Today’s Commentary: John Garamendi Is No Friend Of Homeowners
According to the Department of Insurance’s website, since 2002, when Garamendi was re-elected, the average insurance premium for homeowners has risen thirty-two percent. Today, California’s homeowners are paying nearly a $1000 ($919), when in 2002 they paid an average of $698. Meanwhile, the number of homes insured has increased by 200,000 every year. This isn’t due to Garamendi, it’s due to the burgeoning economy, particularly the growth in the housing market. But that’s not the whole story. Since 2002, more than fifty homeowners insurance companies have been driven out of the California market (from 166 in 2002 to 113 today).
The fact is John Garamendi has reigned over an inflexible market that is burdened by regulatory abuse. According to an Orange County Register editorial and Garamendi’s own website, he says he’s had “insurance companies in the crosshairs.” Yet, privately, Garamendi’s acted as insurance companies’… Read More