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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Malibu poster here. A huge number of homes in my neighborhood are still either older boomers like my parents who are original owners of their homes from the 1980s (or some from the 90s) or their kids who take over their homes.

The reason why is because these people have capped property taxes (Prop 13) and they also have existing, grandfathered insurance plans.

You really need fire + earthquake + flood/mudslide insurance there, because all 3 are a risk (growing up, it was earthquakes and mudslides that did most of the damage to homes in our neighborhood).  It would be extremely expensive/difficult now to get all 3.[/quote]

Even with that FAIR plan?[/quote]

FAIR only covers something like 3% of households (and is still expensive). It is only meant to be last resort, basic coverage insurance for the people who are rejected by all private insurance. It is not meant to provide much more than basic coverage, and it not meant to be an option for most since you have to be unable to obtain it. Most people in places like Malibu CAN obtain insurance, just not great options and it's extremely costly.

By the way, far more people in CA in high risk areas carry fire compared to earthquake insurance. I think only like 10 percent of people statewide have any sort of earthquake coverage. A running joke in CA is that if an earthquake hits your home, you should light it on fire to try to get something.
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