Do you think everyone's insurance will go up due to the devastation of the So Cal wildfires?
Asked by
jca2 (
17089
)
1 month ago
I’ve been thinking about the wildfires in California and I am wondering if, because of the billions and billions of dollars in losses to homes, automobiles, renters, businesses, etc., insurance companies (who are paying out on those losses) will raise everyone’s rates.
What do you think?
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8 Answers
My uneducated answer is yes.
Can’t your insurance go up if you get into a car accident you didn’t even cause? If so, then yeah this will make it go up also.
My family is chatting about it and one of them sent a post about the cost.
It’s says it’s supposed to be one of the costliest natural disasters in US history. An initial estimate from AccuWeather puts the total cost between 52 and 57 billion, making it the most expensive fire event in US history. For comparison the fires in Maui in August 2023 cost 5.5 billion.
It would be nice if some of these billionaires would help defray costs to help their fellow man. But if there’s nothing in it for them, they wouldn’t dream of helping.
Homeowners insurance will probably go up nationwide. Certainly it has and should as a result of all climate change disasters. Also, insurers will pull out of areas that have the highest catastrophe risk as has happened in Florida. There is only so much money to pay out claims.
Does it matter if you still have to pay it?
Insurance companies have already been busy canceling homeowner fire policies in those fire-prone areas. I’m not sure how it will play out. Just like for hurricanes here in my state, I do not think that tax money should rebuild homes owned by people who had no insurance by choice. I think in the end governmental assistance amount will correlate with assets. Seriously, people who have no insurance and lost a $4 million home and has more than that in liquid assets should not receive tax-dollar assistance. I know it is a mess and it’s going to get a lot worse. I finally heard someone last night say what I’ve been thinking all along. Too many coincidences.
Insurance has been factoring in climate change-related costs for many years already. As climate change gets worse, rates will go higher. Money doesn’t lie.
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