Wild Fires In LA

[Mark K]

A few "artists" sang a few songs (BFD) and helped scam others out of $100M. Anyone dumb enough to donate to these 'charities' deserve to lose their money.

This same con game happens every time there's a natural disaster large enough to pull on the heartstrings of the avg. sucker. If any of those homeowners think they're going to see a penny from this bogus fundraiser they're living in a fantasy land. Oh, right. It is CA.

If these homeowners in the multi-million dollar homes didn't have sufficient insurance, that's their problem.

 

[Fernando]

A few "artists" sang a few songs (BFD) and helped scam others out of $100M. Anyone dumb enough to donate to these 'charities' deserve to lose their money.

This same con game happens every time there's a natural disaster large enough to pull on the heartstrings of the avg. sucker. If any of those homeowners think they're going to see a penny from this bogus fundraiser they're living in a fantasy land. Oh, right. It is CA.

If these homeowners in the multi-million dollar homes didn't have sufficient insurance, that's their problem.

Many homeowners under insured. I think I'm one of them wanting lower premiums.

 

[Sadie]

A few "artists" sang a few songs (BFD) and helped scam others out of $100M. Anyone dumb enough to donate to these 'charities' deserve to lose their money.

This same con game happens every time there's a natural disaster large enough to pull on the heartstrings of the avg. sucker. If any of those homeowners think they're going to see a penny from this bogus fundraiser they're living in a fantasy land. Oh, right. It is CA.

If these homeowners in the multi-million dollar homes didn't have sufficient insurance, that's their problem.

not all of the damage was in high end areas. And some of those people have lived there for a long time and bought their homes for quite a bit less than they are now worth. Insurance doesn't cover everything. You sure are dismissive of others mis fortune.

 

[ZZGAMAZZ]

A few "artists" sang a few songs (BFD) and helped scam others out of $100M. Anyone dumb enough to donate to these 'charities' deserve to lose their money.

This same con game happens every time there's a natural disaster large enough to pull on the heartstrings of the avg. sucker. If any of those homeowners think they're going to see a penny from this bogus fundraiser they're living in a fantasy land. Oh, right. It is CA.

If these homeowners in the multi-million dollar homes didn't have sufficient insurance, that's their problem.

That reminds me: I'm often curious about the need for an appraisal report to describe the site/total value ratio of an improved single family residential property. The ratio presumably has a significant effect on the lending decision, although as most of my recent work has been in areas closer to the west, in superior So Cal markets, the portion of the total value ascribed to the site is typically higher than in locations further east and away from the coast. So.... how is propety insurance affected by that ratio, with properties affected by the LA County fires a great example. Peer advice appreciated. Thanks.

 

[Sandra Koutsopoulos]

I suspect the sticks and bricks are the primary value underwritten by ins, as the dirt remains in some shape or form. So if the property is 80% improved the entire value including the land would not be part of the potential loss, only the physical structure and probably contents. As mentioned, higher value per sf for dirt in Malibu compared to 29 Palms or ag land in Inland Empire. So a $5,000,000 property in Malibu or Pacific Palisades may only have structural insurance for under $1,000,000 to rebuild the house & contiguous amenities, because the lot remains, less whatever the cost is for costs to repair any affected on-site utility lines and such. I wonder, though, if ins company would reimburse for any/all the cost of the lot if the property was a total loss. I'm sure we will be hearing some chatter about that as ppl deal with their ins companies.

 

[ZZGAMAZZ]

I suspect the sticks and bricks are the primary value underwritten by ins, as the dirt remains in some shape or form. So if the property is 80% improved the entire value including the land would not be part of the potential loss, only the physical structure and probably contents. As mentioned, higher value per sf for dirt in Malibu compared to 29 Palms or ag land in Inland Empire. So a $5,000,000 property in Malibu or Pacific Palisades may only have structural insurance for under $1,000,000 to rebuild the house & contiguous amenities, because the lot remains, less whatever the cost is for costs to repair any affected on-site utility lines and such. I wonder, though, if ins company would reimburse for any/all the cost of the lot if the property was a total loss. I'm sure we will be hearing some chatter about that as ppl deal with their ins companies.

So an owner's home insurance policy might cover only a.portion of the property value in an upscale 'hood? If so, would it be prudent to sell rather than rebuild and remain an occupant [personal preference notwithstanding]. BTW I wonder "who" provides property values for insurers whose clients lose their homes in incidents like this, and how profitability of those entities are affected by massive claims???

 

[Sandra Koutsopoulos]

That's a good question. On our property tax bill, there is a breakdown by % improved. So maybe 87% improved, 13% non-improved for example. Is the ins co or the insured tied to that percentage? I dunno. Might be open to interpretation, lawsuit or APPRAISED VALUE, perhaps requiring a few minutes in court. I'll bet your insurance agent could answer that question. And just to make it even more problematic, is the value of the land higher or lower due to the entire neighborhood being wiped out?

 

[Mark K]

You sure are dismissive of others mis fortune.

I just get tired of the poor-poor-pitiful-me sob stories from people that, for example, live in FL and their home gets washed away in a hurricane. Well, duh. Its not when, its IF. Same goes for people in CA living in fire hazard areas without enough insurance. I suppose they're expecting FEMA to make them whole or maybe they live on the kindness of strangers.

Don't know, don't care. Or let me put it this way, I care about as much as the typical Floridian or Kalifornian cares about tornadoes and hail storms in the Midwest. They happen. They always have and always will, just like fires and hurricanes. Live in a high risk area, be prepared for when the sht hits the fan. If you can't afford the insurance, better move to another location.

 

[Sadie]

I just get tired of the poor-poor-pitiful-me sob stories from people that, for example, live in FL and their home gets washed away in a hurricane. Well, duh. Its not when, its IF. Same goes for people in CA living in fire hazard areas without enough insurance. I suppose they're expecting FEMA to make them whole or maybe they live on the kindness of strangers.

Don't know, don't care. Or let me put it this way, I care about as much as the typical Floridian or Kalifornian cares about tornadoes and hail storms in the Midwest. They happen. They always have and always will, just like fires and hurricanes. Live in a high risk area, be prepared for when the sht hits the fan. If you can't afford the insurance, better move to another location.

Every region is high risk for some sort of natural disaster. People are just sharing their stories, like tornado victims share theirs. Its a story that we as humans share to other humans. You don't have to care or can decide they are stupid for living where they do, but that does not mean they are not experiencing hardship.

 

[ZZGAMAZZ]

I just get tired of the poor-poor-pitiful-me sob stories from people that, for example, live in FL and their home gets washed away in a hurricane. Well, duh. Its not when, its IF. Same goes for people in CA living in fire hazard areas without enough insurance. I suppose they're expecting FEMA to make them whole or maybe they live on the kindness of strangers.

Don't know, don't care. Or let me put it this way, I care about as much as the typical Floridian or Kalifornian cares about tornadoes and hail storms in the Midwest. They happen. They always have and always will, just like fires and hurricanes. Live in a high risk area, be prepared for when the sht hits the fan. If you can't afford the insurance, better move to another location.

Your comments remind me of a regional meeting in Rialto, CA, I attended circa 2000 when I was involved in emergency managment. The speaker indicated that the Big Earthquake that was a certainty was more than a decade past-due, and WHEN [not If] it hits, an estimated 300,000 - 500,000 residents of Los Angeles County would die. And that was 25 years ago! Tell you what: when I get an assignment in LA City, I'm in n out the neighborhood quick as a flash--although I shudder in general about the quality of life that people experience, although $600K++ property values for ****ty SFR's in the crime-ridden ghetto presumably have allowed residents a lifestyle far above & beyond what they overwise could have experienced in their lives--but what will happen on a macroeconomic level when this madness ceases and property values decline by 75%????