffer even if they don't own a home.

@addanametocontinue 4 ай бұрын

You tellin' me State Farm been lying this whole time?

@crystallinemushroom4803 4 ай бұрын

then why are they insurance companies if they don't care about their intended purpose seriously@@arshdeep691

@truelies3690 4 ай бұрын

Bingo bullseye correct. Always have. Just another scam money grab. It's just another business like any other for profit. Unfortunately all the violent destructive damaging events in last 2 decades have cost billions in loses for home and auto insurance and greed plays a big part in insurance premiums skyrocketing. It's all going to get worse. So insurance premiums will keep going up. Soon $2000 a month premiums will be the norm. And that's just on average homes. Mansions will be a lot lot more, but if you have a mansion you are part of the rich elite oligarchs millionaires and billionaires and well off financially affluent society and can easily afford it, no matter how pricey it gets. The rest of us will keep paying or do with out. No money no honey is the name of the game.

@KarenLavia 2 ай бұрын

I’m a new dad, I moved to the Bay Area a few years ago and I’m thinking of purchasing a single family home, but with real estate prices currently through the roof, is it still a good idea to buy a home or should I invest in stocks for now and just wait for a housing market correction? I heard Nvidia and AMD are strong buys.

@GeorgeDean-km3wm 2 ай бұрын

it’s a personal decision, but according to Forbes, housing activities will remain stagnant for the most part of the year, so maybe hold off a little.

@HectorWhitney 2 ай бұрын

well you could put a downpayment on a home and as well diversify as much as you can into Ai and pharm. stocks like Pfizer and JnJ.

@RaymondKeen. 2 ай бұрын

Certain Ai companies are rumoured to be overvalued and might cause a market correction, I’d suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I.

@SandraDave. 2 ай бұрын

this is all new to me, where do I find a fiduciary, can you recommend any?

@RaymondKeen. 2 ай бұрын

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’ Melissa Terri Swayne” for about five aiyears now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

@andrewschafer8986 4 ай бұрын

I received a non renewal letter from nationwide saying I needed to replace my roof in 30days.. I spent the money and got it done. My contractor sent me a one item invoice remove and fully replace the roof. Nationwide turned around and said if your roofer doesn’t provide a line item invoice for every task he did we will still drop you. lol so my broker shop all my insurance policy’s and we switched. If nationwide doesn’t want my business fine. Other companies will happily take it. That’s what we did. Saved money as well.

@scpatl4now 4 ай бұрын

The simple truth is that we are allowing people to build in places that have no business being built up. Especially in Florida where they backfill some swamp and throw a subdivision on it only for it to suffer from sink holes or flooding, because those swampy areas served a purpose for flood mitigation. Take it away and the water has nowhere to go. Then you have cities like Miami which even on a sunny day will have flooding during a King Tide. You can't expect insurance providers to cover those risks when the state government refuses to even acknowledge that climate change even exists

@monkeytimesmagazine3725 4 ай бұрын

This especially, right now all of Cali is currently being flooded and since they already built over all of the natural waterways they used to have, and the constant tilling from farming and pumping well water has caused the soil to lose its capability to absorb water deeper than a few feet worsening the issue, and now there are tones of Yankees moving to the Gulf Coast region and developing on top of estuaries that we depend on for water management just because the value of a dollar goes much farther here, their unrealistic views on investment and monetary value leads them to not even take the interior of the state into consideration even though they would practically have a mansion and several tens of acres of land for the same amount of cash with a much much greater long term benefits, instead of piling like rats in a flood into one single location

@adamk.7177 4 ай бұрын

I expect insurance providers to cover risks because that's exactly what they're supposed to be doing. Don't let them off the hook, this is how insurance companies make money.

@tringuyen7519 4 ай бұрын

@@adamk.7177Insurance companies are business that need profit. Insuring FL homes that flood yearly due to hurricane is insane! Praying against climate change is also insane!

@Tola5657 4 ай бұрын

@adamk.7177 so make a company all the people there chose too get house place where risk don't mater can go

@drsuzuki6506 4 ай бұрын

We need a different form of government that is more fair to working people.

@davidlorang7697 4 ай бұрын

I’m in Construction. On a new home build I pay 150 dollars a square for a 30 year asphalt shingle roof. After a hail storm I can charge 550 dollars a square to replace a 30 year asphalt roof. The only difference is the tear off. (Which is a very small portion). This is only allowed because “insurance” is paying for it. This is why insurance companies are leaving. Some contractors go to schools to become Storm Chasers. The system is broken.

@JB-ri6zp 4 ай бұрын

So its just like health insurance lol

@jayanderson6016 4 ай бұрын

Everybody I know is just waiting for a "free" roof. The joke is that it just raises the price of homeowners insurance for everybody because nothing is free.

@norduferhandel4512 4 ай бұрын

Some of the BS with the roof replacements started with the insurance companies themselves. They started making the homeowners get a new roof if the asphalt roof was over a certain age. This started the whole "Hail Damage" industry of reroofing everyone's houses, now the rates are going up. It's a classic case of the tail wagging the dog.

@kenofken9458 4 ай бұрын

Most policies issued or renewed now don't cover roofs at all.

@e.turduckeny630 4 ай бұрын

This has been a huge problem in Florida. It was state law that insurers had to pay for full roof replacement if there was over a certain percentage amount of damage. So roofing companies basically canvassed neighborhoods and knocked on doors saying, "I saw the hail damage on your roof, we can do a new roof and insurance will pay for it. Just sign this assignment of benefits." We get people coming to the front door every few months and giving the same speech. When you sign, they contact your insurer and the insurer typically denies at first. Because there hasn't been a recent storm and the damage is almost always things that have happened over time (not covered by insurance). Most of them here aren't storm chasers, they just see existing wear and claim there was a storm recently, because it's Florida and we have frequent storms other than hurricanes. So after the denial, they file a suit and the insurer caves and the roof is replaced. It's been a very profitable racket. Companies in Florida have gone bankrupt. Some of those roofers are really pushy about it. I've had to rescue my elderly mother at the door when they kept going on and on even after she said no multiple times. Then they get salty when you have to push back. I've even come outside to find someone on my actual roof marking it for me to see before they even knocked on the door to sell the idea.

@Astro-ct5qn 4 ай бұрын

Car insurance is getting ridiculous too

@blaster-zy7xx 4 ай бұрын

I looked it up and that is correct. Almost 40% of homes carry no mortgage. I’m surprised .

@olzt100 4 ай бұрын

Insurance companies are moving out of high risk areas and getting states to increase premiums in low risk states to make up the loss of business.

@atchmon902 4 ай бұрын

Came here to say this. My town has never expierenced a tornado, but the over did. I guess since we're in the same county that was enough to raise rates. Even tho the towns are 20 minutes a part

@faketruth7740 4 ай бұрын

Yup, I think it's more about paying back their debts. They accumulate debts to pay out for natural disaster in other states.

@neilkurzman4907 4 ай бұрын

Yes, insurance companies are moving out of high-risk areas because it doesn’t fit insurance model. I’m not sure why you think rates are going up in low risk states to make up for it. That’s not how insurance works. It’s not how state licensing works.

@neilkurzman4907 4 ай бұрын

@@atchmon902 There was a tornado one town over. So you think your immune from tornadoes? Your insurance company decided hey their tornado area now.

@silentmajority8365 4 ай бұрын

TRANSLATION POCcriminals ruining this country

@hudooguru2 4 ай бұрын

"retired" with a 360k mortgage? I'm beginning to see the problem...

@Patriot-nz5lz 4 ай бұрын

Lol, seriously.

@fidesign5924 4 ай бұрын

Anon stands to close to the trees to see the forest...

@lvsqcsl 4 ай бұрын

Do ya think?

@OtisFlint 4 ай бұрын

She retired with negative net worth, i'm willing to bet, and claims she did everything right. Incredible.

@caseylm100 4 ай бұрын

yep, only mortgage should be paying for is the remainder of an old one

@Americarunsonduncan 4 ай бұрын

I live in Oklahoma. My homeowners insurance went up a whopping 280% in one year!!! I bought my home just two years ago and am only 25 years old. I called my insurance agent and even multiple agents nearby and all the rates were the same or higher. It is a truggle to have the highest premium homeowners in the nation, despite being among the lowest paid workers.

@ryanhenry8418 4 ай бұрын

Recent (2020) young homeowner in OKC as well, my first premium renewal was at least 50% I remember going wtf lol. Rates are insane in Oklahoma. Idk who you use but found Allstate to have the lowest auto and home by a long shot. Other companies wanted $3-6k to insure my 1,135 square foot, 1 bathroom house in the middle of the city.

@LloydsofRochester 4 ай бұрын

Well, you ARE in the heart of tornado alley🤷‍♀️. Aren't there some construction styles that are more tornado resistant? If so, those should have lower rates.

@jonlj77 3 ай бұрын

CANCEL Self insure, if you can. If you have 20% paid on your mortgage you can handle your( escrow ) taxes and insurance on your own. At that point just cancel your insurance. Punish the industry, and fight back.

@Americarunsonduncan 3 ай бұрын

I have a mortgage thats about 50% paid but they require me to have insurance. @@jonlj77

@saudigold50 3 ай бұрын

⁠⁠⁠@@jonlj77*Absolutely! Always self insure if your house is paid off; or if your mortgage is paid down 20%. Take roughly $10k per year (for home losses) and pay yourself through mutual funding. You may just get rich through your self invested insurance money instead of making the insurance crooks rich! As well- any money you spend out of pocket to cover property loss is tax deductible*

@introvertsrock9843 4 ай бұрын

Should talk about insurance companies more: How much their CEOs are paid? How much they spend on their ads? How much they spend on customer service or how they decreased C. Service locally? They used to care & now they treat their customers like a # once they make the sale.

@briangasser973 3 ай бұрын

Insurance companies lost money last year. With inflation, the higher cost of materials and labor, increased liability costs, litigation,... it is not a surprise that insurance companies are reevaluating risk.

@coronabuster3611 4 ай бұрын

Here is what I learned after Katrina, if you have faithfully had home insurance they will fight you every step of the way so they don't have to pay out. They kept my mom in court for years, and they did stunts like pulling up weather reports from the wrong state and giving her the report with just the county name but not the state. They offered her a pittance of what she was insured for. She finally gave up because her new husband pitched a fit about the time it was taking. Now she puts the money aside that she would have used to pay insurance for problems that come up..Granted she owns her own home.

@dianaroach3093 4 ай бұрын

Insurance scams.you got it right

@allwayzangry8290 4 ай бұрын

If you have to put money aside what's the point of insurance. Why are we allowing ourselves to be robbed

@Redactedlllllllllllll 4 ай бұрын

@allwayzangry8290 we aren't allowing it, we're just being robbed by the upper class. They buy the politicians, they write the laws, and we go vote.

@motiemo 4 ай бұрын

@@allwayzangry8290 literally

@coronabuster3611 4 ай бұрын

That was my point, my mom doesn't pay insurance, she puts that money aside so that if something happens she'll actually have money to pay for it. I know others that do almost the same, except they get cheap insurance with a high deductible to pay for catastrophic damage. @@allwayzangry8290

@evielknievel4972 4 ай бұрын

Insurance companies ( all of them) want a client who never in their lifetime files a claim. But they want you to pay monthly. Pay your mortgage full, keep your property with no trees and have money for a roof replacement if needed and screw the insurance. They dont care for your loyalty. That doesnt exist.

@davenone7312 4 ай бұрын

What would you want if you ran an insurance company? How would you pay for the Billions in damages while your customers were screaming, damning you for charging what it costs to 100% rebuild everything they lost??

@evielknievel4972 4 ай бұрын

@@davenone7312 Make them build themselves. Like old times. Insurance is just fraud we all know that.

@anniesshenanigans3815 4 ай бұрын

@@davenone7312 Insurance is a scam. If they really lost money they would close up and never insure anyone. Its all a scam.

@crimestoppers1877 4 ай бұрын

I have worked for many years as an insurance investigator and my records showq only a maximum of 6-7% of injury claims are exaggerated above contract limits. But the other 94% of claims that I have been assigned have gone through the claims process which is Deny, Delay and Minimize wherever possible and at the same time tell the insured what a good deal they got on their claim. AFIK there is NO state law that requires that insurance companies actually pay legitimate claims! This is where the big bucks are made. Make outrageous TV ads showing you pay frivolous claims quickly while at the same time denying legitimate claims knowing that most of the time people do not have the money to sue insurance companies. My Claims Manager once told me that Insurance companies have more Gold than God.

@turng41 4 ай бұрын

Truth@@crimestoppers1877

@M1911jln 4 ай бұрын

We live in a suburb in Boston, quite a ways from the coast, so we are not in a high-risk area. But our insurer of over 30 years, Mapfre, has tried to refuse to renew our insurance. After fighting with them, and spending $20k on a new roof that we didn't need, we finally got them to agree to renew our policy, but at a 40% increase in price. We have never missed an insurance payment nor have we ever had a homeowners insurance claim, and yet they have still tried to drop us. I don't know what the answer is, but it is very clear that insurance companies do not deserve your loyalty.

@gals5252 4 ай бұрын

Same thing is happening to us, Farmers Insurance are not renewing us. We’ve paid them for over 30 yrs without one claim!! Not once!

@Jody-kt9ev Ай бұрын

State Farm did this to my father in law in CA years ago. The insurers just do not like the fact that your house has gotten old and is at more risk of plumbing leaks, roof leaks, etc.

@CDHPLAYLIST-uq7cg 20 күн бұрын

You need to change insurance companies

@Jody-kt9ev 20 күн бұрын

@@CDHPLAYLIST-uq7cg Agree, I saw a news video about State Farm dragging their feet in fixing tornado damage. The potential repair contractor said "Get getter insurance-I do not have this type of trouble with other companies". If you Google "Worst Insurance Companies", State Farm, Farmers, and Allstate are always up in the top 10.

@kenofken9458 4 ай бұрын

This isn't just high risk states. I live in the Midwest far from the fire or hurricane zones. My insurance doubled over the last year. I have a good agent and went over everything with him and was able to get it down, but a lot of that meant taking higher deductibles for things. I was also able to reduce or eliminate some coverage I simply didn't use, like a clause that would have covered $20,000 in loss of "accessory structures" of which I have none. I got it back to within distance of what it had been but what happens next year and the year after? I'm sort of out of clever areas to trim the policy. It's going to get to the point where a lot of people are going to be faced with insurance premiums equal to what they pay in mortgage, and if you have a mortgage, you can't get rid of the insurance.

@Fabmille 4 ай бұрын

Same

@matheuscardoso6623 4 ай бұрын

My thought on insurance companies has always been the fact that their whole business model is based on a conflict of interests. It is the only model that I know where the company is selling you something that it does not want you to get at all. So when you need it the most, you are going to have some trouble. It is basically a bet after all, and their structure is build on the premise that the house always win.

@rickchandler2570 4 ай бұрын

And you as the home / vehicle owner hope you never have to use it either.

@adaminfinity1733 4 ай бұрын

Yes. Although they do cover alot. But your best option would be to hire a lawyer to sue your insurance company if they deny you coverage

@zenseed75 4 ай бұрын

Gambling basically

@HungerSTR1KE 4 ай бұрын

There are stories like this one on NPR, too. The sad fact is we've allowed people to build homes in known flood zones. Some homes are even built in overflow zones. It's so incredibly irresponsible that these properties were ever even sold to people as livable. They never were. Home buyers were tricked into thinking these places were safe when they weren't.

@hbarudi 4 ай бұрын

Great comment. At minimum there should be a mortgage ban on those area so people don't borrow money to buy in those areas making the banks not involved in lending for those lands.

@computron5824 4 ай бұрын

Not only did they let them build in these zones, but in CA they also blocked insurance companies from raising the rates on these people. In the end, homeowners who own homes in low risk areas are subsidizing people who live in high risk areas. No wonder the companies are exiting the market.

@twistedspine7300 4 ай бұрын

home buyers weren't "tricked" into anything, nobody forced them to buy homes in bad locations. how about some self accountability?

@fidesign5924 4 ай бұрын

My dream is to build my house in Iceland, next to a volcano, like the Laval Level in Super Mario Bros.

@poornichandran 4 ай бұрын

Its a non stop 24 hour propaganda on climate agenda hoax. NPR is owned by ruling elites/oligarchs/WEF. Their goal is to make the whole world renters. I see a pattern. Farmers are getting out of farming due to policies imposed by the ruling cabal. Same is happening for home owners. When you jack up home insurance, owners are forced out of good expensive real estate or they rent. Remember the mantra of WEF - "You own nothing, but be happy" . Please be aware that these are not happening in isolation.

@ballisonfargo 4 ай бұрын

My insurance company dropped me in October after being them for 15 years and not making one single claim. Their excuse is that they are no longer insuring structures built after 1995. This place was built in 87. What a crock.

@eternalspring1034 3 ай бұрын

Where is this at so i can make sure to not move there accidentally?

@kstar1956 3 ай бұрын

Insane!

@wednesdayschild3627 2 ай бұрын

I bet people build houses they can afford and don't build in a forest or on a beach.@@Balletified

@myothercarisadelorean8957 4 ай бұрын

So she can afford $7k for tree trimming but cant afford a $12k insurance policy?

@evecarrington562 4 ай бұрын

Right? The level of stupidity is off the charts.

@CourtneyNielsen 4 ай бұрын

Yes when bills stack up, affordability gets difficult when insurance prices multiply 6x

@Inaisola 4 ай бұрын

Quick answer: NO

@Cyrribrae 4 ай бұрын

Paying the $12k policy doesn't save you from tree trimming.

@cynterslave 4 ай бұрын

I get your point, but the $7k was a one time charge. The $12k insurance rate would be every single year, and likely increase.

@s99614 4 ай бұрын

A big part of the problem is the current sky high housing prices.

@danieluva2848 4 ай бұрын

And no one wants to talk about it.

@larrys4618 4 ай бұрын

@@danieluva2848nothing can be done about it other than abolishing private property. We are at the end of the Monopoly game.

@dylanfgarrison 4 ай бұрын

Something doesn’t add up here. These people bought a house for $400,000.18 years ago and now owe $380,000? Sound like typical spend spend spend boomers who’ve been pulling equity out of that house this whole time. This home should be 2/3 paid off by now. Anyone who owns more than one horse on their own property certainly can afford an extra thousand dollars per month. Just sell one horse! And when she says she’s moving I called BS. Again, she loves her horses, where exactly are they going to move to where they can keep their horses for less? I have zero sympathy for these people.

@evecarrington562 4 ай бұрын

You hit the nail on the head. There is NO REASON that house should not be paid for. They spent their money on a lavish lifestyle never thinking the bad times would hit. If you are not flush with money like Jeff Bezos or Elon Musk, YOU DON'T NEED HORSES! Is she considering how much the care and maintenance of horses cost per year? It's crazy to keep them and then whine about your house insurance premiums. She claims she doesn't have a choice. Yeah you do, sell the damn horses.

@user-yx3bq7tu4i 4 ай бұрын

It's extremely difficult for me to have much sympathy for this retired couple who obviously spent money on the wrong things.@@evecarrington562

@gospelninja2.016 4 ай бұрын

Boomers always squander their potential children legacy future down the drain when playing lottery machines. It's who I always see playing them... carelessness. My grandmother sold her house and lost 25k in two weeks.

@ashburnconnecttv7860 3 ай бұрын

#Facts!

@vickijohnson9367 Ай бұрын

Do you know how much it costs to keep an old horse on rural acreage property? They eat grass.🤗 Depending on climate, $500 a year, maybe.😉 Trimmed hooves and self vaccinate (maybe if they are going to leave property). Possible food supplements depending on health & size of acreage. There are horses turned out on huge acreage on military base in Southern California for 2+ years while owners stationed overseas (just need water stations). Sometimes I think humans in cities have no clue as to how herbivores live outside of dense human environments.(they aren’t leaving the property so they won’t get exposed to sickness)Biggest expense, having them euthanized and digging a very large hole.

@johnnyb362 4 ай бұрын

If they paid $420K 16 years ago it’s probably worth close to $1M now. How long did she expect to insure it for $2k a year?

@user-yx3bq7tu4i 4 ай бұрын

Wow they we're getting a sweet deal for a million dollar home.

@Kimberly-wt1nu 4 ай бұрын

insurance rates are not based on real estate appraisals they are calculated based on the cost to rebuild. Her house could be worth $100K on the real-estate market and cost $250K to rebuild. Insurance only worries about the replacement cost of the structure.

@user-ne2bb5nh7t 2 ай бұрын

I can't speak for other states. But in Florida, one of the issues was that during years when we got lucky and didn't see a major storm, many insurance companies paid out huge bonuses to the execs and board with some of the excess premiums collected. That money wasn't invested, and so wasn't available to help pay for claims in later years when we did have huge storms. Also, Florida allows people to win 3x their claim if an insurer denies their claim, but a court rules in favor of the homeowner. A lot of people are talking about the roofing scams, which is also a part of it, but completely gloss over the fact that these companies are losing money because they keep trying to deny claims that were, in fact, found to be legitimate in a court of law! Insurance companies are just upset that they actually have to provide a service for the premiums they were collecting and they've been cut off from the free money machine.

@reisingerj Ай бұрын

Like the CEO of Travelers, OVER $20 MILLION ANNUAL SALARY PLUS SHAREHOLDERS DIVIDEND.

@lalagardenia6500 23 күн бұрын

THIS.

@thelbtlover 4 ай бұрын

Insurance is a scam but so are most contractors. Every time there's even a small storm I get these snakes coming by trying to get me to defraud my insurance company by putting in a claim for a new roof or new windows due to "hail damage." The first time they came around I was genuinely concerned that there was damage to my home but when I asked them to point out said "damage" it was negligible. I don't care if there's a dent the size of a grain of rice on the metal border around my windows. You want to disrupt my life for weeks while you pull out all my windows because of that? Sounds great for you. You get tens of thousands of dollars while my insurance company gets screwed and I do too since they'll probably jack up my rates, all for a tiny dent the size of a grain of rice. Same thing happened when my hot water heater leaked. A tiny part of my carpeting got wet and the contractor wanted me to claim it on insurance so I could get all the carpeting in my house replaced. I took a carpet cleaner to the small area that got wet and you can't even tell now. Insurance fraud is rampant. That's why they keep jacking up rates. Contractors get rich while the insurance companies and homeowners get screwed.

@nazeercurry5248 4 ай бұрын

I concur

@walterwhite1 4 ай бұрын

INSURANCE IS ONE BIG SCAM DUDE

@ajr993 4 ай бұрын

No it isn't Walter. Insurance is a necessary industry. It's called risk mitigation and it makes getting a loan possible

@inthesun3884 4 ай бұрын

I"ve seen ads like that, replace your roof for $500!!! Nope.

@bu5761 4 ай бұрын

Yup - I negotiated claims for years around the country. It’s all about the profits. The contractor even get an additional 10% “overhead and profit” (free money) if they find 3 or more different trades needed to make repairs. Which is why they point out windows, screens, gutters, roof, fence blah blah blaahhhh….

@anthonyc8499 4 ай бұрын

The lady, Darlene, clearly explained the reason why her policy was cancelled. She said 18 years ago she never had smokey summers and wildfires but now they’re common. Her insurance price was capped at how fast it could change but the environment changed dramatically faster. That sucks for her and everyone else.

@bobroberts2371 4 ай бұрын

Time 003 to 005 " thought it was over our heads " there is part of the problem.

@SomeUserNameBlahBlah 4 ай бұрын

Wild fires have always existed in California, even before people. The issue recently is CA no longer has prisoners work by clearing the dead brush and debris from the forest floor. Now, once a small fire occurs it has plenty of fuel to burn and get out of control. In the past prisoners cleaned this up, that's why wild fires weren't as frequent.

@bwofficial1776 4 ай бұрын

@@SomeUserNameBlahBlah Trump said that the forests weren't being raked and everyone laughed at him even though he was right.

@sniggitty 4 ай бұрын

@@bwofficial1776 Trump paid for hookers. I doubt he is a good choice for almost anything that involves intelligence

@CyrilJap 4 ай бұрын

Guess which generation didn’t do anything to prevent climate change (but were told about it over and over for years)

@tomdrummy4984 3 ай бұрын

Translation : insurance companies aren’t making as much profit as they used to. My neighbors son was in insurance business years ago. When he came to visit his dad he arrived in a chauffeur driven limo 😊

@yellowbird5411 3 ай бұрын

I'm in Florida, in a no flood, no forest, no hazard zone. I just dropped my insurance on my primary residence as it jumped $300 from last year. My rental house jumped $800 from last year. I left the insurance on the rental, but plan to take it off in June when they will need another $1,200 payment. I paid the first installment two days ago of $1,200. It's out of control. So I am dropping down to liability only, if someone hurts themselves on the rental property only. It is not covered if a hurricane blows it away. If that happens, I will just sell the lot, worth around $180,000. Prices for everything are so out of touch with reality. And any business that can get on the band wagon, does. But homeowners with a mortgage can't decide not to have insurance, as that is the requirement. But my two houses are paid off. So I will put that money in a separate account and let it accumulate. If I get storm damage, it will be there for me.

@truthiscensored 4 ай бұрын

Insurance is a scam. You pay "In case something happen", Then if something happens or could happen the insurance don't want to pay... Insurance is like banks "They only lend to those who DON'T need the loan"...Insurance companies like to insure those who don't really need insurance

@SeattlePioneer 4 ай бұрын

@user-zu5do6ri6r 4 ай бұрын

How did you pay in insurance over the years?

@Real-comment-unreal-name 4 ай бұрын

💯

@lindanorris2455 4 ай бұрын

RIGHT ON.. I AM IN THIS LOOP RIGHT NOW IN 2024!

@Redactedlllllllllllll 4 ай бұрын

An obvious one too.

@PortersGarage 4 ай бұрын

Home insurance and car insurance are rapidly increasing and making life an absolute MFer to survive these days. Renters are getting all the attention right now as rent goes crazy, but even if you can afford that insanely priced house at high interest, the property taxes and insurance are going to make your life hell.

@daw7773 4 ай бұрын

The points(e.g. home insurance, interest rates) you brought up actually cause some people to say it’s better to rent than buy a house now.

@PortersGarage 4 ай бұрын

@@daw7773 if you’re just trying to enter the market I can see that for sure. But then you have a situation like my inlaws are in, fixed income and renting, landlord changed and now their rent just jumped $500 a month this year.

@CaliSteve169 4 ай бұрын

"By 2030, you'll own nothing and be happy " - World Economic Forum

@stoneneils 4 ай бұрын

@@daw7773Its always better to rent..cheaper long-term..if you are single and can live in small places. I've rented for 30 years - total output maybe $400-500,000..worth it for me to be able to move around cities, countries, no mortage or taxes or condo fees etc. No investment, no worries...but we have rent control.

@bwofficial1776 4 ай бұрын

@@stoneneils Not everyone wants to live in an apartment. I want my own four walls, a decent-sized yard, and a big garage. I don't feel a need to change where I live every few years so I'd rather put that rent money towards a mortgage and own something at the end.

@jehiahmaduro6827 2 ай бұрын

In Tortola BVI we have experienced hurricanes for many years and have built structures out of concrete with galvanized roofs. We thought we were very secure until we got hit by two Cat 5 Hurricanes back to back Hurricanes Irma and Maria in 2017. Irma was so strong it ripped the grass off the ground and the paint off the walls. There was so much devastation and roof damage, that it traumatized a whole generation. Now many folks are building their gable stile roofs out of concrete. The point is every place has unique environmental challenges and there is no reason for a house to be built or retrofitted without having that in mind. Why continue building houses in a style that does not work for a river plane or why build a tinderbox in forest that can catch afire. Build resilient or don't build at all.

@r8chlletters 2 ай бұрын

The risk is actually not having a water source in the near future, something people are being really oblivious about but is coming fast. People are chasing this California dream without realizing that the majority of the state is soon to be without water. Look at the Colorado river rights versus the population living in Southern California.

@ibobeko4309 Ай бұрын

You never heard the word desalination ??? UAE has no river at all, 90% of the war comes from the Persian Gulf, they take sea water and produce water.

@ibobeko4309 Ай бұрын

kzfaq.info/get/bejne/qsd9iribyceXlnU.html

@Dfgbuiiyyyybb 4 ай бұрын

This is why houses should not be used as an investment tool. Houses should just be consider shelter. The more property values rise the more property taxes rise and the more home owners insurance rise. Really all everyone needs is a roof over their head to keep the elements out.

@LumaTo 4 ай бұрын

A lot of these places are in areas that had skyrocketing prices in comparison to the rest of the nation. Made even worse by some states (like Cali) capping interest rates below the rate of inflation and ..... Well people and companies are going to invest. There isn't a law that helps the little guy without the big guys having an even bigger benefit from it. 🫠

@xtreme242 4 ай бұрын

It's a tad more nuanced than that but I get the general idea. People use their homes as piggy banks instead of their homes

@WayningGibbous 4 ай бұрын

LOL, you have zip zero understanding of economics.

@spades9048 4 ай бұрын

All real estate is an investment one way or another - either to you or to your landlord. You can either pay rent for 15-30 years or you can pay a mortgage. Yes, property taxes, insurance and maintenance fall to the homeowner but the renter is also paying for those things whether they want to admit it or not - it’s just an indirect cost. The difference is that the homeowner has equity at the end of the mortgage and now will just pay taxes, insurance and maintenance. The renter at the end of 30 years has zero to show for it.

@ado9255 4 ай бұрын

Again I keep having to say this Wall Street owns only 3% of the houses market. 90%are baby boomers and gen x. The demand for housing is increasing because it’s expensive to build houses (plus immigrants, tech companies, retirees from northern states etc.). By using housing incentives and building MORE multi family housing this will fix it. And fixing zoning laws this anti-capitalist bs isn’t going anywhere long term.

@1123kse 4 ай бұрын

$2,000 a year for insurance on horse property in Cali is crazy. That’s the average for a townhome in Arizona with no natural hazards. So the real problem is she’s (and most other in California) have been underpaying for years

@jie1379 4 ай бұрын

Yeah, even Texas, average paying $3k

@d1p70 4 ай бұрын

Yup exactly. And your rates are going up because of risky policies like her.

@AMontL 4 ай бұрын

@@user-ks2uo3qh7i or we are funding outrageous prices for building materials over there. If "controls" were put in place no one in California would be able to afford insurance.

@rolandalfonso6954 4 ай бұрын

I live in a 2000 sq ft home built in 1978, In a subdivision in Plant City, Fl. Been here forty years. On social security. My annual premium for Homeowners Insurance is, drum-roll. $7,400. Just glad I didn't a non-renewal notice.

@Whooshta 4 ай бұрын

$700 a year for a house in a flood zone in Washington state. $2000 is crazy. Maybe you guys are getting ripped off.

@EmpoweredPursuits87 4 ай бұрын

18 years paying faithfully, and nothing to show for it. I think insurance companies should have to pay a certain percentage of a premium back if they’re going to do non-renewals, with the length of time the customer has been with them considered, that’s only fair.

@briangasser973 3 ай бұрын

Nothing to show for it? The insurance company accepted the risk for the duration of the policy. In a fire zone, she was paying only $2k. Sounds like she did OK transferring the risk.

@EmpoweredPursuits87 3 ай бұрын

@@briangasser973 I don’t think it’s the money. It’s the principle. To get dropped in that area with barely any notice.

@adissentingopinion848 4 ай бұрын

You know we were hooting and hollering about the climate crisis. Turns out, when flooding is almost assured, you're gonna get massive insurance premiums. Likewise for living in a flammable forest during droughts.

@jonathantaylor6926 4 ай бұрын

It has nothing to do with “climate change”. California has had wild fires for tens if thousands of years. It just wasn’t until recently we built homes in these areas that burn and flood.

@Mosquito-balls 4 ай бұрын

USA only cares about the %0.01 of the rich

@roxaskinghearts 4 ай бұрын

imagine if instead of reporting on just the problem they could try and be apart of the solution news organizations

@jonfreeman9682 4 ай бұрын

Insurance companies never lose. If they pay out they'll just add it to your premiums.

@CaliSteve169 4 ай бұрын

"By 2030, you'll own nothing and be happy" - World Economic Forum.

@computron5824 4 ай бұрын

Not surprised that insurance companies are exiting the market. The video clearly explains that California voters have passed Proposition 103 in the 80s to artificially block their rates from increasing in high risk areas. Homeowners in low risk areas have been subsidizing homeowners in high risk areas for a long time, and it seems like this set up stopped working

@Redactedlllllllllllll 4 ай бұрын

Strange how in some people's minds, a business can do no wrong until they associate with a transgender. The billion dollar industry just didn't have a choice, big mean government made them sociopaths.

@maxsecrest 4 ай бұрын

The republican government of Florida has also screwed themselves in a similar way by having the government step in

@UlexiteTVStoneLexite 4 ай бұрын

Wait so you want to overcharge people and you want to run people dry?

@lisabaltzer4190 4 ай бұрын

Sounds something like Proposition 13. Newer home buyers subsidize longer term home owners. Both are very unfair.

@UlexiteTVStoneLexite 4 ай бұрын

@@lisabaltzer4190 how do you expect retired individuals to pay ever-increasing property taxes? Why do you want me to suddenly have to pay double what I did a couple years ago?

@mh-qx2mk 4 ай бұрын

This is horrifying and it’s happening, not just in high fire or flood risk areas. It’s not inflation, it’s forcing you out of your home and vehicles.

@HablaCarnage63 4 ай бұрын

They raise insurance and taxes so they can take your house legally and then rent it to someone else.

@Tsunseyu 4 ай бұрын

I’m a disabled military veteran and have been working very hard to try to get myself my first home, given everything going on I am losing more and more hope every day. Anything that qualifies the VA loan is way too expensive, which destroys my hope of living anywhere near where I work. George Carlin said it best “They call it the American dream because you have to be asleep to believe it.“

@gospelninja2.016 4 ай бұрын

If you had 5k, knew about building and remodeling. And wanted to move to north Dakota... I know a house we could buy for 10k. But then again people maybe never be compatible. But in this time... I'm at survival mode.

@edd06001 4 ай бұрын

Because insurance companies are not there to protect you. Its there to assess your risk and gamble appropriately on the outcome. Then when they lose, they try to find any loophole possible.

@miked412 4 ай бұрын

Yup. Essentially, an actuaries job; then, the lawyer's job.

@Mavryck_Tha_Myghty 4 ай бұрын

Businesses are in business to make money. We can’t blame them when they decide to opt out of an area when government gets involved. If the state government never rears its ugly head, California residents would still have these carriers available to them. Now they reap what they sowed.

@edwesby5752 4 ай бұрын

Insurance companies will give you a lot of BS to justify their rates. The bottom line is they want to continue to make that 50% or more profit on your insurance policies. I have been paying for homeowner insurance for 50+ years and never had to file a claim for anything. So all of the money I have paid is 100% profit for them. A couple years ago I called my insurance company to question why my rate went up. The answer was that they had to cover the costs of hurricane and flood damages in other parts of my state. So I am paying for someone else's home too.

@maricelacad.3873 4 ай бұрын

Same with electricity bills here in California, I'm paying for somebody else solar panels.

@j-sonS 4 ай бұрын

My car insurance went from $2k per year to $4k over a renewal period...plus they said i had to pay it all upfront and not receive any glass coverage. I looked around and thats the best deal i can get nowadays.

@brianh9358 4 ай бұрын

I live in Minnesota and used to be with State Farm. But the rates kept going up in spite of the fact that the risk to my own home hasn't really increased any. In Minneapolis the prime risk is probably hail damage to your roof. In any case, I ended up dropping them and going with an insurance company that is only in Minnesota. That cut my rates back significantly. I think that a lot of the large insurance companies have too much risk on the coasts and in fire prone areas, so the costs get shifted to people paying premiums in lower risk areas.

@ObiWanBockobi 4 ай бұрын

It's called subsidizing, and yes they all do it. They run higher underwriting profit margins in certain states to pay for losses CA, NV, WA, NY, NJ, and GA make them take. All within actuarially sound margins of error, but it does happen.

@PelosiStockPortfolio 4 ай бұрын

Your risks stayed the same, but the cost to replace your roof went up a lot. Therefore your premium went up

@chuckinhouston9952 4 ай бұрын

You are absolutely correct.

@brianh9358 4 ай бұрын

@@PelosiStockPortfolio Sorry I don't think so, if it was tied to roof replacement costs why were the rates from the local insurance company back down around the 2019 rates from State Farm?

@PelosiStockPortfolio 4 ай бұрын

@@brianh9358Why company A charges a different price than company B can depend on many things. Now back to the main point... you know the costs of materials have gone up significantly due to inflation the last 3 years, and therefore the insurance company has to pay more to replace the same roof if you make a claim. Yet you dont think that is why they increased your premium? You might want to read that again and think about it

@toddtaylor81 4 ай бұрын

This guy crying like insurance companies are hurting, over the last three years mine went from $3400 to $5600 to $9800, switched providers and I’m back down to $3200…don’t give me crap about risky for them and their models….pure greed

@ayliniemi 4 ай бұрын

What company is giving the better rate?

@jonathantaylor6926 4 ай бұрын

The thing is the insurance companies are actually hurting. State Farm had its first loss in 100 years. It’s not just claims. Insurance companies take your premiums and make low risk investments, often government bonds- and they have suffered significant losses doing this as higher yields have crushed bond prices.

@PatrickBaptist-vv2bg 4 ай бұрын

AMEN 100% greed.

@mattslowikowski3530 4 ай бұрын

Over the past five years, revenue has been growing at a CAGR of 3.8% to $147.8 billion, including an expected 0.3% decline in 2023. Profit is also expected to climb to 12.1% of revenue in 2023 from 11.9% in 2018.

@michaelhathorus4859 4 ай бұрын

You hit the nail on the head. insurance companies are INSANELY profitable. Why? Their model is predicated upon NOT paying out, but requiring you to have their product. A captive market is a profitable one. And suddenly, when the risk gets great, they are all too happy to wash their hands and walk away.

@phredflypogger4425 4 ай бұрын

It seems that insurers have so much access to risk information that they will not insure people who are likely to make a claim one day yet that is the whole purpose of having insurance.

@lalagardenia6500 23 күн бұрын

And good luck if you ever have a disaster and file a claim- you're suddenly a leper, pariah, uninsurable.

@DeborahKettle-bs6du 4 ай бұрын

I dropped my homeowners insurance. My house is paid off. My social security went up $46.00 but my homeowners insurance went up $45.75 😮 Faced with increased food prices, utility bills and property taxes, that .25 cents just won't cut it 😢

@Marvin-P 4 ай бұрын

Thank you Biden!

@jonlj77 3 ай бұрын

You’re better off not having insurance and just self insuring yourself. They don’t want to cover you anyway when you need them. They’re coverages are horrible as are there high deductible’s.

@jameswalker590 3 ай бұрын

@@jonlj77 The lady in the video paid $2000 for insurance. You thinking saving $2000/yr to "self insure" a $400,000 house is prudent? If you can't afford to build a house from scratch, you cannot honestly say that self insurance is the best move. It may be necessary, but that doesn't mean it's smart.

@jonlj77 3 ай бұрын

@@jameswalker590 Incorrect , it USE to be $2000 now it’s up to over $12,000 as she stated in the video. So yes it is worth it to self insure nowadays if that’s what people are facing. Would you pay $12,000 from $2k? Didn’t think so..

@jonlj77 3 ай бұрын

@@jameswalker590so yes to answer your question it IS PRUDENT.

@faketruth7740 4 ай бұрын

A lot of people in the comment seem to forget that an insurance company is a business and they need to make a profit or at least break even. They won't operate at a loss. So if there is no profit to made, they will close business or leave, which leave you with government-run insurance, where the taxpayer will pay for it even if you dont own a home.

@desiv1170 4 ай бұрын

Not related to insurance, but she bought her home for $420K, apparently 18 years ago... Then, "Darlene and her husband still owe about $360 thousand dollars..." So, in 18 years, she's only paid down about $60K? That seems low. I'm guessing there was a refi in there somewhere... My parents "scared" home ownership and interest rate worries into me, so we made sure we not only didn't refi, but went for a 15 year. Yes, I know that technically with a low mortgage interest rate, it's better to not do a 15 and invest the extra, but I am so glad I went with a 15. Paid off home takes so much stress off... Of course, that doesn't address the insurance mess, but luckily I don't live in an area that has been hit by insurance company concerns like this... It is really disappointing that doing fire protection won't help that... Seems like that should be an option. That said, I think Florida also has legal issues and insurance fraud as a major problem. I was seeing that roof replacement fraud was also killing the insurance companies there...

@Aspen5.7 4 ай бұрын

That's exactly what I was thinking. Also they don't mention the real reason the Insurance companies are leaving Cali.....the state gov made it impossible for insurance companies to increase their rates. So the current insurer drops the policy and a "new" insurer offers a much higher rate.

@SnappyWasHere 4 ай бұрын

Low debt is always a good thing. And a 15 yr note gives you options if something awful happens. I’ve always paid off my housing fast. I always want a roof over my head. Toys can wait.

@jamestolins919 3 ай бұрын

She’s owned a 420k house for 18 years and still owes 360k. This isn’t possible without a cash out refinance. In addition, her insurance is only going up to 12k a year. Likely less than the cost of caring for 1 of her several horses. She should have no trouble paying for this and if she can’t than she needs to reprioritize her spending. There is absolutely no way the government should be subsidizing her insurance. All this does is help prop up unrealistic property values, prioritizing those that own real estate over those that don’t.

@rickace132 2 ай бұрын

I think it makes sense. My family bought a house 26 years ago for 440k. After 22 years of paying off the house, we ended up paying around a million dollars all together. We now own 4 houses all paid off.

@kyungshim6483 4 ай бұрын

Luckily my insurer did not drop me. I'm paying about $2K/yr in home insurance that comes with a bunch of deductibles. The most recent insurance premium went up some 15-20% in one year. I have never filed a claim in the 10 years since I bought the house. All those premiums were money thrown out the window. Recently I bought shares of insurance companies that pay a nice 5% dividend yield. Getting those cushy dividends feels like I am getting some of my money back from those damn insurance companies.

@vegas9992 4 ай бұрын

Here in florida, we paying like 5k for house insurance. For first time in 10 year, we had a leakage and they won't cover it. Sometime I wonder, is there any worth to have an insurance.

@zachbowyer6305 4 ай бұрын

I have State Farm and I wonder the same. I know they’ll never pay if I need to use them. Awful reputation for that one.

@blond98 4 ай бұрын

They like to use the word "flood" which is a different insurance not included under regular homeowners insurance. It's all a scam design to get as much money as they can from people!

@solarwind907 4 ай бұрын

Have you noticed that most of FL is at sea level AND tropical storms are getting stronger EVERY year? I think it’s called climate change.

@vegas9992 4 ай бұрын

@solarwind907 yeah I notice, and in Miami Dade area there was recently a tornado warning too

@mbmart2005 4 ай бұрын

@@solarwind907 Have you noticed that insurance companies want only profits and don't care about your claim or coverage.

@stevemlejnek7073 4 ай бұрын

I was notified my home insurance wouldn't renew. I'm in Wisconsin. They said my house is a fire risk, but no explanation as to why it's suddenly a fire risk. There are 2 fire hydrants within 500 feet, and the fire station is 5.5 miles away. I found another company and my rates won't change much at all, but this is still concerning.

@pingping7594 4 ай бұрын

I’m in Michigan, tried for 5 weeks to get insurance, ended up not closing and losing my deposit. Gone through over 20 companies, not one would bind their quote.

@jonfreeman9682 4 ай бұрын

That's cause too many folks in your area filed claims so you're in a high risk area and insurance company don't wanna keep paying out.

@Pete.across.the.street 4 ай бұрын

LOL, no fire risk because you are close to a hydrant?

@inthesun3884 4 ай бұрын

@@pingping7594 Why would you lose your deposit when you need the house insurance to fund the loan? It's no fault of yours.

@bwofficial1776 4 ай бұрын

@@Pete.across.the.street That's not what they said.

@humblecourageous3919 4 ай бұрын

We replaced 20 of our vents with ones that help prevent embers from coming into the attic. Many houses about 8 miles away burned down about 16 years ago from embers getting in their attic from a fire many miles away.

@stevemerritt2721 2 ай бұрын

have you ever known of a major insurance company go broke? What the largest insurance companies is have multiple smaller companies underwrite their policies. Then when a regional disaster occurs, the big company has their smaller companies declare bankruptcy because they were unable to pay off all their claims

@marisahokefazi2949 Ай бұрын

Sounds like they pull out of California because they can't get away with that.

@lamarunderwood5055 4 ай бұрын

And Citizen in FL is out of this world expensive. But if you look at the state as a whole, its on an eroding island, floods, hurricanes, tropical storms, overcrowded cities and towns, etc. equals sky high risk everywhere.

@neilkurzman4907 4 ай бұрын

Don’t forget the Florida roofing scam that was legalized by previous administrations. And don’t forget previous administrations allowed builders to build on areas that had previously been excluded, because hurricane damage was almost a certainty

@lyamainu 4 ай бұрын

I don’t understand how anyone would buy a house without even considering the disasters in their area. It would make sense if it was just a matter of climate change, but she admitted herself that she didn’t put any thought into it. Also, how do you buy a house for $400k+ and still owe $350k nearly 20 years later?

@badactor3440 4 ай бұрын

Interest is paid up front

@thephilosophyminor 4 ай бұрын

@@badactor3440 Home equity loans and cash out refinances more likely. Also making the minimum payments every month. Interest is compounded but only on principal balance.

@happycakes1946 4 ай бұрын

Also how do you retire owing 350k on your house lol. Who the hell is going to pay that off?

@lindanorris2455 4 ай бұрын

RIGHT ON. MUST BE DUE TO THEIR UNPAID COLLEGE DEBT.

@michaelk151 4 ай бұрын

@@lindanorris2455 Yes, they are screaming "Please, Socialist Democrats, please give us tax-dollars to pay off our debts! That's why we voted for you!"

@misterb6416 2 ай бұрын

In short, insurance companies don't want to pay out any claims but still want your money.

@sunnydayzie1202 29 күн бұрын

Happened to us. After 25 years with Plymouth Palisades here in NJ, with never one claim, we got a cancellation notice. We replaced our roof which was still in good shape and cleared all the brush and trees from around the house as they requested. Renewed us for a year and got another notice. They demanded a whole slew of stuff including clearing "debris", a new garage door, removal of our oil tank, etc. We have a home business with some stuff stored on our property. Our broker was at a loss and said "the homeowners market has drastically changed. You're one of hundreds like this I'm dealing with". After doubling our rates, they canceled us. We are going without since we own our home but what a nightmare.

@tedbellWRV 4 ай бұрын

We find the insurance industry can be very lazy. They don't want to expend any effort assessing actual risk. Our home insurer (State Farm), showed zero interest in the wildfire resistance design features of our home. That is, provision of a defensible space next to the home (example, an area of gravel and pavement surrounding the entire house). Utilizing Class A fire-rated roofing materials, and non-combustible cementitious siding (Hardie board).

@phil8253 4 ай бұрын

Because insurance people are a scam bro! They work with big corporations in forcing you to sell your house at a loss so they can buy it and rent back to you at a profit 🤬

@Chicago_jake 4 ай бұрын

It’s more likely that they asses doing those things have very minimal impact on your house not burning down come another massive wildfire.

@tedbellWRV 4 ай бұрын

@@Chicago_jake If you conduct research on wildfire defense you will find that the studies by the US Forest Service and others do show the measures we took make a difference. Unfortunately, too many people shoot from the hip and don't look into the actual fire risk factors.

@WeAreChecking 4 ай бұрын

@@tedbellWRVto be fair, it shouldn't really matter if the insurance company cares about those features. If, as you mention, those installations are shown to be effective, your home should be able to survive a wildfire. So spending money on fire insurance would be a waste anyways. If you're confident in your risk management, you shouldn't need the insurance, at least the wildfire insurance, anyhow

@tedbellWRV 4 ай бұрын

@@WeAreChecking You may not be aware unless you have a home mortgage, but it is a requirement to have homeowners insurance for a home loan. Homeowners insurance includes fire insurance and you can't just drop the fire insurance. No one would anyway, as fires can be caused by all kinds of things, not just wildfire. The whole point of the CNBC video is the insurance companies are cancelling homeowners policies in certain areas due the wildfire risk. This leaves the homeowner in the lurch as the home loan requires homeowners insurance and the standard policies from companies like State Farm are not available. To comply with their home loan, they have to go to special insurance companies at many times the cost. If the insurance companies would actually assess the risk, they would see that older homes with wood shingle roofs and wood siding and wood decks or sheds attached to the house are the cause of the wildfire risks. These are what catches fire in a wildfire. If those are not existing, the risk is greatly reduced.

@savagecub 4 ай бұрын

Last spring I was on a luxury cruise from Istanbul to Athens. Most of the other passengers were employees or family of employees from Farm Bureau Insurance. I’m guessing their per person costs was around 6k per person and there were probably 60 of them. This is where your premiums go !

@Feliciations 4 ай бұрын

Yep. My stepmom works for an insurance company and they go to Hawaii every year.

@MisterWhatWhat 4 ай бұрын

All expense paid trips on OUR dime! It’s sickening!

@savagecub 4 ай бұрын

@@MisterWhatWhat It’s just kind of flawed that the insurance companies think it’s necessary to have these trips in order for people to do their jobs.

@mbthe8731 4 ай бұрын

It’s not ordinary insurance employees getting these trips but their top salespeople and sone execs. If they didn’t, the top reps would flee to another insurer who do give rewards like trips.

@savagecub 4 ай бұрын

@@mbthe8731 How about they ALL knock that sh*t off and pass the savings to the customer ? Because you know what.......on a lot of this stuff I'm just gonna go naked and not get as much insurance products as I used to because I'm not going to put up with being gouged. They wanna keep being greedy then they won't be getting my business.

@carolinmancini 4 ай бұрын

My home got roof damage from a severe rain storms. I called my insurance agent to see if I could get help with the repairs and the agent told me that if I filed a claim I ran the risk of getting a non-renewal letter. Seriously, what are we paying insurance for if we are afraid of filing a claim? I had to shut my mouth and make the repairs myself, and continue paying the high cost of insurance because my mortgage demands it. It doesn't matter what the lady on the video used her money for... what matters is that she used her hard earned money to pay for insurance for years and now can't even get help. What is happening to the home affordability is depressing.

@evecarrington562 4 ай бұрын

I was with Amica. Had a storm roll through and sustained some roof damage. Called them and had the money deposited to my account in less than a week that covered the full amount for the roof and soffit repair. It was a hassle free experience. Amica had cheap prices for home and auto in my specific area. I had an excellent experience with them.

@thomasmanning829 4 ай бұрын

A competent and honest and very competitive contractor is s blessing!

@Basics-HQ 4 ай бұрын

Listen to what theyre saying, insurance companies are straight up Business only! They are NOT like a good neighbor. You are a number with a risk, nothing like a neighbor🔥🔥🔥🔥🔥

@jayreed9370 4 ай бұрын

spam, this comment is in this thread from multiple bot accounts

@TheAvtrey 4 ай бұрын

Can someone explain why insurance isn't run as non-profit or publicly owned. The shareholders are gonna take a chunk of the premiums. Shareholder returns could instead be used to cover the insurance.

@goodbodha 4 ай бұрын

Many states provide an insurance of last resort. They also keep premiums down generally but deductible will be high and in many cases the state scheme is losing money. This is really a case of people throwing away money by building in the wrong place and then demanding that someone else pay for the mistakes. People shouldn't be building on the beach, barrier islands, areas that were previously swamp, or out in high fire risk areas. People shouldn't be able to make hail damage claims for minor damage to a roof. All of those things are happening and insurers have been telling everyone that has to stop. Politicians however find it easier to blame them for being greedy rather than tightening up zoning laws to prevent new construction in high risk areas.

@karlmiller5009 4 ай бұрын

Because private companies don’t like competition from the public sector. It makes it hard to make a profit.

@goodbodha 4 ай бұрын

@@karlmiller5009 you might want to look at Florida. Their state insurance scheme is incredibly underfunded and there is a significant chance it will blow up with one bad hurricane. Then all Florida taxpayers will be on the hook.

@petermacnamee5791 4 ай бұрын

The guy in the video was right when he said governments don’t do well with keep insurance profitable or solvent. The national flood insurance program operates as a loss but is propped up by the government

@WeAreChecking 4 ай бұрын

@@petermacnamee5791why should insurance be run at a profit? Sure, if it's run at a loss that's also not ideal, but it should be targeted to be a net-zero institution

@habbadabbado5765 4 ай бұрын

My homeowners policy has nearly doubled in 3 years. No additions, no increase in risk factors. Simply them being greedy.

@posteritydiy 4 ай бұрын

This was surprisingly informative. I learned something about homeowners insurance - not the least of which is not to take it for granted.

@mikezerker6925 4 ай бұрын

I had to change insurance companies twice in 2 years since they dropped me as a customer. Within that time frame my premiums doubled! Even though I’ve never filed a single claim in the 9 years that I’ve owned my home!

@justinpeck1013 4 ай бұрын

My homeowners insurance has been $1,300 a year for 10+ years without a rate change, this year it jumped to $5,800

@bball4life1219 4 ай бұрын

Sheesh!

@BadFry 4 ай бұрын

Merica!!🇺🇸

@eljefe4473 4 ай бұрын

I’d drop it and take my chances. That is if you own it of course.

@hurdyb1 4 ай бұрын

Damn

@Xilladan093 4 ай бұрын

@@BadFry canada too

@aazappa 25 күн бұрын

Poor little insurance companies. "Over the past five years, revenue has been growing at a CAGR of 3.8% to $147.8 billion, including an expected 0.3% decline in 2023. Profit is also expected to climb to 12.1% of revenue in 2023 from 11.9% in 2018."-ibisworld

@bassman87 4 ай бұрын

My Statefarm agent explained the CA issue to me. Basically each insurance agency has a maximum percentage they can insure in california, this is to maintain certain amounts of competition. A lot of smaller insurers have left California. Statefarm has now put in a request to increase their cap so they can sell new homeowners insurance again. They want to sell insurance to new houses in urbam areas such as LA and the Bay Area, but cant due to anti trust laws.

@lewisitor 4 ай бұрын

From $2k to $12k a year is insane😢😢

@stephendrake8145 4 ай бұрын

Executive Compensation is increasing faster than anything else...

@LloydsofRochester 4 ай бұрын

amen!

@lalagardenia6500 23 күн бұрын

🎯

$@scarffracker1918$

@scarffracker1918 3 ай бұрын

Insurance companies are absolutely correct. People need to stop insisting on living in risky places regardless of where that risk is coming from. Or, they can continue to live there but do so at their own financial peril.

@paulcalabrese2034 Ай бұрын

Everything in this country is getting close to critical mass. The economy itself going to crush itself under its own weight. Inflation, high interest rates, uninsurable properties therefore people not being able to buy homes and lenders not able to make money by giving loans. It’s a circle that’s spiraling toward a drain.

@hoooptie 4 ай бұрын

Because the cost to replace things has grown a ton (inflation)

@LloydsofRochester 4 ай бұрын

Truth!

@SteffiReitsch 2 ай бұрын

I live in a nice comfortable paid- for shack in Atlanta which I bought real cheap 45 years ago, before the neighborhood gentrified and got expensive. Great location, close to everything. I'm handy and do repairs myself. With a helper, I screwed on a metal corrugated roof like the Third World myself. No leaks. I haven't had insurance in decades. I love it. No car, I ride a bicycle, which along with weight training, keeps me fit. If need be, a bus ride is $1. Eat free from the food bank. Health insurance with medicare and free gym membership including swimming pool. Clothes from the Good Will. The parks are free and so is the public library which also loans out DVDs and CDs.I play music as loud as I want. I have time to read books, study and learn things. Stay up all night and sleep as late as I want. With KZfaq, I travel all over the world vicariously with my big screen. I'm livin' the Life of Riley and spend only about $500/month. My cat loves me! I'm retired and everyday is Saturday. No worries. I hope I don't sound boastful.

@anandpaluri 4 ай бұрын

Boomers complained about the GenZ avacado toasts instead of understanding the problem with housing. Now, it finally caught up to them through insurance.

@Szcza04 4 ай бұрын

It still sucks regardless of what generation you are

@gospelninja2.016 4 ай бұрын

Yeah, but if people identify with others about their hardships. Then things could of been fixed.

@safuu202 4 ай бұрын

**Millenial Avocado Toasts

@jakeroper1096 4 ай бұрын

Lmfao what’s the connection to avocado toast??

@UlexiteTVStoneLexite 4 ай бұрын

Yep. We got kicked off of Allstate a couple of years ago after the wildfires went through california. We were nowhere near the fires in Riverside but they still kicked us off anyway. It was a pain in the butt to even find them in the first place because we kept getting rejected when we first purchased our home because our house was built in 39 but was updated and remodeled prior to us purchasing it. We switched to Lemonade and we are actually paying less than we were so I guess it kind of worked out.

@alexcarter8807 4 ай бұрын

As more places that are remote, in flood plains or in/near forests that burn (forests in the US West tend to be those with a "fire ecology" where periodic fires are part of their life cycle) the cost of insurance naturally goes up.

@flyinchop 4 ай бұрын

This only makes the housing affordability issue worse in places like California. It’s getting to the point where you just can’t win.

@neilkurzman4907 4 ай бұрын

Not necessarily. As insurance prices go up housing prices could go down. People pay what they can afford. If insurance goes up by $5000 per year that’s going to affect how much mortgage you can get to buy the house. As far as people who built their houses and areas that are endangered, unfortunately there’s not much anybody can do to help them. When an entire town burns the insurance companies take notice. Paradise California was a wake up call for a lot of insurers that all of a sudden realized they had massive exposure.

@JustGoAndFly 4 ай бұрын

@neilkurzman4907 no "people" don't drive prices. Corporations do. That's why there's more empty units than homeless people in the U.S.

@sasstewart1222 4 ай бұрын

Being in California, i've seen friends who got a non renewal notice then tried to sell and they lost about 15% of their value... from 950K to 710K

@SomeUserNameBlahBlah 4 ай бұрын

Who's going to buy an uninsurable house?

@phil8253 4 ай бұрын

@@SomeUserNameBlahBlahThe big corporations that work with their insurance buddies - Come on Man Keep up the good

@Userllmaa 4 ай бұрын

They can buy Fair Plan which will insure them.

@mamanitubea 2 ай бұрын

The average US citizen is the biggest polluter on earth Solutions to the insurance crisis? - Don't drive absurdly large cars -Don't eat absurdly large amounts of meat and food in general - Don't live in absurdly large and remote houses. - Don't be absurdly blind to energy saving (e.g. lights should be off during the day)

@sunnydayzie1202 29 күн бұрын

😂

@wednesdayschild3627 3 ай бұрын

In my state, people built on top of mines and in woods. Or people that build far from infrastructure in rural areas. It is about time for the insurance to stop punishing everyone and make people who build on volcanos to pay for building on volcanos.

@stphns1737 4 ай бұрын

After 12 years with American Family through Costco, I had a huge tree blow down during monsoon season and filed a claim. Then several months later had 2 plumbing leaks develop at the same time, but cancelled the claim when a family friend (and insurance agent) said they could cancel you. They cancelled me anyway, and it was a stressful scramble to find a new company who would insure my house.

@elchapojr6219 4 ай бұрын

I had them and they drop us for no reason

@SeattlePioneer 4 ай бұрын

> Perhaps you should be a tenant and let the landlord worry about such things. Why didn't you have the big tree removed before it caused damage? Wilderness areas are for animals and trees. Urban areas are for people, not trees. My bias would be to cut down ALL trees in urban areas. I have none on my properties. I see LOTS of properties where the owners let trees grow to huge size without maintaining them, and then they are surprised when they blow down of fall down du to that neglect.

@paulsukhu 4 ай бұрын

If you don’t want to move, self-insure and invest in fire damage mitigation. (Appropriate landscaping, adequate setback, metal roof, automated outdoor and indoor fire suppression, etc.) Also, work with the local government to mitigate fire risk at the source, such as downed utility lines.

@evecarrington562 4 ай бұрын

She can't self insure. She has a $350k mortgage and you MUST carry insurance with a mortgage. Sell the stupid horses and pay your insurance bill.

@frankgrabasse4642 2 ай бұрын

The problem is institutional investors driving up prices of homes. Now the same investors are buying up all the home repair companies. Get the rich out of our lives and pockets. Tax the rich, heavily. Break up concentrations of wealth.

@marisahokefazi2949 Ай бұрын

Bingo. Private equity, institutional investment and foreign direct investment buying and developing housing on a massive scale, which ends up creating only rentals available to individuals. It means the end of the American dream, when people can't buy but only rent. It also helps create a new serf class of people struggling to survive not thrive..

@alanbeckham9093 Күн бұрын

Years ago the insurance companies lobbied states to require a homeowner have insurance. Now the insurance companies are denying these same homeowners access to insurance and it's protection. ONLY IN AMERICA can this kind of insanity exist and be rewarded.

@crashtestdummy1972 4 ай бұрын

I Live in louisiana, we have price increases across the state and bankrupted a few insurance companies that operated here. It is a tough situation to balance having reasonable insurance but also having people understand that they live in a risky area for flooding and should expect higher costs if they do

@Slide61 4 ай бұрын

Potential solution... Banks give homeowners the option to carry mortgage payoff insurance instead of home owners insurance. This could substantially reduce insurance costs especially for folks with large down payments and good credit. Homeowners would be on the hook for home repairs which they effectively are anyway. No one wants to file a claim that will give insurers a reason to jack up rates.

@letsgobrandon416 4 ай бұрын

That's a really good idea. Banks don't like homes on their balance sheets anyways, they want the loan, it's a more profitable asset. Of course the flip side to this is a lot more tragic, because unfortunately if the banks don't demand it, no one will carry home owners insurance and then if they lose their home or suffer serious damage to their home, they could end up homeless.

@Bigbacon 4 ай бұрын

Why not just make the people pay more principle with this added cost instead of making it an insurance? Same deal with PMI....

@jonnym4670 4 ай бұрын

what is mortgage payoff insurance

@anthonyc8499 4 ай бұрын

@@jonnym4670based on its name, what do you think mortgage payoff insurance does?

@jonfreeman9682 4 ай бұрын

You don't need mortgage payoff insurance. Most insurance has an option to pay off early. At the end of the day there's no free lunch.

@Jdashescodotcom 4 ай бұрын

Bruh said because the insurance companies cant take advantage of people they wont do business until the law allow them to take advantage of people

@macumezahn 2 күн бұрын

in 1991 allstate decided to drop my insurance because i lived near lax airport (by area code). and i never had a claim.. they sent it snail mail 30 days notice and i had two weeks to find new car insurance! dropped me like a hot rock! since then, i have never usednallstate because they are back stabbers who will drop you like a bad habit. now homeowners have a similar situation, im SORRY YOU PEOPLE HAVE TO DEAL WITH THIS.

@richardzimmermann9372 4 ай бұрын

So, does Darleen realise that the insurance company thinks her house has a close to 100% chance of burning down within the next ~10-50 years (that would add up to the replacement cost of $12,000 a year). Or is she thinking, "Oh, it's not going to happen to me."

@jayjya 4 ай бұрын

That’s not how insurance math works hunny.

@SlurMaster9000 4 ай бұрын

Yeah, the reality is that the majority of the expected loss component of that premium is the increased likelihood of a massive inferno destroying everything in a 3 mile radius. I'd guess she's got an expected loss of roughly $7,500 considering underwriting costs and profits in excess markets, which isn't going to be moved much even if she removes all vegetation and digs a moat around her property.

@MikeBarbarossa 4 ай бұрын

The lady with 12k quote and a 15K deduct: in 1 year a 27K damage claim breaks even with self-insurance in 2 years that's 39K in 5 years that's 75K damage claim that would break even if you self-insure Also, if you self-insure, you have a small (less than 1% chance) you lose 275 K (350K total loss damage -15K deduct and 60K insurance saved) over insured But there is a real good chance (80% or more) you will go claim free, and save 60K by self-insuring in 5 years 120K in 10 If you can weather a total loss financially , its a good option to self-insure in that scenario if you can

@philipmeisterl 4 ай бұрын

She also was able to pay 10% of her house down in 18 years like obviously nobody is insuring that

@philipmeisterl 4 ай бұрын

While being retired

@SymphoniasStories 4 ай бұрын

How much are the top executives at these companies making? Bonuses? Just like with medical insurance, all insurance should be affordable because people need to be able to live. On the other hand, people should also consider the risks of where they want to live and budget for that.

@samuel.andermatt 4 ай бұрын

I have a relative working in an insurance company. I think something like 85% is used to cover damages. What drains the budgets is not executives, its houses in risky areas.

@SeattlePioneer 4 ай бұрын

The first sentence contradicts the second sentence. I'd say that the first sentence is WRONG. The second sentence is correct. So you are half right --- a better average than most posting comments who can only imagine themselves as victims.

@SpectralAI 4 ай бұрын

This is not about climate change. It’s about the great reset and getting Americans out of their house and making them renters. My insurance company just raised prices dramatically and they said nothing about climate risks. They did mention inflation but who is causing that?

@vjmappy Ай бұрын

It's simple, insurance companies, like every other business, don't like losing money. No point insuring homes that are likely going to end up having claims worth more than the premiums.