> I hope someone funds a ballot measure to repeal the statute.
It's a ballot measure that's easily defeated as no one wants to pay more for insurance, and no one wants their property values to decrease. But no one wants to face the reality either.
It's likely that as insurance companies drop out, more Californians will find themselves on the state-sponsored FAIR insurance plan, which may already be insolvent. And the state will bankrupt itself and its citizens since no one can make any hard decisions.
We have FAIR. It’s not state-sponsored. It’s a state mandated syndicate of insurance companies (if you want to sell insurance you have to buy in).
Every time I interact with them, they find a new way to break the law. The big one is that they refused to pay for covered damage to our house. After fighting it for about a year, they sent us a lowball check that was less than 25% what they owed.
Our premiums are 4-5x what neighbors with more expensive, higher risk houses pay.
It all depends on exactly how the ballot measure is phrased. After all, Prop 19 recently passed which partially repealed Prop 13 (1970s property tax-basis freeze at point of every sale) because enough people realized that now-$20m homes by the beach paying taxes on a valuation of $100k since the 1970s is bankrupting the state. Still a lot to do to fully repeal Prop 13, but at least now the tax basis can’t be passed down across generations (yeah, California voters really did codify aristocracy into law in the 1970s. It’s mind-boggling).
That was a real case of voters voting against their individual interest (near-guaranteed higher property taxes) for their collective wellbeing (the solvency of the state)
We’re no stranger to ballot measures here, for better or worse. I think most Californians will agree with insurance reform when they realize they won’t be able to get insurance otherwise— also the fact that many people in safer areas probably would see rates decrease.
It's a ballot measure that's easily defeated as no one wants to pay more for insurance, and no one wants their property values to decrease. But no one wants to face the reality either.
It's likely that as insurance companies drop out, more Californians will find themselves on the state-sponsored FAIR insurance plan, which may already be insolvent. And the state will bankrupt itself and its citizens since no one can make any hard decisions.