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Started By
Message
re: Insurance rates in the Palisades was cheaper than 97% of all US zip codes.
Posted on 1/10/25 at 3:02 pm to 632627
Posted on 1/10/25 at 3:02 pm to 632627
Wonder what those land values will be once people realize there is no chance of rebuilding there? Land that you can't do anything with/to would drastically lose value, I would think.
2
Posted on 1/10/25 at 3:05 pm to JohnnyKilroy
quote:
That's dirt cheap.
Are you broke?
Thinking a 5400 policy is expensive equals im broke?
Are you always a moron?
Most policies are 2500 max in CA unless its a 20mil property
This post was edited on 1/10/25 at 3:06 pm
Posted on 1/10/25 at 4:05 pm to SDVTiger
quote:
5450 is cheap?
For a multi million dollar home, yes
That’s less per month than my truck payment
Posted on 1/10/25 at 4:09 pm to SDVTiger
quote:
5450 is cheap?
On a multi million dollar house it’s an absurdly cheap insurance premium.
I say that without giving more than two seconds thought to it.
Posted on 1/10/25 at 4:10 pm to SoFla Tideroller
quote:
Wonder what those land values will be once people realize there is no chance of rebuilding there?
They will rebuild. All of the super liberal housing nonsense is about to be exposed for the fantasy thinking it always was.
Posted on 1/10/25 at 4:13 pm to scottydoesntknow
quote:
..in a place with the best weather on planet earth.
Most of the time.
Posted on 1/10/25 at 4:16 pm to LNCHBOX
quote:
Kind of a flawed way of analyzing it when so much of the value of the property is from the land value.
Replacement cost in one of the highest cost of living areas in the country is still going to be high. I would imagine most of those premiums don’t have riders for building code upgrades or disaster increases, probably also exclude earthquakes
Posted on 1/10/25 at 5:34 pm to LemmyLives
quote:
The average price in the 3? biggest hoods hit ranges from $3m to $12m
A realtor I just saw on the news said California law doesn’t allow homes over $3M to be insured so those houses are uninsurable
Posted on 1/10/25 at 6:12 pm to ultratiger89
quote:
A realtor I just saw on the news said California law doesn’t allow homes over $3M to be insured so those houses are uninsurable
There's a 100% chance you misunderstood whatever was said.
Posted on 1/10/25 at 6:22 pm to SoFla Tideroller
quote:
Wonder what those land values will be once people realize there is no chance of rebuilding there? Land that you can't do anything with/to would drastically lose value, I would think.
That’s really the crazy part. Your land could be worth 50 mil before the fire and (close to) 0 after.
Posted on 1/10/25 at 10:14 pm to 632627
There’s 100% chance that I know exactly what what he said and you’re an idiot for not doing your research
Go to the 3 minute mark
LINK
LINK
Go to the 3 minute mark
LINK
quote:
Can I buy a policy from the FAIR Plan that will cover the replacement cost value of my home? That depends on the replacement cost value of your home. Until recently, the FAIR Plan would only insure you for $1.5 million total, including your dwelling, contents and all other coverages. However, starting in the spring of 2020, that maximum increased to $3 million.
LINK
Posted on 1/10/25 at 11:19 pm to ultratiger89
quote:
A realtor I just saw on the news said California law doesn’t allow homes over $3M to be insured so those houses are uninsurable
The above statement is 100% false
How could CA law prevent homes over $3m to be insured?
Posted on 1/10/25 at 11:45 pm to 632627
quote:
The above statement is 100% false How could CA law prevent homes over $3m to be insured?
Listen to the statement in the link I provided and read the fair act I posted. It’s not saying they can’t be insured but the limited payout is $3M. You have a $20M home with total loss but most you can get is $3M.
It’s pretty clear welcome to blue state laws.
ETA Olympic medalist who lost his home said Allstate dropped him and he couldn’t get insurance anywhere.
This post was edited on 1/10/25 at 11:49 pm
Posted on 1/11/25 at 12:19 am to ultratiger89
quote:
Listen to the statement in the link I provided and read the fair act I posted. It’s not saying they can’t be insured but the limited payout is $3M. You have a $20M home with total loss but most you can get is $3M.
That’s from the state plan, policy max
No different then NFIP max of $250K
Posted on 1/11/25 at 6:18 am to SDVTiger
Move to Louisiana and insure a 3 to 8 million dollar property and find out how cheap that is.....
Most upper middle class folks here pay nearly that for less than a 1 million home.I know I do.
Most upper middle class folks here pay nearly that for less than a 1 million home.I know I do.
Posted on 1/11/25 at 6:58 am to ultratiger89
quote:
Listen to the statement in the link I provided and read the fair act I posted. It’s not saying they can’t be insured but the limited payout is $3M. You have a $20M home with total loss but most you can get is $3M.
First of all, that’s the state plan. 2ndly, that reads as $3 mil dwelling. Which would be a hell of a lot, as said over and over, because a huge portion of these homes have most of the value in the land. So a $3 mil dwelling is likely a $10 mil+ home. Which would be 90% of the homes here.
If your home is over $10 mil, you likely have insurance means above and beyond the general public. When you are talking $50k+ annual premiums insurance will get creative to help you out.
Posted on 1/11/25 at 7:07 am to SDVTiger
quote:
5450 is cheap?
It is if you compare it to what the value of the home is.. I pay $3500 a year in little ole Watson, LA and I’m sure their home values in Palisades dwarfs mine.
Posted on 1/11/25 at 7:23 am to sidewalkside
quote:
was
Try building back, half the insurance companies had already pulled out.
This will end up being some type government ran insurance which in California will work like everything else.
The people who will rebuild will be able to afford to insure themselves
Posted on 1/11/25 at 10:52 am to sidewalkside
Some talking head mentioned that CA had installed price controls on insurance (specifically fire) and many policies no longer covered fire. People could still get theft or storm damage but not fire.
Is that part of this situation? It would be like people on the gulf coast having insurance that covered everything but hurricane damage.
Is that part of this situation? It would be like people on the gulf coast having insurance that covered everything but hurricane damage.
Posted on 1/11/25 at 11:09 am to alphaandomega
quote:
Some talking head mentioned that CA had installed price controls on insurance (specifically fire) and many policies no longer covered fire. People could still get theft or storm damage but not fire.
The price controls have been discussed ad nauseam.
The insurers that were writing property coverage went to the DOI and tried to file massive rate increases to accommodate for the risk (and to stay profitable). The DOI didn’t allow it.
I’m not an expert, but i thought fire is the main covered peril of homeowners or similar property coverage (i think it used to be called fire insurance). It would be odd that people are purchasing insurance (especially in these areas) without fire coverage.
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