Insurance companies will use secret algorithms to set rates for homeowners in their coverage for wildfires and to add reinsurance cost premiums which will lead to higher premium costs.
CW president, Jamie Court, says gas prices in California are $1.76 per gallon higher than the U.S. gas prices, and oil companies already doubled their profits this year.
Harvey Rosenfield discusses how the insurance industry wanted a bailout out from their responsibilities to pay claims and the lawmakers knew that if they passed the industry deal, rates would skyrocket it and their constituents…
Consumer advocates say that the deadline passing is a good thing, saying it essentially would have been a bailout for the industry that could have led to huge rate increases.
Harvey Rosenfield, the author of prop 103, says the insurance industry is using wildfires as an excuse to raise rates or deny coverage and are threatening to leave the state to hold officials and the…
The industry wants three main changes, rate increases without divulging data shifting high risk insurance costs from insurance companies to policyholders and charging consumers for what is now considered normal business expenses.
