Insurance rates

[80watts]

Watching the news about the California fires, insurance companies will no longer be offering fire insurance in certain areas. Also hurricane insurance in Florida.

Always knew they were one big fucken scam....

Wondering if they are gonna do the same for Canada wild fires in rural areas.

 

[Pumped]

Watching the news about the California fires, insurance companies will no longer be offering fire insurance in certain areas. Also hurricane insurance in Florida.

Always knew they were one big fucken scam....

Wondering if they are gonna do the same for Canada wild fires in rural areas.

would you rather pay even higher rates so some millionaire can build a tinderbox mansion in the middle of a wild fire area?

There are lots of areas in Canada where municipalities have allowed houses to be built in known floodplains. And the rest of us get to pay higher insurance rates every time those houses get flooded.

And we have to pay for rescue efforts in floods and fires as well.

Some things are unavoidable and should be insured.

Things that are avoidable should not be insured, or have rates commensurate with the known risks.

 

[Equity Market investor]

It may possibly happen here in Canada, or BC for that matter. BC is now a written guarantee for having seasonal fires. Also, YOU WATCH. Canadian insurers will use the LA fires as an excuse to raise our premiums. I'm sitting tight for that news release.

Watching the news about the California fires, insurance companies will no longer be offering fire insurance in certain areas. Also hurricane insurance in Florida.

Always knew they were one big fucken scam....

Wondering if they are gonna do the same for Canada wild fires in rural areas.

 

[Crookedmember]

One thing is for sure. Rates in Canada will be going up to help pay for the California fires.

 

[Vpete]

I work in the insurance industry. Fairly well known and deal with many entities in the industry nationally and internationally. Most of the things you understand about insurance and how it works are basically wrong.

What happened in California will have an effect here but so will the $8b in losses that happened in 27 days last summer. The basic premise in most equations is the viability of insurance for the consumer is almost never considered in any municipal, provincial, and often federal decision around developments and infrastructure.

climate change is moving far faster than most estimates and predictions happened and in ways many could not predict. The general public has no appetite for the policies needed to manage the costs of insurance and politicians have no courage or are already bought.
It’s going to get ugly and no one will understand why let alone like it.

 

[sybian]

I live in a fire zone and haven’t lost any structures except a few miles of fence….my insurance has increased to the point of not being worth it.

 

[Bridge]

If there was more encouragement to build household savings could we do away with many types of insurance?

 

[vanperb]

If there was more encouragement to build household savings could we do away with many types of insurance?

The average Canadian household will never have enough squirreled away to recover even from a small catastrophe, let alone a landscape altering one. Take into account the logistics of having to deal with recovery while trying to work, a dedicated third party collective is a very logical choice.