Posted on 01/10/2025 4:30:17 AM PST by C19fan
The Los Angeles wildfires are on track to be among the costliest in US history, with losses already expected to exceed $135bn (£109.7bn).
In a preliminary estimate, private forecaster Accuweather said it expected losses of between $135bn-$150bn as the blazes rip through an area that is home to some of the most expensive property in the US.
The insurance industry is also bracing for a major hit, with analysts from firms such as Morningstar and JP Morgan forecasting insured losses of more than $8bn.
(Excerpt) Read more at yahoo.com ...
*cough, COUGH*
I wrote ‘lottery’ yesterday. Now that word seems insignificant...
“LA wildfire damages set to cost record $135bn”
Roughly the cost of their Train to Nowhere. I think I’m seeing a funding option, or at least a string for Trump to tie any aid to.
Excuse me but.....Didnt Trump tell newscum during Trumps 1st administration that if he didnt change the way he protected the state from wildfires, by either cleaning up or burning off the underbrush, that this was gonna happen?
Incinerated on the Altar of DIE!
And the fact that Deep State dorsn5 like competition.
Guess where a lot of those State Farm customers went?
The state’s plan.
Impossible to put a price tag on the cost. Sad.
“Guess where a lot of those State Farm customers went?”
Isn’t it funny how that happened? It’s almost as if they were forced to do that.
I know that several years ago my insurance company (USAA) made much more restrictive their California property insurance underwriting standards to more closely align with the ACTUAL risks. And I’m glad they did.
I have a feeling this will convince any remaining companies who offer insurance to exit the California market.
From what I read, the other insurance companies doing business in California backstop that state plan. How many more companies will exit California after having to write massive checks to Fair Plan?
Multiply the $1.35 billion by the 0.59% property tax and that is how much Los Angeles County is going to lose every year until replacement properties are built. And the big questions are, will they allow to be built and will they owners actually want to rebuild?
Dollar amount is $79,650,000 per year. This is 4.5 times the 17.5 million cut from the fire department’s budget! Of course those high value property owners also pay various other taxes. So if they leave, there goes the tax base!
One plus is LA does not need to be concerned with fire breaks, clearing out forests, power lines catching on fire since there is nothing left to burn!😱😱😱😱 Now let’s discuss MUD SLIDES!
Deep State doesn’t like competition.
Biden can just forgive all that debt. /S
Just 2% or 3% of those losses could have built reservoirs, tanks, updated pipes, new fire apparatus, dozers for fire breaks, aerial fire planes, last-ditch emergency pumping from the ocean, and thousands of on-call temporary firefighters.
When he wakes up biden will likely give some sort of medal to all of the exceptionally incompetent politicians and government employees in LA.
$135 billion, huh? So six months of funding Ukraine?
Those in NC who got NOTHING when the flooding damage devastated their areas, will be forced to have their earnings confiscated to fund CA.
This is going to set off a bomb in the property & casualty insurance and reinsurance market like Andrew did in the 1990s. Companies will go bankrupt and no longer be able to write insurance in other markets. The markets will scramble to find new sources of money. CA will be like Florida was for a while with zero ability to get insurance (that already is the case in CA in some areas now). Its going to be bad.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.