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Anonymous wrote:These homes start at $2.5M and go up rapidly from there. I bet most of these folks were self-insured.

This represents a huge, extremely wealthy chunk of the Los Angeles county tax base. Lots of families with young kids. It's as if a wild fire completely destroyed CCMD and adjacent neighborhoods in upper NW DC.

This disaster will upend Los Angeles's budget - lots of costs to clean up but also lots of these people will move away. It will only be partially rebuilt, likely with multi-family housing. The entire area will be rebuilt much differently.

No. They will remain single family homes. People rebuild. There’s no way pacific palisades, Malibu or anywhere near the Ocean front will be anything less than multimillion dollar property. This will not affect anything. These people love their lifestyle and paradise there.

If anything, the mildly rich will be replaced by the very rich.

Exactly. My family was never uber rich but comfortable upper middle class and wouldn’t be able to start over in the same place. Many neighbors were regular jobs like electricians and teachers who bought in the 70s, 80s, paid off home and continued on. They will never be able to rebuild and live in the same communities. It’s sad.

My friend in Palisades lost his home. It was a multimillion dollar home but that was his main asset. He doesn't have millions squirreled away to rebuild. A lot of people end up in the position that they could never afford to buy their own home even 5 years later with the way real estate prices increase. I don't know what these people will do, there are millions of them.

Same in FL. People just won’t come back or will sell at a loss.

The real enemy here are the insurance companies. They raised rates in FL now they are cancelling CA right in the thick of the season.

I have no love for insurance companies, but they are really not the enemy here. They are raising rates in line with actual increases in risk. They could raise rates, cancel policies, or become insolvent and unable to pay out a major incident...end result is the same.

Plus the California state regulators put forth several conditions which the insurance companies deemed unacceptable.
Seeing similar actions in Florida.

Insurance companies wanted to charge consumers the appropriate rate for the risk. They were denied. Insurance companies cannot pay homeowners for fire risk that they don't have the money to pay them. Same goes for people who build in hurricane zones. Insurance companies are required by law to reserve a certain amount of money to backstop for unforeseen claims so that they have money to pay for events that are deemed rare. There is nothing rare about California fires. They are predictable. If people want to live in that area, then they need to pay their insurance companies for the risk that they as the homeowner are taking on.

Also, friendly reminder -- homeowner's insurance is only required if you have a mortgage to protect the lender or if you live in an HOA/Co-op.

Man, the air quality there would have me leave the entire LA area! I can't imagine how bad going outdoors would be there. It's not even about the actual fire going on but how the event impacts the entire area. I wonder how large the area is impacted by the air from the fires and what that spread may look like over what period of time??

Anonymous wrote:I don't know if any of you have bothered to notice, but the North Hollywood fire is contained.

Palisades is still 0% contained which is very unfortunate.

We drove out of LA yesterday with our pets and are staying up the coast. The alternative seems to be breathing vast quantities of black smoke and waiting to be evacuated which is not anyone's idea of a good time.

I’m glad you were able to leave safely and I’m so sorry this is happening to you.

Anonymous wrote:I don't know if any of you have bothered to notice, but the North Hollywood fire is contained.

Palisades is still 0% contained which is very unfortunate.

We drove out of LA yesterday with our pets and are staying up the coast. The alternative seems to be breathing vast quantities of black smoke and waiting to be evacuated which is not anyone's idea of a good time.

I have been watching so yes. The big air drop helped a lot with the Hollywood one. What are you hearing from people in terms of what they think of the response?

I don't know if any of you have bothered to notice, but the North Hollywood fire is contained.

Palisades is still 0% contained which is very unfortunate.

We drove out of LA yesterday with our pets and are staying up the coast. The alternative seems to be breathing vast quantities of black smoke and waiting to be evacuated which is not anyone's idea of a good time.

Anonymous wrote:I'm pp, and before you state this is Pacific Palisades problem, people all over CA have been living for decades in places that haven't had fires...so just everyone leave CA???

Well for-profit insurance industry is a financial business - which would use a risk assessment model to define their services. So if you don't want to use insurance, no problem.

BUT if you want to use insurance, it's simply not fair for some people to choose living in high risk areas for major natural disasters while others choose to live in lower risk areas for them. Of course you can't find a place with 0 risk, what we're talking about is reasonable risk. As in, in winter time, your house may not be prone to burning to the ground.

Risk is risk and if you choose insurance companies that don't work with high risk states like CA/FL, I bet your premiums go down. I bet that when your own money is on the line, you'll appreciate risk a lot more.

If you’re going to talk about insurance you should be familiar with the CaliforniaFAIR plan.

https://www.investopedia.com/california-fair-plan-insurance-8706549

Anonymous wrote:I'm pp, and before you state this is Pacific Palisades problem, people all over CA have been living for decades in places that haven't had fires...so just everyone leave CA???

That isn't what was stated. NP here - my perspective is that not all risk is the same. From specific locations to precautions, it's not a blanket statement of insurance should be required to write all properties no questions asked. That's just not how business works. Or should work. People have to make an educated decision - meaning - you have to own up to your decisions. If it's a stupid move, you shouldn't make it so others have to absorb the impacts of your stupidity aka my insurance rates go up because you lived in a dangerous place. Again - not a blanket statement and not attributed to just this event but in general - you just can't allow idiots to do whatever they want and help them when their mistakes blow up.

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Anonymous wrote:These homes start at $2.5M and go up rapidly from there. I bet most of these folks were self-insured.

This represents a huge, extremely wealthy chunk of the Los Angeles county tax base. Lots of families with young kids. It's as if a wild fire completely destroyed CCMD and adjacent neighborhoods in upper NW DC.

This disaster will upend Los Angeles's budget - lots of costs to clean up but also lots of these people will move away. It will only be partially rebuilt, likely with multi-family housing. The entire area will be rebuilt much differently.

No. They will remain single family homes. People rebuild. There’s no way pacific palisades, Malibu or anywhere near the Ocean front will be anything less than multimillion dollar property. This will not affect anything. These people love their lifestyle and paradise there.

If anything, the mildly rich will be replaced by the very rich.

Exactly. My family was never uber rich but comfortable upper middle class and wouldn’t be able to start over in the same place. Many neighbors were regular jobs like electricians and teachers who bought in the 70s, 80s, paid off home and continued on. They will never be able to rebuild and live in the same communities. It’s sad.

My friend in Palisades lost his home. It was a multimillion dollar home but that was his main asset. He doesn't have millions squirreled away to rebuild. A lot of people end up in the position that they could never afford to buy their own home even 5 years later with the way real estate prices increase. I don't know what these people will do, there are millions of them.

Same in FL. People just won’t come back or will sell at a loss.

The real enemy here are the insurance companies. They raised rates in FL now they are cancelling CA right in the thick of the season.

I have no love for insurance companies, but they are really not the enemy here. They are raising rates in line with actual increases in risk. They could raise rates, cancel policies, or become insolvent and unable to pay out a major incident...end result is the same.

Plus the California state regulators put forth several conditions which the insurance companies deemed unacceptable.
Seeing similar actions in Florida.

So insurance companies are now only going to insure homes that aren't even at any risk ever, so they can maximize profits. Sounds an awful lot like the pre-ACA times of preventing folks with pre-existing conditions from getting health insurance. It's not sustainable.

No homes have zero risk. Insurance companies would run out of customers at that point so, no, it won't be like that.

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:These homes start at $2.5M and go up rapidly from there. I bet most of these folks were self-insured.

This represents a huge, extremely wealthy chunk of the Los Angeles county tax base. Lots of families with young kids. It's as if a wild fire completely destroyed CCMD and adjacent neighborhoods in upper NW DC.

This disaster will upend Los Angeles's budget - lots of costs to clean up but also lots of these people will move away. It will only be partially rebuilt, likely with multi-family housing. The entire area will be rebuilt much differently.

No. They will remain single family homes. People rebuild. There’s no way pacific palisades, Malibu or anywhere near the Ocean front will be anything less than multimillion dollar property. This will not affect anything. These people love their lifestyle and paradise there.

If anything, the mildly rich will be replaced by the very rich.

Exactly. My family was never uber rich but comfortable upper middle class and wouldn’t be able to start over in the same place. Many neighbors were regular jobs like electricians and teachers who bought in the 70s, 80s, paid off home and continued on. They will never be able to rebuild and live in the same communities. It’s sad.

My friend in Palisades lost his home. It was a multimillion dollar home but that was his main asset. He doesn't have millions squirreled away to rebuild. A lot of people end up in the position that they could never afford to buy their own home even 5 years later with the way real estate prices increase. I don't know what these people will do, there are millions of them.

Same in FL. People just won’t come back or will sell at a loss.

The real enemy here are the insurance companies. They raised rates in FL now they are cancelling CA right in the thick of the season.

I have no love for insurance companies, but they are really not the enemy here. They are raising rates in line with actual increases in risk. They could raise rates, cancel policies, or become insolvent and unable to pay out a major incident...end result is the same.

Plus the California state regulators put forth several conditions which the insurance companies deemed unacceptable.
Seeing similar actions in Florida.

So insurance companies are now only going to insure homes that aren't even at any risk ever, so they can maximize profits. Sounds an awful lot like the pre-ACA times of preventing folks with pre-existing conditions from getting health insurance. It's not sustainable.

I'm pp, and before you state this is Pacific Palisades problem, people all over CA have been living for decades in places that haven't had fires...so just everyone leave CA???

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These homes start at $2.5M and go up rapidly from there. I bet most of these folks were self-insured.

This represents a huge, extremely wealthy chunk of the Los Angeles county tax base. Lots of families with young kids. It's as if a wild fire completely destroyed CCMD and adjacent neighborhoods in upper NW DC.

This disaster will upend Los Angeles's budget - lots of costs to clean up but also lots of these people will move away. It will only be partially rebuilt, likely with multi-family housing. The entire area will be rebuilt much differently.

No. They will remain single family homes. People rebuild. There’s no way pacific palisades, Malibu or anywhere near the Ocean front will be anything less than multimillion dollar property. This will not affect anything. These people love their lifestyle and paradise there.

If anything, the mildly rich will be replaced by the very rich.

Exactly. My family was never uber rich but comfortable upper middle class and wouldn’t be able to start over in the same place. Many neighbors were regular jobs like electricians and teachers who bought in the 70s, 80s, paid off home and continued on. They will never be able to rebuild and live in the same communities. It’s sad.

My friend in Palisades lost his home. It was a multimillion dollar home but that was his main asset. He doesn't have millions squirreled away to rebuild. A lot of people end up in the position that they could never afford to buy their own home even 5 years later with the way real estate prices increase. I don't know what these people will do, there are millions of them.

Same in FL. People just won’t come back or will sell at a loss.

The real enemy here are the insurance companies. They raised rates in FL now they are cancelling CA right in the thick of the season.

I have no love for insurance companies, but they are really not the enemy here. They are raising rates in line with actual increases in risk. They could raise rates, cancel policies, or become insolvent and unable to pay out a major incident...end result is the same.

Plus the California state regulators put forth several conditions which the insurance companies deemed unacceptable.
Seeing similar actions in Florida.

Any word on how these fire started?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:These homes start at $2.5M and go up rapidly from there. I bet most of these folks were self-insured.

This represents a huge, extremely wealthy chunk of the Los Angeles county tax base. Lots of families with young kids. It's as if a wild fire completely destroyed CCMD and adjacent neighborhoods in upper NW DC.

This disaster will upend Los Angeles's budget - lots of costs to clean up but also lots of these people will move away. It will only be partially rebuilt, likely with multi-family housing. The entire area will be rebuilt much differently.

No. They will remain single family homes. People rebuild. There’s no way pacific palisades, Malibu or anywhere near the Ocean front will be anything less than multimillion dollar property. This will not affect anything. These people love their lifestyle and paradise there.

If anything, the mildly rich will be replaced by the very rich.

Exactly. My family was never uber rich but comfortable upper middle class and wouldn’t be able to start over in the same place. Many neighbors were regular jobs like electricians and teachers who bought in the 70s, 80s, paid off home and continued on. They will never be able to rebuild and live in the same communities. It’s sad.

My friend in Palisades lost his home. It was a multimillion dollar home but that was his main asset. He doesn't have millions squirreled away to rebuild. A lot of people end up in the position that they could never afford to buy their own home even 5 years later with the way real estate prices increase. I don't know what these people will do, there are millions of them.

Same in FL. People just won’t come back or will sell at a loss.

The real enemy here are the insurance companies. They raised rates in FL now they are cancelling CA right in the thick of the season.

I have no love for insurance companies, but they are really not the enemy here. They are raising rates in line with actual increases in risk. They could raise rates, cancel policies, or become insolvent and unable to pay out a major incident...end result is the same.

So the government and the multi-millionaire insurers let the people fend for themselves? What will happen to those who can't afford to rebuild? Just let the billionaire class continue to exploit our resources and block access to public services? DOGE is ready to slash $2T.

To add insult to injury looters have descended on some places to loot the homes while the owners are evacuated. This might be the last straw for some.