I don't understand the downvote. I think this hit the nail on its head.
People whine about insurances pulling out. All they want is for somebody else to pay for their risk. It's their choice to live in that area, they should bear the consequences. It's not like it is or has ever been a secret. Climate change is known for decades now. Many people just chose not to "believe" in it. Well, their choice, but now that sh* hits the fan, they shouldn't come whine that everything gets sprayed with poo.
But this cuts both ways. The insurers chose to provide their services in the area for the amount of money agreed upon. If anyone was more aware of the risks and probabilities, it's them.
Why do they get to pull out now when it's time to hold their end of the contract?
That depends on what you mean with "pull out". Typically you pay a premium and that means you are insured for a certain
period. A year or so.
Everybody who is insured at the moment of course needs to be paid by the insurance under the terms they had agreed to. The insurances should not be allowed to "pull out" of this responsibility.
But what about the next year? If no insurance wants to offer you another term, especially not for those same conditions, then it's their choice to "pull out" in that sense.
California law limits how high the insurance companies can charge for premiums. Did that law or those limits exist when they started offering coverage in the area?
Maybe they didn't, and then the law or limits were imposed at a time when the insurance companies needed to increase the premiums to match the new risk. But if the law prevents them, then they have no other choice but to pull out. Why would they as a business stay if the risk is to great for the premiums they are allowed to charge? They certainly are not obligated to stay.
More seriously, nowhere of course, but if the risk is manageable (a fluffy term to mean predictable and not too high) then you'll find an insurance that covers you. Those natural conditions are dynamic though, so where such insurance is available can be (and is) subject to change. Predictably so. Nobody will provide you with the same car insurance when your car is new compared to 40 years later (same car). Things change. If you don't want your insurance to change, negotiate a 40-year term. Forcing them is nuts.
I don't understand the downvote. I think this hit the nail on its head.
People whine about insurances pulling out. All they want is for somebody else to pay for their risk. It's their choice to live in that area, they should bear the consequences. It's not like it is or has ever been a secret. Climate change is known for decades now. Many people just chose not to "believe" in it. Well, their choice, but now that sh* hits the fan, they shouldn't come whine that everything gets sprayed with poo.
But this cuts both ways. The insurers chose to provide their services in the area for the amount of money agreed upon. If anyone was more aware of the risks and probabilities, it's them.
Why do they get to pull out now when it's time to hold their end of the contract?
That depends on what you mean with "pull out". Typically you pay a premium and that means you are insured for a certain period. A year or so.
Everybody who is insured at the moment of course needs to be paid by the insurance under the terms they had agreed to. The insurances should not be allowed to "pull out" of this responsibility.
But what about the next year? If no insurance wants to offer you another term, especially not for those same conditions, then it's their choice to "pull out" in that sense.
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California law limits how high the insurance companies can charge for premiums. Did that law or those limits exist when they started offering coverage in the area?
Maybe they didn't, and then the law or limits were imposed at a time when the insurance companies needed to increase the premiums to match the new risk. But if the law prevents them, then they have no other choice but to pull out. Why would they as a business stay if the risk is to great for the premiums they are allowed to charge? They certainly are not obligated to stay.
Please do let me know where I can live that is guaranteed to be safe from unexpected natural disaster.
Not a guarantee, but it appears there's a nearly 200x difference between the most dangerous and the safest countries in the world: https://en.wikipedia.org/wiki/List_of_countries_by_natural_d...
In your mind, probably.
More seriously, nowhere of course, but if the risk is manageable (a fluffy term to mean predictable and not too high) then you'll find an insurance that covers you. Those natural conditions are dynamic though, so where such insurance is available can be (and is) subject to change. Predictably so. Nobody will provide you with the same car insurance when your car is new compared to 40 years later (same car). Things change. If you don't want your insurance to change, negotiate a 40-year term. Forcing them is nuts.