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Started By
Message
re: James Woods Lost His Home
Posted on 1/8/25 at 10:08 am to Nolalakeview
Posted on 1/8/25 at 10:08 am to Nolalakeview
Only can imagine the lost personal effects of decades of being in movies…
0
Posted on 1/8/25 at 10:10 am to Nolalakeview
Makes sense the companies won’t insure when the government won’t clean excess brush. It’s a lose/lose for the companies.
This isn’t corporate greed, it’s refusing (rightfully) to do business in a state where you’re guaranteed to lose money.
This isn’t corporate greed, it’s refusing (rightfully) to do business in a state where you’re guaranteed to lose money.
Posted on 1/8/25 at 10:11 am to Houag80
quote:
That seems very odd for these insurance companies. Timing is suspect.
Farmers did something like that back around 2011-2012 in denying/canceling free earthquake coverage after Oklahoma experienced a series of earthquakes that actually did a little bit of damage.
That was part of what sold me on my home policy. Free earthquake coverage up to $250k? shite, I'm in. Chances of ever needing it are slim, but you never know. Then, suddenly, people needed it, and Farmers crawfished like a MF and ended up with a massive class action against them.
They're all crooks.
Posted on 1/8/25 at 10:21 am to Chingon Ag
quote:
I had to piece together coverage from three companies for a $5MM property in NM. Total premium was just over $400,000
So that amount covers it indefinitely under their ownership or was that for a specific time period?
Posted on 1/8/25 at 10:26 am to Nolalakeview
Insurance companies are in the business to stay in business. I love it when the hurricanes hit and the damages are in the billions because development occurred in the hurricane prone region.
I know people who make bank on insurance claims from flood and wind risk prone areas.
I know people who make bank on insurance claims from flood and wind risk prone areas.
Posted on 1/8/25 at 10:31 am to HagaDaga
quote:
So that amount covers it indefinitely under their ownership or was that for a specific time period?
That is the premium for 12 months of coverage.
This post was edited on 1/8/25 at 10:32 am
Posted on 1/8/25 at 10:57 am to Night Vision
quote:
Evidently there are areas no insurance carrier will cover due to these fires.
Most carriers will not write in these "brush" areas, but there are some that will at a tremendous cost.
I saw woods' original Twitter post, he mentioned an insurance company recently stopped writing in that area (not a surprise); I don't think he explicitly said he's uninsured.
Posted on 1/8/25 at 10:59 am to Nolalakeview
I did buy his and Shooter's record. So hopefully they got some chunk of change from it.
And he sends me emails. I like James Woods. I have faith he will land back on his feet. Just really blows to lose possessions you might have that can't be replaced.
And he sends me emails. I like James Woods. I have faith he will land back on his feet. Just really blows to lose possessions you might have that can't be replaced.
This post was edited on 1/8/25 at 11:01 am
Posted on 1/8/25 at 10:59 am to Chingon Ag
quote:
That is the premium for 12 months of coverage.
Posted on 1/8/25 at 11:02 am to ArHog
quote:
How do you not have house insurance
I smell BS
Just like how most insurers won't insure anyone outside protection levees in South Louisiana. I'm sure earthquakes and wildfires have done the same in CA.
Posted on 1/8/25 at 11:10 am to RFK
Off topic slightly, but lot of people forget insurance is mostly still a free market capitalistic enterprise. A ton of insurance out there is actually underpriced. There are countless companies across the country selling $10 policies for $5…and just like any market, there will be fluctuations.
During a soft market, insurance companies will flood a particular region or jurisdiction, offering low and underpriced premiums. People get fat and happy with the lower cost and believe this should be the norm.
Then a hard market hits and the companies leave that region/jurisdiction in droves. Premiums rise significantly and everyone complains. No one wants to pay for the market of last resort and just claim they just can’t find any insurance when in reality, they just don’t want to pay the higher cost for it.
Rinse and repeat…
During a soft market, insurance companies will flood a particular region or jurisdiction, offering low and underpriced premiums. People get fat and happy with the lower cost and believe this should be the norm.
Then a hard market hits and the companies leave that region/jurisdiction in droves. Premiums rise significantly and everyone complains. No one wants to pay for the market of last resort and just claim they just can’t find any insurance when in reality, they just don’t want to pay the higher cost for it.
Rinse and repeat…
Posted on 1/8/25 at 11:15 am to ArHog
quote:
How do you not have house insurance
I can't remember the podcast, but recently listened to an interview about this.
Maybe someone who lives in California can chime in/correct me.
The state passed some regulations that forced insurance companies to insure ultra high risk properties at discounted rates (state mandated rates rather than underwritten rates according to risk/value).
Participation was based on their overall % of CA properties insured. So if a company had 10% market share and most of the homes were in low risk places they still had to insure 10% of the high risk properties without their consent or underwriting.
This led to many insurance companies just saying FU and leaving.
Which led to homes not being insured in the ultra high risk places.
I am likely mixing up some of the details but that was the gist.
Posted on 1/8/25 at 11:21 am to teamjackson
You are obviously a LIBTARD - BOT - ALTER 
This post was edited on 1/8/25 at 11:25 am
Posted on 1/8/25 at 11:24 am to Hodag
And in other disaster news the tax assessors office is overwhelmed with folks that lost their houses and looking to cancel out there debt. Problem is the tax bill is for last year when the property was whole and must be paid.
Posted on 1/8/25 at 11:25 am to teamjackson
quote:
teamjackson
everyone wishes you were stuck inside
Posted on 1/8/25 at 11:32 am to Houag80
quote:
That seems very odd for these insurance companies. Timing is suspect.
Do you believe in coincidence?
Posted on 1/8/25 at 11:33 am to El Tigre Grande
Nope.
Posted on 1/8/25 at 11:38 am to Nolalakeview
Sucks for him all around
Posted on 1/8/25 at 11:45 am to Trevaylin
(no message)
This post was edited on 1/25/25 at 12:02 pm
Posted on 1/8/25 at 11:58 am to Nolalakeview
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