The cleanup has not even begun because fires are still uncontained. Let’s discuss costs.
Containment of the two largest California fires are still zero percent, negative actually because they are expanding.
Yesterday, I saw reports of $10 billion in insured losses. Today it’s $20 billion and sure to rise. The uninsured losses will be much higher.
Most businesses had insurance. The average person had grossly inadequate coverage.
Containment
Please consider the CBS News California Fire Containment Report.
Palisades Fire and Eaton Fire
The two largest fires have spurred thousands of evacuations and burned thousands of acres since Tuesday. The Palisades Fire began at 10:30 a.m. local time on Tuesday, burning on the west side of Los Angeles County, including the Pacific Palisades and Malibu.
The deadly Eaton fire, which began at 6 p.m. local time Tuesday, is raging in the Angeles National Forest, Altadena and Pasadena.
179,000 Evacuation Orders
NBC has California Wildfires Live Updates
- 179,000 under evacuation orders; L.A. County sheriff says some areas look ‘like a bomb was dropped’.
- The Palisades Fire has burned through more than 17,234 acres, almost 27 square miles. It has destroyed 1,000 structures and is entirely uncontained, making it the most destructive in L.A. history.
- More than 350,000 energy customers were without power early today, including 200,000 in L.A. County, the most populous county in the country.
- Biden to California officials: ‘Spare no expense,’ feds will cover 100% of firefighting cost
- Biden sat beside Vice President Kamala Harris along with other administration officials as he explained that he immediately approved a federal disaster declaration for Los Angeles yesterday. He added that Gov. Gavin Newsom requested an increase in funding this morning, prompting Biden to cover “100% of the cost” for the next 180 days.
- “I will also make note of the fact that, sadly, many insurance companies have canceled insurance for a lot of the families who have been affected … which is only going to delay or place added burden on their ability to recover,” Harris said.
- Canada sending water bomber aircraft, helicopters to aid California. Quebec sends two water bomber planes and firefighting teams to California each fall as part of 31-year-old agreement with the U.S. state, the Canadian Broadcasting Corporation reported.
- Fire insurance claims could take years to resolve. It could take years for victims of the L.A.-area fires to resolve their insurance claims — assuming they had insurance to begin with — if past California fire events are any indication, according to one public adjusting firm.
- The insured losses from this week’s fires may exceed $20 billion, and total economic losses could reach $50 billion, according to estimates published by JPMorgan today.
Estimating Costs
NBC reported over 100,000 homes in the area were dropped from fire coverage.
Already, insured damage estimates doubled from 24 hours ago, but total damage estimates haven’t.
Given zero percent containment of the two largest largest fires, the cost of doing anything in California, and Biden’s pledge to pay (not his call to make), I expect current damage estimate will soar.
And one has to factor in lost wages, more dropped coverage, rising insurance rates everywhere as insurers scramble to cover payouts.
If insurers pay out $20 billion, the overall cost of coverage will rise by $20 billion, and insurers will leave the state.
How much in tax hikes will California seek to cover rebuilding and covering lost insurance?
What about time delays of rebuilding and lower property valuations?
Unless J.P. Morgan factored all of that in, $50 billion is a huge lowball. Yesterday I saw reports of $57 billion, but another day has passed and we are still uncontained on the two biggest fires.
In the time it took me to write this, NBC reported “A new brush fire has emerged in the Woodland Hills area of Los Angeles, near the Calabasas neighborhood, according to the Los Angeles Fire Department. The blaze has been named the Kenneth Fire. A mandatory evacuation order has been issued for residents in the area.“
On January 7, I reported 30,000 People Are Under Evacuation Orders in California Wildfire
It was a 1,200-acre fire then with 30,000 evacuation orders.
Evacuation orders now total 179,000 with still expanding acres burnt at 28,000 and rising.
Cost estimates are more than a bit premature and the price of fire insurance is about to soar (assuming you can get It at all).
Regarding insurance, Kamala Harris used the word “canceled”. I believe she means not renewed, with a 60-day notice. The state offers insurance of last resort for those who wanted some.
Live Updates Addendum
I will post live updates here.
KTLA News reports LIVE: Eaton Fire reaches the peak of Mt. Wilson
This is a live view of the Eaton Fire from Mt. Wilson in the San Gabriel Mountains.
Eaton Fire grows larger; thousands of structures damaged or destroyed
In a briefing Thursday afternoon, officials said the Eaton Fire near Pasadena and Altadena has grown to 13,960 acres and is still at 0% containment.
In addition, 4,000 to 5,000 structures have been damaged or destroyed by the fire, according to L.A. County Fire Chief Anthony Marrone.
About 1,500 people are currently working to battle the blaze.
I read that as 4,000 to 5,000 structures for just the Eaton fire. Yesterday, it was 2,000 total.
9 hours ago the fire department reported expansion of Eaton fire
“significantly stopped.”
Total acres burnt was 10,600. It is now 13,960.
Kenneth Fire
The newly sparked #KennethFire is exploding in size in West Hills, LA County, and is quickly approaching homes. The fire is moving extremely fast and a new potential spot fire just started across Highway 101.
Santa Ana winds are expected to increase up to 50 mph tonight.
Regarding insurance, Kamala Harris used the word “canceled”. I believe she means not renewed, with a 60-day notice. The state offers insurance of last resort for those who wanted some.
H/T Avery2
I wonder what global terr-orist organizations are learning from this
The devastation is terrible. It looks like Gaza
“You vill own nothing”
Biden and Harris (good riddance!) are being generous with the communist state of California, but have neglected NC where the devastation was even worse……The rich really are more privileged. We can’t have them suffering from the lack of an in home theater or a stable of exotic cars, can we?
God, you people are so full of hubris and ignorance. Just Google your idiotic question or assumption (it takes seconds): https://apnews.com/article/north-carolina-hurricane-helene-block-grants-3a332e411e6d01ffd9cf54bb3a776ee6
$1.65B of my taxpayer dollars to help out NC; you’re welcome (but obviously not thankful)
Perhaps Newsom could get a loan from Zelensky, I hear he has some money…
surely the ILLEGALS all have insurance
forgot
HOLLYWOOD doesn’t allow them (NIMBY)
Meanwhile the burning state of foreign fruit pickers, homeless pick nickers, and rich Ivy League Dick snickers fight over Gavin and Madam P’s winning stock trades with increased budget deficits due to fire reduced property taxes and property losses. It’s a lose lose, like the 50 billion and counting bullet train to nowhere.
A lot of people will move out of CA permanently.
That is the plan by those that will divide up the spoils then rebuild with the appropriate infrastructure, forest service management and serfs to do the work.
The Maui fire was the pilot project and others in California prior to this current conflagration and they worked so well without anyone of consequence being held accountable either in the private sector or government that it will continue until the once Golden State is a feudal society made up of haves and have nots.
Be vigilant about the super-conspiracy theories being fed to you. They may not be good for your health
https://abcnews.go.com/Politics/pizzagate-gunman-dies-officer-involved-shooting-north-carolina/story?id=117527334
Connect the dots..
Covid, wildfires, war on terror, endless wars, zero interest rates, maldistribution of wealth, homeless, censoring, financial bailouts to the wealthy that created the problem, social monitoring by Big Brother thus far are their methods of shocking the citizenry’s body politic and/or attempts to keep them in line.
This ain’t your typical lone wolf or conspiracy theorist rant.
It is happening over and over again.
If you don’t have a seat at the table, you are on the menu.
As George Carlin said, “It’s a big club and you ain’t in it.”
Yes, you have certainly connected the dots and they are in the form of a massive tin foil hat. Stay out of electrical storms with that (the government is sending those your way, too, with our taxpayer-funded satellites) LOL
I’ll raise your tin foil hat with two consecutive straw men arguments!
50 billion might be a pretty good number for the market value of the burnt houses because much cheaper homes burned in the Eaton fire. Houses are still being destroyed by the Palisades fire probably averaging 5-10 million each. With the cost to build anything here in Cali it could be 2-3 times that to actually build the replacements
It’s the price of the dirt underneath that’s worth the big bucks. Not really the structure on top of it.
I’m fortunate enough to live in an upmarket suburb. The retriement sized house I’m occupying is worth around $2.5 million. A comparable house with the same land area 2 kilometers away would be worth around $1 million. A comparable house and land package in a boonie suburb would be around $550K
(Not the U.S.)
Terrible news: Billy Crystal lost his house. He’s down to his last $50mil. I’m starting a GoFundMe for him.
And does eats oats.
Already priced out, inspiring home owners will bear the burnt brunt of these natural disasters.
Renter nation. Get used to it.
Renters need insurance as well for their personal belongings. And their autos, boats, etc. These disasters don’t care if you rent or own.
Landlords these days require tenants carry renters insurance, to recompense them in case you burn up any of the apartment, etc.
Did you mean aspiring home owners?
I have a question. This is a real question. If anybody knows the answer, please let me know. Is Biden promising to cover the cost of these fires? Did he cover the cost of the hurricane disasters in Western North Carolina and other places? If not, don’t we have an equal protection under the law issue?
My understanding is he is promising to pay for cleanup and firefighting services, not reconstruction.
At least that is how I read his statement.
But I expect fraud in the handling of that.
Hmm, destroyed property won’t be paying much property tax, the other financial shoe to drop. Mish, will the printing press go brrrr for these folks? BTW, something that gets lost in all the finger-pointing in the S. California firestorms is all it takes is for a number of homes to burn down, the plastic pipes melt, the water gushes out on the ground and the Fire Hydrants turn useless. Our systems aren’t designed for firestorms, nor can they be. We experienced this in our Almeda firestorm of 2021 in S. Oregon. Big numbers of homes burn and leak out the water, and your flow is gone for the hydrants.
Interesting data. Thanks. Maybe desert cities with Santa Ana winds should require metal plumbing. Or maintain separate water pressure systems for hydrants.
Well well well….everyone talking about insurance now. Hurricanes, fires, flood, tornadoes wiping out homes and insurance companies all because of a climate hoax. At what point do “green solutions” become less expensive than “dirty solutions?”
Rebuilding is going to require a whole lot of supply chains such as lumber from Canada, cheap labor from Latin America and endless stuff from China.
Got tariffs? Got immigration labor?
Only 11 days left for the new circus to come to town. Got popcorn?
I’m enjoying the show already. I’m waiting to see what tariffs and export taxes Canada announces. I was thinking that Trump would place 25% tariffs on all things from Canada, except for energy, since we are so dependent on Canadian oil, gas, uranium etc. Apparently, if he does exempt energy, the Canadians will put a 25% tax on their energy exports so they collect the money instead. Either way, Midwest gasoline prices will jump $1/gallon instantly. Lol!
Drop the EPA b.s. ethanol requirement and it evens back out. YOLO, but YMMV!
Mares eat oats.
Trudeau is gone. The tariffs might not eventuate.
Poor Papa,
The US is not dependent on Canada for energy.
Aot of the energy trade is localised trade based in border areas and a lot of it is a type of two way trade.
You think a 1C increase in global temperature since the start of the industrial age is what caused a fire in the country’s biggest desert city?
This song was a hit 53 years ago “seems it never rains in Southern California …”.
No one thinks that. Most forest fires are caused by lightning or by something that humans did; campfire, lit cigarette, power lines, arson, etc.
Now a question for you. Why did global temperatures go up 1C since the start of the industrial age? And what are the impacts of that 1C increase?
Assuming the 1C is correct, it could be because of man’s emission of co2 into the atmosphere. Or solar activity. Or even from the 11,000F molten core of the earth as a result of the constant changes in flows and the magnetic field of the planet. https://theethicalskeptic.com/2020/02/16/the-climate-change-alternative-we-ignore-to-our-peril/
The impacts cannot be precisely known in so complex a field as climate modeling. During the medieval warming period Greenland thrived. Maybe that’s why Trump has his eye on it. I am kind of hoping that Obama’s waterfront mansion will be flooded, but I should be happy that the ice fishing has been good this year.
Ps. MonkeyPox’s original comment absolutely implied that climate change causes this fire – or at least its severity. There is no evidence of that.
it doesn’t matter. if we had 100% proof that human activity was causing aberrant weather, it wouldn’t make one bit of difference.
We had a virus spread globally and people were outraged that they were asked to wear a mask or stay indoors. Imagine asking people to give up their gas guzzling SUVs or refineries! It won’t happen. No one wants to suffer the simplest of inconveniences because everyone is entitled now.
As I keep saying, the trashing of the planet will continue and eventually billions will choke on their own vomit, die and “the meek shall inherit the earth.”
And no, I don’t consider myself meek given I fly around in business class around the world, my carbon footprint is 10x the average person posting comments here. I learned my lesson from the boomers and it’s “me, me, me, me” now till it all comes crashing down.
And btw, I am buying homes in areas that may survive the apocalypse in case you’re wondering why I’m flying around so much 😉 don’t ask where because I won’t tell. The homes aren’t for me, they are for the meek.
Masks don’t work. Just read Neal Orr’s research paper to understand.
And staying indoors made the scamdemic worse as mingling of healthy individuals leads to herd immunity. Read the Great Barrington Declaration to see the evil that Fauci did.
People were outraged about wearing a mask because common sense says that a mask that is unable to block a virus is useless.
Of course then you have the idiotic policies implemented by the Premier of Victoria that said people outside had to wear masks unless you were jogging or running. Go figure that one.
And of course people were outraged because being outside in fresh air and sunshine is good for you
Which brings us to the idiotic policies put in place in Hawaii where only one person from a household was allowed to go to the beach at one time.
Better to lock people up in houses, hospitals, aged care homes, and nursing homes and let the virus run free throughout the buildings.
Ever use a dose of common sense to figure out why cruise ships or ships had so many problems with the virus or other diseases?
Probably not.
The Industrial Age started while the earth was exiting a mini ice age. Do the temperature chart starting period from a previous warm period such as the time of Rome and that temperature rise is less than 1 degree.
Also temperatures are now falling for over a decade if you factor out the one year that was a temporary boost due to volcanic eruption.
Greenland has had falling temps for 20 years now and the Arctic ice cover is on a growing trend.
In another decade the trend to another mini ice age will be more apparent and it will last centuries like previous ones.
California Fires Expose a $1 Trillion Hole in US Home InsuranceHomeowners in increasingly risky areas can’t obtain adequate coverage as insurers flee the state to avoid losses.
https://archive.ph/1Pfe4#selection-1763.0-1769.114
Because the Democratic run Assembly, Senate and governorship ordained a cap on insurance rates thereby herding certain areas with higher risks of damage from fire onto the state insurer which has limited coverages and many exclusions to limit the state’s liability and increase the homeowners costs of repair or rebuilding.
Soon it will be more and more homeowners fleeing the state. Like another poster said, empty lots and unoccupied houses don’t pay property taxes. Change is coming to California and for some in the most unexpected ways.
Not so. or not quote so.
Empty lots that once had a house on them -> the owners will challenge the assessed value.
Unoccupied houses will get the Detroit treatment. The owners won’t pay the tax and it will be foreclosed on. Quite a bit of land will end up in government ownership. That is what the coastal commission and other preservationists want, along with the further conclusion of fewer people living in the area = growth control.
Five stages of climate crisis denial:
I’d say most of us are somewhere between #4 and #5 at this point, but of course some people could still be in the 1-3 range.
6. Who fucking cares if Cher’s house burns down?
She’d melt like something out of Madame Tussaud’s Wax Museum.
That’s where she belongs – in a museum or maybe an insane asylum.
Such nonsense – what do you expect when you have areas that are natural deserts that only grow something with water piped from hundreds of miles away. Fill it with millions of people and homes, don’t manage your brush, forests, and herbivores then don’t impound water for any beneficial use other than saving smelt. What could go wrong? Much of the west was settled during a cooler, wetter time. It’s really returning more to it’s normal dry. I recall reading an article in a scientific journal that discussed settlers coming to northern California in the early to late 1800’s. They put down settlements in areas but the Indians wouldn’t live there and they asked them why? Native members said “No water there”, even though there was water at that time. The tribes had a longer time frame to reference.
Really underrated comment, goes to show how short 200 years is in grand scheme of things.
Error, error! Los Angeles, Pasadena, Pacific Palisades are not natural deserts. They have a Mediterranean climate, like ancient Syracuse (Sicily) or Carthage. Orange county is named for the orange orchards once grown there. Now, if you go inland fifty miles and over the mountains, then you encounter real desert, just like you would if you did that at Benghazi or Tripoli (Libya). And more people have settled in the Los Angeles basin than the local ecosystem can support, and people have known that for more than 100 years.
As for Native Americans, they are willing to settle in places that currently have water. Go visit Wupatki Nat. Monument northeast of Flagstaff AZ.
I have been both #4 and #5 for a while now. I was never 1-3.
You and PapaDave are just ridiculous.
You can’t take a planet that is billions of years old, study it for less than 200 years, and pretend to know anything about what the baseline is for its climate such that you can identify statistically significant changes in that climate pattern.
The US’s biggest export is topsoil. We send a billion dump truck loads of it into our rivers and oceans. You can’t allow the topsoil that slows, sinks, and spreads rainfall to wash away and then claim “climate change” because now you have flooding problems.
The forest floor is a lake. There are 7 layers to a forest. Forests store a tremendous amount of water and carbon, protect topsoil from erosion, and moderate ground temperature. You can’t remove the forests like we have done to plant millions of acres of soybeans and corn, allowing the sun to bake the soil and the wind to blow it away, and then complain claim climate change because now you lost your water storage and temperature moderating capacity.
You can’t concrete over millions upon millions of acres of what used to be forested land and then claim “climate change” when heavy rainfall occurs and the water collects very quickly in streams, rivers, etc., instead of slowing, sinking, and spreading onto forested lands.
Last, you can’t have increasing population density of humans across the continent and then claim climate change when severe weather (storms, tornadoes, hurricanes) causes property damage.
“ You can’t take a planet that is billions of years old, study it for less than 200 years, and pretend to know anything about what the baseline is for its climate such that you can identify statistically significant changes in that climate pattern.”
Perhaps you should learn some science. Then you might understand.
For example, you mention the planet is billions of years old. So you apparently know “something”. Actually it is 4.54 billion years old. We know this because human beings are smart; and some of the smartest humans become scientists and figure out all this science stuff that you seem incapable of understanding.
Knowing all this science stuff allows us to send spacecraft throughout our solar system, and learn even more about the entire universe.
It also allows us to know the history of earth and its climate. For example we know about the dinosaurs that lived on earth for 165 million years, from the Mezezoic Era to the end of the Cretaceous Period. And we know what the climate was like during this period. And yes, we learned it all in the last few hundred years.
The same goes for all time periods throughout earth’s history. It’s a fascinating story. You should try to learn some of it.
If you are interested in the climate from the last several million years, I suggest you study the Milankovitch cycles and their impact on earth’s climate.
We don’t even have thermometer readings for most of the earth’s land surface for most of the 20th century. There were no thermometers being systematically recorded in the Congo or the Amazon in the 1930’s. The Argo Array of temperature-recording ocean buoys only started to be deployed in 2007 and ocean currents have complicated assessing the readings since the buoys have obstinately refused to stay in place. Global satellite infrared data from before the 19th century is shockingly inadequate.
I have lived and worked in equatorial Asia. Sumatra, Borneo and West Papua. During the 1970’s the equatorial areas were covered in ancient rain forest. Ancient as in thousands of years old. Humans never went inside.
These rain forests created their own climate. I’ve flown across the tree canopies in a helicopter. You could feels the humidity coming up from the forest and see that the trees were embedded in swamp water. For thousands of square miles.
During the early 1980’s the logging companies started to get in to the forests in a serious way. In the 1981 El Nino a serious drought burned down 5000 hectares of virgin rain forest.
The European quest for Bio diesel prompted the government to promote ancient rain forest clearing and the planting of Poxy Palm Oil.
Palm oil trees are insidious for leeching the nutrients out of the soil.
The climate system for those three areas has now been irrevocably altered. God knows what the knock on affect for areas away from the equator.
I do know that in 2002 the Governor of the province of North Sumatra commissioned a U.S. University study team to investigate the reason why the temperature around his province had increased and droughts which had never previously been a problem. The reports he received blamed the clear felling of the old growth rain forest in his province. The governor then went on a campaign of reforestation
Thanks for sharing Boneidle. The earth is trying to re-forest itself all the time. We stand in the way of that. Once this fire burns out, the first plants that will grow are those that hold the soil together. They are pathfinders and will create conditions for other plants to thrive, eventually creating conditions for trees to start re-growing. But they will be considered weeds and glyphosated. We stand in the way.
Way too late. Way, way, too late.
Prolly on the way back to the CARBONIFEROUSE period.
Humans will not tolerate an earth that doesn’t need them to be lush and thriving.
Unfortunately for Humans the earth, if you believe the science , clearly does not need Humans to be lush and thriving.
Carboniferous period is coming back and there isn’t a anything that Humans can do about it.
Or, this molten lava filled orb spinning in a void that has no beginning or end, could break away from whatever is keeping its melted rock innards spinning in its place, and be flung out into that void.
Maybe the science is wrong about the sun and it will fizzle out day after tomorrow?
Maybe yellow stone will erupt and send us into an ice age?
Maybe Trump will make America great again like it was, uh after we put the indigenous people on reservations, no, maybe it was after we came out of the industrial revolution with labor laws, no, maybe after we nuked Japan and D day-ed the Nazi? Uh, no, maybe when runny ray-gun shut all the fed loony bins to create current homeless situation?
Obviously I need a consensus about when America was great in the Maga world..
When was that?
The cost of extreme weather events in the US in 2024 was over $500 billion. Of course, not all of that was covered by insurance.
Nine days into 2025 and we have over $100 billion already.
Soon, these events will cost more than Medicaid annually.
Private insurance is going to become too expensive, or not available at all.
How much of the cost of the fires is a result of total incompetence on the part of local, county, and state governments?
95%,100%?
The fires should have been under control within a few hours had there been prompt, competent action taken.
Too bad the people affected can’t sue the idiots in charge of the various governments.
“How much of the cost of the fires is a result of total incompetence on the part of local, county, and state governments?
I don’t know and neither do you. So your speculation is meaningless.
“The fires should have been under control within a few hours had there been prompt, competent action taken.”
Yes. You should have been there to command the fire fighting forces. Then none of this would have happened.
“Too bad the people affected can’t sue the idiots in charge of the various governments.”
Why not? Americans sue for everything.
Maybe you should run for government so you can fix everything.
Well based on your posts on the site I can say that that with 100% certainty that your head is up your behind.
Your ridiculous response to my post is proof of that.
He is a troll on a troll roll. Best thing we can do is just not respond. It really does work.
If rich people living in danger-prone areas can’t get private insurance, that’s their problem. Just don’t push it onto the federal government so that a car mechanic in Wisconsin has to cover fire insurance in Pacific Palisades.
I’m not saying what I want insurance companies to do. I’m just telling you what they WILL do. Insurance companies will raise rates wherever they can to cover their losses. And they will even refuse to insure in some areas that seem prone to these disasters. Doesn’t matter if its fires, hurricanes, tornadoes, floods, etc. So the car mechanic in Wisconsin is going to pay more for this. Reality sucks, doesn’t it?
Insurance companies that don’t insure in California or Florida won’t have to raise premiums in Wisconsin. It’s the feral goobermint that will hose the Wisconsinite by bailing out California. Fires in California aren’t a bug, they’re a feature.
Wisconsin had a really bad fire in October 1871 that for some reason most people have never heard about.
And my Aunt Minnie has an ingrown toenail.
I’m waiting for an official to proclaim rebuilding will stimulate the economy.
Newport Beach, CA checking in. Newport Beach is seeing huge demand for homes. Rentals are already flying off the shelf and a rush of people are looking at properties for sale. The wealthy from Pacific Palisades are headed to Newport. What a financial windfall for Newport Beach homeowners. If you want to make a quick million or two in appreciation, by in Newport Beach now.
Not if hedge funds and private equity and Trumps 0% rates return first. Nothing to buy at any price.
Uncle Buffy will show up with his formaldehyde-laden trailers.
Why am I starting to wonder if we are getting very close to a massive event like this finally tipping the scales with the US and its .1% owning everything, the middle class evaporating, and everyone else renting and making minimum wage … just how many “major stressors” like this will it take to send the whole 250 year experiment right off the cliff …
The experiment went off plan with the signing of the Constitution.
Fire insurance is typically for replacement cost, not total property value… Calculating insurance costs requires knowing local construction costs. Property values are not indicative.
As for insurance not being renewed, this is just the market signaling that the risk exceeds the expected returns.
If you can’t get insurance, run. Or vote for new politicians who will clear the brush on public land to reduce fire risks so insurance will be affordable again. Attempting to regulate insurers or providing public options will only make it worse.
Exactly,
BTW, Maurice Greenberg will be 100 years old on May 4 and still goes into the office to run his shop every day.
Insurance is not a human right. If it can’t be insured, determine what it’s really worth.
Insurance companies probably dropped coverage as soon as the cuts to the fire department went through.
The only thing companies and citizens can do when the woke officials direct budget funds towards illegals and DEI, while cutting public safety and critical infrastructure, is to flee.
Accountability on elected officials isn’t likely with California; they will just blame climate change, arson, and Trump….
When you don’t know anything, don’t speculate. It’s not worth destroying your credibility. The insurance issue in California goes back much farther than the LA fire department budget.
Insurance companies don’t have to flee if they’re allowed to raise premiums as much they need to to account for risk – including risk brought about by politicians. If they’re not allowed to raise premiums as much as they need to, then they have to flee.
Mish, how are all these insurers going to pay for this? Seems like a lot of balking will go around. Insurers in FL continue to push claims out and who knows if they will pay out or not…CA will most likely suffer the same fate here.
I expect they will seek to raise rates everywhere.
And I expect CA coverage will decline further.
And companies that don’t insure in California or in perennially hurricane-damaged Florida should have a competitive advantage. Right?
Don’t forget places that are prone to tornadoes, floods, hailstorms, atmospheric rivers, polar vortex, ice storms, heat domes, etc.
Get real. A small town in tornado alley getting pulverized once a century is pennies compared to these high buck coastal cities that have the same disasters befalling them year after year.
You think too small. While tornadoes cost $1-$4 billion each year, Flooding costs the US between $180 billion and $500 billion annually.
lol. AI spat out that figure. Original source: “the Joint Economic Committee’s democratic staff”. https://www.preventionweb.net/news/flooding-costs-us-between-1798-and-4960-billion-each-year
So, staffers of six democrat senators and four democrat house members. Got it.
Well I think global warming obsession is causing women and democrats to consume record levels of antidepressants. Annual cost $100 gazillion dollars. But at least I have the decency to admit I pulled that figure out of my ass.
Tornados can make one house disappear while the house next to it remains unscathed.
And your point is?
3…2..1…time to dole out the bailout buck$
Did the insurers really “cancel” the homeowners policies or non-renew? Big difference. Typically there is a ~ 60 day statutory notice for non-renewal, depending upon state insurance regulations. Isn’t the “real estate value” of most of these places mostly determined by the location of the land, as opposed to the same building in Podunk, Iowa?
I believe non-renew is accurate.
Thanks
Update – It was Kamala Harris who used that word, not me.