Homeowners insurance used to be more expensive in Texas than California. But that was not because of fires or hurricanes.
Big loss out here is from hail damage. We rarely see little hail stones, normally golf ball up to softball size such as experienced in Kerrville a couple of days ago. You realize the potential damage when you see a car dealership loaded with new vehicles get hit. Most suffer being totaled. Saw a Ford dealership next to a Dodge dealership both wiped out with all vehicles damaged due to hail.
That’s not how capitalism works. If one piece (insurance) is taken out of the equation, that does not mean that everybody else will just give up and stop transacting business, and their own livelihood. They will find another way to do it.
Right, but it may involve less profits for bankers and hedge funds, and loaning of money. I think the loaning of money part is what the article is about.
AI summary: Waste of the Day: CA Insurance Commissioner’s Costly Travels
California Insurance Commissioner Ricardo Lara skipped a key Senate hearing on property insurance after the LA fires—to give a 15-minute speech in Bermuda. Days later, he greenlit State Farm’s emergency rate hike of up to 38%.
Since 2019, Lara’s taken at least 56 work trips, costing taxpayers over $30K (and likely more due to missing records). Destinations include Paris, Colombia, Egypt, and more. Some trips were funded in part by outside groups, but the public still picked up $26K+ in full travel expenses and another $4K+ for hotel and Uber costs.
He was also absent from both state insurance hearings held from 2021–2022.
Critics say Lara should be focused on California’s crises—not on global junkets.
