additional high-elevation pressure storage reservoirs like this 8 MG tank with a 12 MGD pump station:
Posted on 01/10/2025 7:37:54 AM PST by TigerClaws
The Pacific Palisades area ravaged by wildfires in Los Angeles is one of the most expensive neighborhoods in the U.S., home to Hollywood A-Listers and multimillion dollar mansions. And ahead of this week's disaster, its insurance costs were among the most affordable in the country, according to a Reuters analysis of insurance and real estate industry data.
That may be about to change. The scale of losses anticipated in the wildfires now ringing Los Angeles, as well as regulatory changes enacted late last year, could spell an end to relatively cheap homeowners' insurance in areas like the Palisades that are at elevated risk for wildfires, four analysts told Reuters.
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Compared to home values, the average statewide premium in 2023 was the lowest among all 50 states, according to the Reuters analysis. California's high property values may make that insurance seem relatively cheap, but even on an absolute dollar basis residents the average annual premium of $2,200 was less than residents paid in 30 other U.S. states.
(Excerpt) Read more at finance.yahoo.com ...
They need to redirect funds from their advertising to actual claims pay.
They could cut 90% of their advertising from media.
At least the delta smelt fish is saved.
The insurance companies should just boycott CA.
Let the state deal with it.
Low rates cause of state regulator interference.
Less Flo, Doug and the flightless bird, and second Jake from State Farm would be nice.
Ours went up 400% last year.
The Marxist Liberal voters that put these low life, incompetent, morons in office WILL get what they richly deserve because the tax base on BILLIONS of dollars of property has been wiped out!
Effective as of the date of the destruction on each structure, the owner will not be paying real estate taxes anywhere near what he/she had been paying. If they had been paying $30,000 per year they will likely be paying maybe $3,000. This will put a SEVERE crimp in all the LiBERAL give away programs that use tax money. With Trump in office, the road to reconstruction is decades!
One estimate says this government caused disaster will cost the insurance companies $20B in payouts. It’s not even over.
As long as they use the California debacle as an excuse to raise rates in other states.
I think the one thing that LA homeowners have going for them in their home ownership is the LAND. It doesn’t burn down. There can be a fire, for sure, and the whole thing goes up in smoke and fire but the land can still be sold for a pretty penny, IMO. Not many places in the US where you can say that.
additional high-elevation pressure storage reservoirs like this 8 MG tank with a 12 MGD pump station:
THAT COMPLETE?HIGHLY REDUCED LOSS OF PROPERTY TAX INCOME BASE HAS BEEN ON MY MIND, ALSO.
AT least where I live-—MY home owners insurance in UNDER $900 & Property taxes UNDER $1000.
Since INSURANCE companies spread their losses all over the entire country-—everyone’s home owners insurance will go up.
Land is only worth something if someone wants it. If this is going to happen every few years, who will want it?
I don’t think it matters for many parts of LA. Houses there are routinely bought and taken down for new ones because of the land value (location, location, location.)
“and the whole thing goes up in smoke and fire but the land can still be sold for a pretty penny”
the land won’t be worth a farthing if new homes cannot be insured or obtain mortgage financing ... pretty much like desert land in the middle of Nevada ... and none of that will happen unless Los Angles builds sufficient water pressure reservoirs higher than the incinerated neighborhoods and the corrupt state insurance commission allows the market to set the price of casualty insurance, neither of which is likely to happen because california ...
They already have been going up. :(
In case anyone is curious. This is the fish that Newsom allowed Los Angeles to burn in order to save.
“According to experts” that land will be underwater in 6 years. It would make a nice oyster farm.
EC
Keep in mind that for every A-Lister who lost a home, thousands of Everyday Joes who bought when the market was low lost their homes as well.
With cancelled insurance policies, they're wiped out. They'll be forced to sell their now-vacant lots to the vulture developers that are already sweeping in and they'll have to start new lives elsewhere.
These fires have a very real potential to do to Los Angeles what Katrina did to New Orleans. A mass exodus.
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