Jason Oppenheim says fire insurance rates have skyrocketed since the Los Angeles wildfires burned through major neighborhoods in the city ... and, he says all Californians are going to pay for it for in the years to come.
Category
✨
PeopleTranscript
00:00How are you man? Good bro. Happy birthday. Thank you very much man. I want to ask you. We recently talked to a homeowner who says that their insurance rates post wildfires have gone up to $175,000. Did that seem accurate to you?
00:19The first 60 days after, yes, things went crazy, but the market's settling back down. Rates are going up probably in the 20 to 30 percent for almost everyone in California.
00:29Okay, so the rates are, are they going to stay the same or are they going to go down?
00:32They're going to be 30 percent higher probably forever. Oh wow.
00:35Yeah. Okay. Until we get AI drone technology to put out fires.
00:38So have you been seeing, have your clients, have you been seeing these increases in sales?
00:43Yeah, but most of the people that lost their homes don't have, don't need home insurance anymore. They're renting.
00:48So it's not really affecting them, but I, a lot of, I'd say everyone in California is going to see increased rates.
00:54Can I ask, what were the rates pre-wildfires? Were they close to that number?
00:58They were already very expensive. Yeah. In fact, that's why a lot of people were on the California fair plan, which didn't cover all their house.
01:04So that, that was part of the problem.
01:06So these increases, do you think that, you know, it's manageable? You know, is it?
01:09I think, I think ironically enough, part of the reason that we're in the problem we're in is because the state didn't allow rate increases, so they left the state.
01:16Um, so I think we actually have to let them create a free market and raise rates.
01:21It's a little counterintuitive, but I think that's the right approach.
01:24All right.
01:24Hey bud. Take care, man.
01:25Nice to see you. Happy birthday.