California E&S Insurance

While I agree with the overarching point that we need to have a stable and accessible insurance system, I find lots to quibble with in the rest of your comment, and I think it's important t to object because the world has changed soooo much since the 1980s First, earthquake and home insurance are separate, and we all rely on the state for our earthquake insurance. Home ownership is no longer an investment for the middle class, it is only for the wealthy. Seriously. Median income for a family is $132k in the area. Median home price is $900k+, last I looked, and small condos are a minimum of $600k+. So home ownership are for the wealthy. It's the legacy that Boomers decided to give to their children, as well as making state universities super expensive, and getting rid of pensions. Speaking of getting rid of pensions, 401ks mean that middle class people now have great investment accounts for building wealth. It's pretty much rock solid, just put your money in, dollar cost average, and don't pull it out when the matter timbles. This is the way that middle class families build wealth in California, not through homeownership. Now, one of the ways that homeowners (meaning wealthy people) have it far far easier than middle class people is that they get 4x leverage on their home, without having the risk of a margin call. Meaning, you put only 20% of the value of the home as a down payment, but you keep *all* of the gains, not just the amount you have actually paid for. Additionally, the government creates 30 ywar fixed rate mortgages to make it even easier on homeowners. Other countries don't have this, they need to go out and get a new mortgage every five years (or whatever) and the homeowners are subject to mortgage rates at that time. Which means that people in other countries don't put soooo much of their wealth into homes and get a huge mortgage that is just on the edge of affordability, because they know that I'm five years that payment may jump. Just how renters have to face changes in the real estate market. A homeowner in California is living it easy. Californian homeowners that think they have it hard were actually born on third base and feel like it's hard to run to home plate. Especially any kid that bought into homeownership in California before 2000, they have had life soooo much easier than anybody that came after them. But for any homeowner that thinks it's not super easy, I heartily encourage them to sell their house, start renting, and see how the the less wealthy have to struggle with landlords. Anyway, long distracting rant from me, yes let's fix this insurance problem.

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