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Thousands of Los Angeles homeowners were dropped by their insurers before the Palisades Fire
(www.cbsnews.com)
Perhaps the most interesting part of the article:
this post was submitted on 11 Jan 2025
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i kinda disagree. no business or government should be required to provide insurance just because you built a structure.
some things can just be not insurable.
If there was no cap on insurance, the market would absolutely fix the “uninsurable” problem. It might cost $90k a month to insure your home, but since they fully expect it to burn down in a few months, they’re likely to take a loss on that insurance.
Yeah. Insurance is for unexpected disasters. Building a house in a wildfire zone, tornado alley, or flood plain, those disasters are expected.
The challengee is (at least) two-fold: (1) existing homes that were once not in wildfire zones are now in them due to climate change, (2) some of the reason building is allowed into fire zones is to alleviate housing availability.
I'm not saying that offering insurance to a given property owner should be mandated, but that there's always some price at which providing insurance is worthwhile to an insurer.
Like, say State Farm's model predicts -- as it probably correctly did here -- that a house is most likely going to burn in the near future. Say the next two years, on average. Your annual fire insurance might be half the rebuild cost of your house, but they can still offer it, even at those levels of risk.
Tell that to the banks that won't give you a mortgage loan without insurance.
Tell them what? Banks should not be offering mortgages on homes that are at to much risk to be insured. People simply should not be living in areas where wildfires are a near certainty.