Any information about the Pacific Palisades Fire

[Noah930]

Originally Posted by Shaun @ Tru6

I predict that like many who sell their long time owned 911 regret it and then find themselves priced out of another, so will some who decide not to rebuild.

Yes, but there are people who were planning on downsizing anyway (like my anesthesiologist friend who lost his house--his 2 sons are post-college). There are people who have the flexibility to make a lateral move--trading the Palisades for Newport Beach or Montecito.

[group911@aol.co]

Some good history on the California insurance and it's problems. Started a long time ago as a public vote.
https://www.npr.org/sections/planet-money/2025/01/23/g-s1-44265/california-wildfire-homes-insurance-prices-crisis

"Last year, seeing insurers fleeing their state — and perhaps seeing the studies by Wallace and others — California regulators came to the conclusion that the state's insurance regulations were unworkable. California's insurance commissioner, supported by Governor Gavin Newsom, ended the ban on using forward-looking catastrophe models for setting premiums, giving the green light to the insurance industry to start actually trying to price in the rising risk and cost of wildfires. As part of this deal, insurers have agreed to underwrite more policies in fire-prone areas. Those changes took effect mere weeks ago, just before the outbreak of fires around Los Angeles."

[Deschodt]

Originally Posted by JavaBrewer

Would rebuilding resemble remodel when it comes to property taxes? I'm not an expert in property re-assessment triggers other than I think a remodel needs to stick in a few guidelines to avoid a rebuild situation and resulting re-assessment. Just curious if anyone here can chime in.

From what I saw on TV, the local gov't are cutting a lot of red tape, and will allow a rebuild to 120% or original specs and keeping the same property tax base. This is quite nice actually, I wish I could extend my house by 20% with no prop tax penalty ! Also prop tax on the building is waved until rebuild is done, but sadly they continue to owe prop tax on the land which in most cases is like 60-80% of value. You cannot get a free lunch I guess.

What I'd like to see is some sort of capping of contractor fees within reason to avoid gouging and the richest folks going first, but it's capitalism baby, no way that happens!

Insurance is a concern and that will have to change... Even other areas of CA where it rains a LOT are being dropped... Where I live, my friendly agent told me in no uncertain terms, "do not ever be late paying for home insurance or the mothership will drop you" - grandfathering is saving us for now.. if Insurance goes away, so do I. (assuming you can sell an uninsurable property, that is, but it is California, I think you always will attract buyers to a nice area with good weather. Maybe state insurance, no idea.)

[jyl]

News on Castaic? craigster you okay?

[craigster59]

Back at the house, all is fine. The fire crews were on it! I think they had 9 aircraft dropping water and Phos-chek and the fire stayed away from structures.

We back up to a pretty remote area, elevation declines toward the coast and elevates towards the mountainous areas and that was the path it took. No matter wind direction, fire likes to burn uphill.

Maybe with the assets in place they'll slow containment and do a bit of a control burn. Lots of dry scrub brush in these parts. Rain predicted Saturday so I think you'll see moisture start to develop and give these firefighters a helping hand.

[craigster59]

This app turned out to be a lifesaver. Immediate updates on acreage, containment, evacuation areas, etc. It was a great help in keeping updated...

https://app.watchduty.org

[jyl]

https://www.latimes.com/business/story/2025-01-12/california-homeowners-are-getting-cancelled-by-their-insurers-and-the-reasons-are-dubious

Really sad stories of homeowners who were uninsured or underinsured and lost their homes in the fires. I imagine these represent only a very small percent of the homeowners there, but still . . .

[astrochex]

Originally Posted by craigster59

Back at the house, all is fine. The fire crews were on it! I think they had 9 aircraft dropping water and Phos-chek and the fire stayed away from structures.

We back up to a pretty remote area, elevation declines toward the coast and elevates towards the mountainous areas and that was the path it took. No matter wind direction, fire likes to burn uphill.

Maybe with the assets in place they'll slow containment and do a bit of a control burn. Lots of dry scrub brush in these parts. Rain predicted Saturday so I think you'll see moisture start to develop and give these firefighters a helping hand.

Great to hear, Craig!

[jyl]

Originally Posted by craigster59

Back at the house, all is fine. The fire crews were on it! I think they had 9 aircraft dropping water and Phos-chek and the fire stayed away from structures.

We back up to a pretty remote area, elevation declines toward the coast and elevates towards the mountainous areas and that was the path it took. No matter wind direction, fire likes to burn uphill.

Maybe with the assets in place they'll slow containment and do a bit of a control burn. Lots of dry scrub brush in these parts. Rain predicted Saturday so I think you'll see moisture start to develop and give these firefighters a helping hand.

Good news!

[Sooner or later]

Great news!

[Shaun @ Tru6]

Originally Posted by craigster59

Back at the house, all is fine. The fire crews were on it! I think they had 9 aircraft dropping water and Phos-chek and the fire stayed away from structures.

We back up to a pretty remote area, elevation declines toward the coast and elevates towards the mountainous areas and that was the path it took. No matter wind direction, fire likes to burn uphill.

Maybe with the assets in place they'll slow containment and do a bit of a control burn. Lots of dry scrub brush in these parts. Rain predicted Saturday so I think you'll see moisture start to develop and give these firefighters a helping hand.

Great to hear Craig!

[Tobra]

Originally Posted by Bill Douglas

This weekend rain is forecast. Good. But it may bring mudslides with all the vegetation gone.

https://news.yahoo.com/news/much-rain-southern-california-could-171030327.html

It is not supposed to rain that hard.

Originally Posted by Shaun @ Tru6

I predict that like many who sell their long time owned 911 regret it and then find themselves priced out of another, so will some who decide not to rebuild.

Mostly, the decision not to rebuild will not be up to them

Originally Posted by jyl

https://www.latimes.com/business/story/2025-01-12/california-homeowners-are-getting-cancelled-by-their-insurers-and-the-reasons-are-dubious

Really sad stories of homeowners who were uninsured or underinsured and lost their homes in the fires. I imagine these represent only a very small percent of the homeowners there, but still . . .

Did you read that article?

If it is thousands of cancelled policies, and 10,000 structures were burned, how is that a very small percentage?

[Baz]

Originally Posted by craigster59

Back at the house, all is fine. -snip-

Awesome!

[jyl]

Originally Posted by Tobra

It is not supposed to rain that hard.

Mostly, the decision not to rebuild will not be up to them


Did you read that article?

If it is thousands of cancelled policies, and 10,000 structures were burned, how is that a very small percentage?

Because the policies were non-renewed during mid 2024, and most of those people got replacement coverage from the FAIR plan or other carriers. FAIR’s number of insured properties in Palisades shot up during 2024, by a lot. At the time of the fire, FAIR insured 22% of homes in the Palisades fire perimeter (and 12% in the Altadena fire perimeter).

Some of those people ended up underinsured, like the bozo with the $27MM house and FAIR insurance, but I think most people with $10MM+ houses probably were smart enough to get appropriate coverage. The average house in Palisades was not a mansion, but a normal - okay, very nice - house of reasonable size on a small lot. $3MM FAIR coverage limit would have been enough.

You know something kinda impressive? At the start of 2024, State Farm insured something like 2,300 houses in Palisades, which is about a quarter of the houses in the fire perimeter. In July 2024, State Farm declined to renew 1,600 of those policies, which got its risk down to about 8% of the houses there. It is still going to get slammed - maybe $2BN? - but someone at State Farm did a very smart thing (for the company) and should be getting a serious bonus.

[KFC911]

^^^ ... and those who screw their policy holders and getting paid bigy to do so will be rewarded too .

Same as it ever was ... on steroids ... everywhere it seems ... jmho.

[Shaun @ Tru6]

Rewarded like the UnitedHealthcare CEO was?

[KFC911]

Originally Posted by Shaun @ Tru6

Rewarded like the UnitedHealthcare CEO was?

NO! Don't even go there ... I was simply referring to execs getting huge bonuses for doing what some corporations do... nothing more.

[Shaun @ Tru6]

Good to know but I think that horse has already left the barn.

[onewhippedpuppy]

Originally Posted by Shaun @ Tru6

Rewarded like the UnitedHealthcare CEO was?

Ouch, too soon?

Probably a good topic for another thread but it does beg a for conversation on service vs incentive for many of these large corporations. You have insurance in case you need to make a claim, insurance makes more money if they deny you. You go to the doctor to get well, doctor makes more money if you stay sick. You take drugs to get well, drug companies make more money if you are never cured. Food companies save money with bioengineering and factory farms, which is terrible for the people that eat the food. There are a lot of diametrically opposed forces when you look at big business vs the people.

[Shaun @ Tru6]

Originally Posted by onewhippedpuppy

Ouch, too soon?

Probably a good topic for another thread but it does beg a for conversation on service vs incentive for many of these large corporations. You have insurance in case you need to make a claim, insurance makes more money if they deny you. You go to the doctor to get well, doctor makes more money if you stay sick. You take drugs to get well, drug companies make more money if you are never cured. Food companies save money with bioengineering and factory farms, which is terrible for the people that eat the food. There are a lot of diametrically opposed forces when you look at big business vs the people.

Have you somehow transported back to 1968, you're starting to sound like a dirty hippie!