one signature away, POOF

[3rd_gear_Ted]

One of the homes that burned yesterday in the hills by the Cali coast was in a $10,000,000 escrow. One more signature and the new owner would of been making a huge insurance claim.

[masraum]

Wow, that sucks for both the buyer and seller. I'm sure the seller is not wanting to deal with this new hassle which I'm sure will be a huge PITA. And the seller while probably thinking, "I dodged a bullet," may also be bummed because now they have to start looking for a house again.

[stomachmonkey]

Originally Posted by masraum

Wow, that sucks for both the buyer and seller. I'm sure the seller is not wanting to deal with this new hassle which I'm sure will be a huge PITA. And the seller while probably thinking, "I dodged a bullet," may also be bummed because now they have to start looking for a house again.

Most likely the sellers Ins policy did not reflect the current rebuild expense of the home so will probably have to build something lesser or float a loan to make it up then hope to still get the same profit from this silly market which could very well have eroded before they complete the rebuild.

[masraum]

Originally Posted by stomachmonkey

Most likely the sellers Ins policy did not reflect the current rebuild expense of the home so will probably have to build something lesser or float a loan to make it up then hope to still get the same profit from this silly market which could very well have eroded before they complete the rebuild.

What is the likelihood that they could just pocket the check and sell the land? Then someone else could deal with replacing the home.

[craigster59]

If you saw my recent thread about not being renewed for homeowner's insurance, I'm wondering if the sellers were in the same boat. That is a high fire area and they might have had to insure through Calif Fair Plan or may not have been able to get insurance at all.

The agent I talked to yesterday said that there are some multi million dollar properties in the Carmel Valley that can't get insured through CFP so they just hope for the best. After the big Laguna fire of 1993 and the one earlier this year in February I'm thinking they might be on their own.

[masraum]

Originally Posted by craigster59

If you saw my recent thread about not being renewed for homeowner's insurance, I'm wondering if the sellers were in the same boat. That is a high fire area and they might have had to insure through Calif Fair Plan or may not have been able to get insurance at all.

The agent I talked to yesterday said that there are some multi million dollar properties in the Carmel Valley that can't get insured through CFP so they just hope for the best. After the big Laguna fire of 1993 and the one earlier this year in February I'm thinking they might be on their own.

Yeah, I saw your thread. I think some folks have a similar issue here on the Gulf coast when it comes to "windstorm" (hurricane) insurance. Most ins cos won't cover hurricanes, so you have to get your insurance from the Texas Windstorm Insurance Association.

[juanbenae]

I've been on the CA Fair Plan going on 4 years now and it goes up the max of like 24% every year. Lots of the folks on fixed incomes up here cannot afford to insure their homes any longer and now go without. Really sad and scary.

I have a buddy who lives in the Santa Cruz Mountains where there was a big, lightening caused fire 2 summers ago. Lucky for him his house was saved where as a number of his neighbors lost their places. The county to this point won't allow them to rebuild because of a number of factors, including road widths, lack of sufficient water services to fight fire (my buddy is on a well as is his neighbors, no hydrants), and having multiple exit routes.

I'm in the foothills and and not in a good spot, but thankfully the CalFire Air Attack up here above sonora stationed at the columbia airport are the best. A spotter, two tankers and the latest and greatest chopper. An article last summer gave stats that the columbia air attck and ground forces keep 95+ percent of all fires up here less than 10 acres.

the planes were up twice today according to the scanner and the flightradar24 app.

[stomachmonkey]

Originally Posted by juanbenae

I've been on the CA Fair Plan going on 4 years now and it goes up the max of like 24% every year. Lots of the folks on fixed incomes up here cannot afford to insure their homes any longer and now go without. Really sad and scary.

I have a buddy who lives in the Santa Cruz Mountains where there was a big, lightening caused fire 2 summers ago. Lucky for him his house was saved where as a number of his neighbors lost their places. The county to this point won't allow them to rebuild because of a number of factors, including road widths, lack of sufficient water services to fight fire (my buddy is on a well as is his neighbors, no hydrants), and having multiple exit routes.

I'm in the foothills and and not in a good spot, but thankfully the CalFire Air Attack up here above sonora stationed at the columbia airport are the best. A spotter, two tankers and the latest and greatest chopper. An article last summer gave stats that the columbia air attck and ground forces keep 95+ percent of all fires up here less than 10 acres.

the planes were up twice today according to the scanner and the flightradar24 app.

Have you checked out the Armory yet?

Bourbon Barrel is also reopening.

[juanbenae]

Originally Posted by stomachmonkey

Have you checked out the Armory yet?

Bourbon Barrel is also reopening.

what are you talking about? what local knowledge are you dispensing? maybe you have been here in the golden state longer than me.


edit::: look at my post count! 12,345... that rules eh monkey?

[stomachmonkey]

Originally Posted by juanbenae

what are you talking about? what local knowledge are you dispensing? maybe you have been here in the golden state longer than me.


edit::: look at my post count! 12,345... that rules eh monkey?

I'm intimately familiar with Twain Harte.

Armory is in Sonora.

Started as the Bourbon Barrel and expanded into the Armory.

Original developer is a friend of mine, long story short, town pissed him off, he never opened it, they shut their other businesses in Twain Harte and Sonora and moved to Florida, sold the Armory off to a new group and they just opened last week.

[red 928]

https://www.zillow.com/homes/5-Vista-Ct,-Laguna-Niguel,-CA-92677677_rb/25574253_zpid/

7 bd 8 ba
10,000 sq ft
for sale $9,898,000

[David]

All those zillow pics and not a single pic inside the garage

[wilnj]

SoCalEdison reporting circuit activity. If it’s their responsibility, do they make the owners whole?

I’m assuming $10M homes might have another million or two more in personal property.


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[craigster59]

Originally Posted by wilnj

SoCalEdison reporting circuit activity. If it’s their responsibility, do they make the owners whole?

I’m assuming $10M homes might have another million or two more in personal property.


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PG&E ended up filing Chapter 11 bankruptcy protection from the Camp Fire in NorCal. Maybe someone more familiar with the case can chime in, I think trying to fight a big utilty company could be a major uphill battle.

https://www.nbcnews.com/news/us-news/pg-e-pleads-guilty-84-counts-manslaughter-devastating-camp-fire-n1231256

[wilnj]

Originally Posted by craigster59

PG&E ended up filing Chapter 11 bankruptcy protection from the Camp Fire in NorCal. Maybe someone more familiar with the case can chime in, I think trying to fight a big utilty company could be a major uphill battle.

https://www.nbcnews.com/news/us-news/pg-e-pleads-guilty-84-counts-manslaughter-devastating-camp-fire-n1231256

No idea on the specifics but it’s been done before.

“Last year, the state Public Utilities Commission approved a settlement placing more than half a billion dollars in fines and penalties on Southern California Edison for its role in five wildfires in 2017 and 2018.”

https://www.nbclosangeles.com/news/california-wildfires/socal-edison-circuit-activity-laguna-niguel-fire/2891859/?amp


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