{"id":11305,"date":"2023-06-16T00:06:28","date_gmt":"2023-06-16T00:06:28","guid":{"rendered":"https:\/\/nancyvalentine.com\/?p=11305"},"modified":"2023-06-16T00:23:19","modified_gmt":"2023-06-16T00:23:19","slug":"insurance-rates-too-high-now-is-not-the-time-to-change-read-why","status":"publish","type":"post","link":"https:\/\/nancyvalentine.com\/insurance-rates-too-high-now-is-not-the-time-to-change-read-why\/","title":{"rendered":"Insurance rates too high? Now is NOT the time to change. Read why&#8230;.."},"content":{"rendered":"<p>Did you hear that State Farm Insurance made national headlines\u00a0last week\u00a0when it announced\u00a0it would stop selling new home insurance policies in California. State Farm is California\u2019s largest single provider of bundle home insurance policies \u2014 the company had\u00a020% of the market in 2021.<\/p>\n<p>After the disastrous fires of 2017 and 2018, the number of Californians who were told by their insurer that their policy wouldn\u2019t be renewed\u00a0jumped up by 42%. The two severe wildfire years wiped out decades of industry profits. HOT FLASH: Insurance companies are in business to make money\u2026\u2026<\/p>\n<p>Life on a high wire without a net?\u00a0\u00a0Home prices are soaring and high priced homes in exclusive areas need special insurance. AIG &amp; Chubb are cancelling policies too.<\/p>\n<p>Last year, \u00a0American International Group notified thousands of customers that their home insurance policies would not be renewed. Chubb, a high-end insurer, said it would continue to non-renew some of its customers. Why?\u00a0 Reinsurance premiums have spiked. Reinsurance is what insurance companies do to minimize the risk of getting hit with millions of dollars of costs all at once. \u00a0Did you know that California law prohibits insurers from passing along the cost of reinsurance to customers? So it is like being on a high wire without a net\u2026Insurance companies are all about\u00a0 calculated risks. They want assurances about their insurance\u2026.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Did you hear that State Farm Insurance made national headlines\u00a0last week\u00a0when it announced\u00a0it would stop selling new home insurance policies in California. State Farm is California\u2019s largest single provider of bundle home insurance policies \u2014 the company had\u00a020% of the market in 2021. After the disastrous fires of 2017 and 2018, the number of Californians [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":11306,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Insurance rates too high? Now is NOT the time to change. Read why..... - NANCY VALENTINE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nancyvalentine.com\/insurance-rates-too-high-now-is-not-the-time-to-change-read-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Insurance rates too high? 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