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[quote=Anonymous][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]

Apparently about 70-80% of the homes in PP did not have insurance.[/quote]

PP here from the area. Yep, FAIR doesn't apply to most people even in Malibu since they still CAN get insurance, it's just really expensive and bad coverage (FAIR is expensive and bare bones too).

But yeah, the thing about the area is, it's very expensive and people are generally UMC but not necessarily risk-averse and not the sort of financial situation where the cost of fire + earthquake + flood or an umbrella policy would not be a SERIOUS expense they might not be able to afford comfortably without trimming elsewhere, unless they are grandfathered in (like my parents). Even for my parents, it is a significant cost and one they have to budget for carefully from retirement/pension.

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