State Farm supposedly dropped 69% of their policies in Pacific Palisades last year due to wild fire risk and no maintenance in the area. So while they may be affected some by it they avoided what could have been disaster for them .
From what I've heard it's getting tougher in Florida for people to afford insurance and some their policies are getting cancelled too because the costs from recovering from Hurricane damage is too high and it's never a good idea to expect the government to offer sufficient help in a timely manner either.
That clip of Newsom rocking his shoulders while talking about exploiting the property that's burned communicates to me that he CAN'T WAIT to get his hands on some of that land. He's DANCING!! And SMILING! Unreal.
They want everyone to pay for their mismanagement and stupid policies. Taxpayers outside CA should not be on the hook and neither should the insurance companies that were legitimately worried about the increased risk for insuring CA clients because of bad policies and resource management. That’s a nonstarter for me.
California supplements for a lot of other states losses for decades or longer . They don’t need anyone’s help. If the government doesn’t want to help California who helps other poorer states then withhold the help to rebuild California
@@melvinlacey8346eh, the fed gov has already pledged full funding for CA. Dunno about the property owners, but id assume plans are being drawn up. And CA isnt the only state with a Fed tax surplus. The ither ones would also be subsidizing CA's incredible mismanagement, which is a shame since it merely incentivizes CA to continue to misbehave. I had a coworker who lost a house in a wildfire years ago. He ended up making a profit rebuilding a better home (he had insurance, CA help, fed help), while also getting to keep his old tax assessment (CA has a capped property tax increase which is far below market appreciation). If this shakes out how i think it will, most of the people who lost homes will have a healthy pole of cash to make themselves feel better about it.
Newsomes body language at minute 6:55 is astonishingly creepy. He almost looks like he is getting aroused by the aspect of the 'deals to come'. Zero compassion for the victims of this horrific tragedy. I'm disgusted!
He just bought a 9.3 million dollar home with his greasy pockets. Wouldn’t be surprised if he was also promised a high rise condo that they have plans to build on pacific palisades land, like they planned to.
When his developer friends make low ball offers to homeowners who do not have insurance and do not have the means to rebuild, they are going to make so much money from the profit of these new houses that they will build. He basically just won the lottery.
To be fair, if you were about to make as much as he is, I’m sure you’d be aroused too. Nothing says public servant like getting rich by making your people suffer.
It doesn't matter what you do the insurance companies want out of California. I got one letter, I did everything it said I had to in order to keep my insurance. 2 months later I got another letter with another list which I did. 1 month later I got another list. The bank can't even get construction insurance for the mortgages they are carrying... almost everyone has been dropped
You have the same problem in Florida with back to back hurricanes and flooding. Insurance has gone up 300% in 3 years. Insurance companies like making money, not paying
@@justhecuke They are deliberately trying to get everyone to leave so that they can buy up everything cheap and build their 15 Minutes Cities. None of this Accidental...
@@justhecuke So Caladonia has wild fires and mudslides, Florida, the Carolinas, Louisiana and Texas get hurricanes and floods, Arkansas, Kansas and Missouri get tornados, so what failed state do you live in?
That's not what PMI is. If you are unable to put at least 20% down the mortgage company will require you to pay PMI until you reach 20%. Then you need to submit in writing to your mortgage lender to have PMI removed. PMI ONLY protects the bank.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
@originaloffical I really don't think he meant that about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
@@stace1967 yes, they already said when the funds run out they will put the cost on the private insurance companies which will mean 99.95% of insurance holders will have to pay for the .05% of terrible home placement
California didn’t allow insurance companies to adjust their rates according to current building costs so when California became an increasingly high wildfire risk the insurance companies had no choice but to drop fire coverage. People in Florida complain because their rates reflect current building prices. At least people in Florida get what they pay for depending on the policy the buyer purchases.
Actually Florida has its own state insurance company that does the same thing, interferes with the true cost of insurance risk. It essentially subsidizes the cost of housing and development in high risk areas. Even as Florida is trying to kick ppl off the state insurance, they are trying to subsidize condo repairs (to comply with new regulations passed after the condo building collapsed in 2021) after ppl started to see the cost of their HOA’s sky rocket. This is bipartisan incompetence and taxpayers across the country are going to subsidize it.
The LA area hit by the fire or not high risk area and have never been affected remotely close to this level of damage caused by wildfires before so your point your point is useless these fires were set so intentionally
They had another wind storm this week and it's very difficult to contain a fire that has nothing stopping it. There's very little water, winds are very high, and there's a ton of brush on the ground.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
@hvacexplained9341 of course you are having some fun and yes it's funny for a rich person. However, plenty of hime owners that are certaitnly not rich or even house rich that simply will not be able to rebuild. Huge land grabs to happen. That is why I buy into companies like Blackrock, devil or not, I have to keep up
Or rebuild in tornado alley. Or where hurricanes are hit every year. Or anywhere else masses of humanity have been rebuilding for decades if not longer.
Yeah you can . Don't ever think they don't crunch numbers and statistics to do business anywhere on this planet to maximize their profits and company. They opened shop knowing what goes on and know they will get away without paying those that pay them and now they will f people who pay them and get off scot free.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
I understand his point, however, I believe he erred in stating that PMI is always required; it is only mandatory for projects with less than a 20% margin. @Brian-qg8dg
I took a natural disasters course at UC Riverside in the early 2000s. The course talked about California forest management incompetence by letting dead wood / plant matter build up on the forest floor without being cleared. It was a known issue for decades and California has the gall to blame climate change.
@@i_like_beer-o2f And they don't manage the forest. The lock it down so they don't have to do the work. The area around LA, however belongs to the state of CA and LA city and they failed on a scale never seen before.
I heard somewhere online that the logging companies used to do a good job of managing the forests, cleaning them up, etc., but was there a ban on all that logging, and National Forest Service just lets the forest do what it's going to do, which is have periodic fires?
I thought I had my $.10 to this as I’m in the insurance field as a claims specialist and deal with California as my territory. Every insurance company have been fighting with a department of insurance of California for the past three years. Several small carriers have already exited and now you’re seeing the major carriers issuing non-renewals as you have a multiple factors in play that make it impossible for any insurance company to be even break even in California. This first started with a lot of the carriers, not accepting new policies in the last 2 years. It was expected that more policies of current customers would to be non-renewed, and this was an issue that was always been raised to the department of insurance and they kept ignoring it. I’ve had several phone calls from my insureds over the year telling me about their non-renewals and their general difficulty to obtain insurance as multiple carriers have pulled out. California needs to rectify itself on a major scale and sadly unfortunately multiple people are going to be affected due to the incompetence and negligence of the politicians in not just Los Angeles, but in also Sacramento too.
Yep, same thing was happening in North Carolina; 7 years ago during the floods; and Cali was already on the chopping block at State Farm. lol they collected hundreds of millions of dollars and didn’t want to pay out for damages.
Doesn't mean a portion of those homeowners didn't already get new insurance. If not, it obviously is a major State issue. If an insurance company sees too much risk and predicts to lose big If a fire, they are out
Real talk… The state of California needs to fork up this money, not the rest of the USA; you gotta be kidding me. We should not have to deal with the financial burden, that the city officials created by making shit policies.
They pay low property taxes in Cali. I think the median rate is like 1.1% only. We pay over 2% in Illinois! If you want a top-notch firefighting infrastructure on your dry, windy hills, then the citizens of Pacific Palisades (and the rest of LA) should cough up the money for their fire departments, hydrants, water lines, water storage, etc. I really do not want to pay for these people via increased insurance rates or taxes!
I think we should have to. Thats what being a single nation means. We look out for each other, even the ones we dont like. I expect that this fire is a wake up call to the Dems of CA that their mismanagement is carching up to them. Homelessness, crime, fire, water, all problems are getting worse. While the fire is tragic, we may see a new CA rise from the ashes.
@@yorkrojas1452 Agree, if you pay for a years protection, you should get a year. But after a year, if the state says they can't raise rates for the risk, they should have the option not to renew. It would be like inflation hitting hard and your job not giving a raise so you quit for a better job but the state says you have to keep working there at the same pay?!?!?
Think of it this way. Do you have the right to quit your job if they say you have to work for min wage? No business can be told to only sell at a certain price and they can't stop delivering a product/service??? You can do one or the other, NOT BOTH!
You just want communism or some sort government control over everything. If the State makes it too hard for an insurance company to make a profit, they can't run the insurance business in that area. Hello?
2:21 That's not what PMI is. PMI is an insurance policy that your mortgage company takes out to protect themselves if you default. Nothing whatsoever to do with property damage.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
It feels like the politicians of California don’t think things through. They’re only one step ahead when they should be at at least 3 steps if not 5. You can’t force companies to stay this is not Soviet Russia or CCP
I wonder how many animals big and small were killed by tree hugger environmentalist policies that doesn't allow fire roads and brush removal. Talk about unintended consequences.
Remember this is California.... EPA Central. Just a thought, but will people even be allowed to rebuild there with all the toxic chemicals in the soil? Things are never simple in California
Debris field will be cleaned and soil will be tested before rebuild can start. If it doesn't pass they keep digging until it does. Piece of cake. I was rebuilt and moved in in 12 months and 20 days.
la native here. my insurance dropped my fire coverage last year, and referred me to "fair", a useless but expensive plan run by the government. luckily, my insurance changed mind and decided to extend fire coverage for another year, but I'm pretty sure they're gonna reconsider renewing later this year. and even if they do, I have no idea what I'm going to get if and when there's another fire disaster in the area and I have to make a claim. hard to live in fear of fire engulfing the city again and again, because nobody seems to care about taking any preventive measures at all, none of the leaders are talking about it and all I hear them talk about instead is "let's get through this devastation first, together, holding each others' hands...." and similar bs which is just empty talk with no substance. frustrating and depressing.
Just like in FL, people buy hurricane insurance and then when a hurricane finally rips through destroying homes; They simply close up shop and pay out no one.
Blind freddy could see the government are completely incompetent. They have a fiduciary duty to shareholders not to expose themselves to the sort of risk that California is given the sort of children that are running it.
Great interview! My heart breaks, for everyone who has been affected. This was preventable, maybe not totally but it shouldn't have been this horrific! No Water Canceled Insurance Vandalism No accountability Short Warnings! Warnings that were wrong! And on and on. Just because a person is rich doesn't mean, they don't have feelings. I have seen many posts stating different. They are humans, that have lost special memories, and their homes. I am not rich, not even close. It's called having a heart. They are people we loved watching on TV for many years. Granted it will be easier, yet they worked hard for it. It's about caring and feeling for a fellow human being. Thank you
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
@ I hear you, but he did say it plain as day and he should not of. I have no interest in trying to guess what he thought when he makes such a blatantly false statement from a supposed position of authority. that ruins his credibility in my eyes. ANYONE who has a mortgage and did not put 20 percent down knows what PMI is. we the homeowners are forced to pay to insure a mortgage where the beneficiary is the bank...total BS from the homeowner perspective. If they want to bring an "expert" on to give advice to help people, they should be more careful about what they say and maybe watch the video and figure out he blew it and fix in editing. No excuse in my opinion.
Last time I checked PMI is an insurance police protecting the mortgage company from you defaulting on the loan. It has nothing to do with rebuilding anything. It’s there for the mortgage company to have protection if you default.
Their laws drove insurance businesses out with a law where insurance companies cam not raise rates unless they get approval. Yet house rebuilds have doubled in costs. That's why State Farm limited new policies and did not renew.
I beg to differ regarding your statement at 03:10. The Palisades is a prime target for SmartLA 2028; fewer single family homes and the majority of dwellings being R3 zoned high-density multi-family buildings. The city has already laid out plans for what will be done with that area. One would be foolish and naive to think these fires, especially Palisades, are not deliberate or random.
That's not what PMI is. PMI is an insurance to protect the loan from default, and it's typically required when you don't have enough down payment (less than 20%). Home insurance for protection from damage to the actual property is separate, and all mortgages require you to have home insurance the same way all car loan requires you to have full coverage insurance.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
If you live in a wildfire zone, don’t build your home with wood. Have you ever heard of concrete? It won’t burn. Galvanized roofing doesn’t burn. Build Back Better!!!
I’m sure after this California’s insurance is gonna go sky high probably worse than it already is. I know we’re feeling it in Florida with the hurricanes. Thankfully, we were able to pay our house off after we lost it in hurricane Jean insurance went from 1000 to close to 9000 so we wouldn’t have been able to keep the house if we had to pay that kind of price for insurance. Hopefully we build it strong enough because we have nothing on it but liability Prayers for you guys.
2:08 PMI (Private Mortgage Insurance) has *_nothing_* to do with fire insurance. It's there to protect the mortgage owner in case of a default, when less than 20% was put down on a conventional loan.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
@2:18 PMI is insurance for loan default for borrowers who put less than 20% down. It has nothing to do with property insurance. It's loan insurance to protect the bank for people who put down 3% (FHA loans) or any amount below 20% of purchase price since they are at a higher risk of default.
The irony of these guys the type of people that would scam you and not help you when a disaster hits- pbd made his millions on scamming with selling insurance
My brother-in-law just had his insurance canceled in San Diego. He lives near the ocean and OB. Fortunate for him he was in the military and got a replacement policy through the military. His lot had a lot of junk in back and it looked like a lot of dry vegetation. Our daughter purchased our house in San Diego. The yard is clear, clean and no dead vegetation. Including fake grass in the strips in the driveway. She hasn’t received a cancellation notice yet. Each house on the side of he are in the same condition looking very fire resistant. The grass in front of her house was dry and dead, looking six months ago. The sprinkler heads had been grown over and covered with grass. I actually took loppers and locked out all the grass which had covered up those sprinkler heads and prevented the sprinkler heads from functioning. The grass looks really green now. Get ready for your dead, vegetation folks, unless you’re in the military and retired.
If you are a hospital you should not be allowed to say you won't treat people with heart disease, if you are an insurance company you should not be allowed to say you will not cover any 1 type of insurances.
So you would prefer them to risk going broke and everyone losing their policies by forcing them communist style to insure high risk areas run by incompetence?
You know, if the state said they could only charge a certain price for heart disease and the hospital lost money because of it. Very few hospitals would treat heart disease!!!
lol… banning insurance cancellation. Every single insurance company will just leave! If they do stay premiums will sky rocket for coverage! No one save for rich folk might be able to afford the massive increase. Bridge money??? I don’t think the common poor/middle class person thinks of bridge money let alone affording to live day to day expenses… what a mess California is!!!
Isn't that interfering with free enterprise? Banning non-renewals of insurance policies should be illegal. I hope the insurance companies are fighting this! You can't force any company to do business with unwanted clients.
Don’t forget all the houses will need to be built to code. This includes a state tax on the architecture plans, earthquake braces, all walls a sheer wall, solar panels, and on and on…..
The states with the worst home insurance problems are Florida, Louisiana, California, Texas, Mississippi, Alabama, South Carolina, and Georgia, with Florida being the worst
Insurance companies can't just cancel the insurance, in any other western country. They can only change their policy once a year and they have to give minimum 2 months heads up.
PMI doesn’t insure the home. It insures the lender against a high risk borrower (based on down payment). PMI = private mortgage insurance. Insurance is required (to cover rebuild cost) for any mortgagee (borrower).
The best reminder I got recently, Call your Insurance agent, Go over all to make sure its updated. Otherwise, potential nasty surprises. No Thanks. I hope this will help. For All the States. This is going to hit nationwide.
I’m curious… If the bank holds the note and has the most to lose if the house burns down why does the homeowner have to pay to cover the bank’s investment?
for years i thought maybe i was just unlucky, like financial success wasn’t in the cards for me. i did all the manifestation stuff-meditated, visualized, journaled-but my situation never improved. then i read Vibrations of Manifestation by Alex Lane, and it was like this lightbulb moment. chapter 3 made me realize that my own energy was the problem, not the universe. i made a few small changes, and within weeks i got a freelance gig that paid double what i was making before. i’m not saying the book will do the work for you, but it gave me the tools to finally make things happen.
They always do that for a year after a fire. The real issue is that CA does not allow the insurance company to charge the appropriate premiums to pay of the losses and address the risks. Also, insurance company's should be able to spread the cost and risk across all 50 states and, it is my understanding, that California does not allow that either.
PMI isn’t having insurance on your home. It’s having insurance on your mortgage. It’s sole purposes to protect the bank in case you default on your loan.
It should be literally illegal to build structures for residential or commercial use without comprehensive insurance. In reality the State is obligated to provide conditions that make it tenable for businesses and residents to live and work without fear of financial bankruptcy. Very simply, California has broken its obligation to its citizens and a recall of all California officials who have caused this situation is the only option. 😂❤ The most likely outcome is the citizens launching a referendum seeking a no confidence vote of their democratic government. And ask the Federal Government to intervene.
Something tells me this will cost all Americans through a massive increase in insurance premiums and deductibles. Nothing is free.
In Australia over the past few Decades our insurances are now through the roof dollar wise...be ready U.S
State Farm supposedly dropped 69% of their policies in Pacific Palisades last year due to wild fire risk and no maintenance in the area. So while they may be affected some by it they avoided what could have been disaster for them .
I was going to post the same thing! It will cause a lot more people to lose their homes and cars!
From what I've heard it's getting tougher in Florida for people to afford insurance and some their policies are getting cancelled too because the costs from recovering from Hurricane damage is too high and it's never a good idea to expect the government to offer sufficient help in a timely manner either.
Yep
That clip of Newsom rocking his shoulders while talking about exploiting the property that's burned communicates to me that he CAN'T WAIT to get his hands on some of that land. He's DANCING!! And SMILING! Unreal.
Wow that is so telling that there is something very sinister at work. Mel Gibson is on to something people.
I wouldn’t doubt that someone paid some homeless to set some of the fires to get a land grab…
💯🎯💰
He's going to get a kickback.
facts. that dance was weird as fuck.
The land grab in Hawaii was so successful that is now replicated in California!!!
Yep
Good one!
100%
Look at the proposed path that California wants for its high-speed rail system. Over lay this path over the burned out area.
Hawaii 🔥 on 8/08 🧐🤨
They want everyone to pay for their mismanagement and stupid policies. Taxpayers outside CA should not be on the hook and neither should the insurance companies that were legitimately worried about the increased risk for insuring CA clients because of bad policies and resource management. That’s a nonstarter for me.
P.s. it's the wood that's the danger not the green tops I'm advising you clean it up
I agree 100%!
California supplements for a lot of other states losses for decades or longer . They don’t need anyone’s help. If the government doesn’t want to help California who helps other poorer states then withhold the help to rebuild California
@@melvinlacey8346eh, the fed gov has already pledged full funding for CA. Dunno about the property owners, but id assume plans are being drawn up.
And CA isnt the only state with a Fed tax surplus. The ither ones would also be subsidizing CA's incredible mismanagement, which is a shame since it merely incentivizes CA to continue to misbehave.
I had a coworker who lost a house in a wildfire years ago. He ended up making a profit rebuilding a better home (he had insurance, CA help, fed help), while also getting to keep his old tax assessment (CA has a capped property tax increase which is far below market appreciation).
If this shakes out how i think it will, most of the people who lost homes will have a healthy pole of cash to make themselves feel better about it.
The only way for that to happen is to not have voted for Biden. Im guessing hes figuring out how to send money to all of the fire victims right now.
F-ing crazy that this guy is dancing while fires still burn. Incredible
He thinks his plan is going to work. I smell investigations 🍿😎
Newsomes body language at minute 6:55 is astonishingly creepy. He almost looks like he is getting aroused by the aspect of the 'deals to come'.
Zero compassion for the victims of this horrific tragedy.
I'm disgusted!
He just bought a 9.3 million dollar home with his greasy pockets. Wouldn’t be surprised if he was also promised a high rise condo that they have plans to build on pacific palisades land, like they planned to.
When his developer friends make low ball offers to homeowners who do not have insurance and do not have the means to rebuild, they are going to make so much money from the profit of these new houses that they will build. He basically just won the lottery.
To be fair, if you were about to make as much as he is, I’m sure you’d be aroused too. Nothing says public servant like getting rich by making your people suffer.
It doesn't matter what you do the insurance companies want out of California. I got one letter, I did everything it said I had to in order to keep my insurance. 2 months later I got another letter with another list which I did. 1 month later I got another list. The bank can't even get construction insurance for the mortgages they are carrying... almost everyone has been dropped
You have the same problem in Florida with back to back hurricanes and flooding. Insurance has gone up 300% in 3 years. Insurance companies like making money, not paying
Consequences of the ideology. They chose their priorities. But hey, being a sanctuary state finding super cheap labor should be no problem am I right?
Then move out. Youre living in a failed state by choice. Leave, and you will have solved most of your problems.
@@justhecuke They are deliberately trying to get everyone to leave so that they can buy up everything cheap and build their 15 Minutes Cities.
None of this Accidental...
@@justhecuke So Caladonia has wild fires and mudslides, Florida, the Carolinas, Louisiana and Texas get hurricanes and floods, Arkansas, Kansas and Missouri get tornados, so what failed state do you live in?
Prayers for all victims of the fires.
It’s disgusting this was done on purpose . “They” want the land. Evil
Agree
“Behind Every Great Fortune Is A Great Crime.”-Honore de Balzac.
Source: trust me bro. But u gotta admit they insurance company knew just like 9/11 the jews knew and took a day off
That's not what PMI is. If you are unable to put at least 20% down the mortgage company will require you to pay PMI until you reach 20%. Then you need to submit in writing to your mortgage lender to have PMI removed. PMI ONLY protects the bank.
Exactly!
Yup ... one of the easiest things to understand and this talking head gets it wrong. You have been valuetained.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
Yeah homie way off explaining PMI... PMI insurance for people with low equity down payments. Mortgage insurance.
@originaloffical I really don't think he meant that about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
insurance carriers plan to pass this massive expense onto homeowners who live in low risk areas. Fantastic!
@@stace1967 yes, they already said when the funds run out they will put the cost on the private insurance companies which will mean 99.95% of insurance holders will have to pay for the .05% of terrible home placement
The dont call it commifornia for nothing. They expect the collective to pay for the few
Other companies will not go along so consumers will gravitate to them.
Let them try.
Yes, I live in the Rust Belt, and we rarely suffer natural disasters, but it’s us who have to pay higher premiums for the California peasants
California didn’t allow insurance companies to adjust their rates according to current building costs so when California became an increasingly high wildfire risk the insurance companies had no choice but to drop fire coverage. People in Florida complain because their rates reflect current building prices. At least people in Florida get what they pay for depending on the policy the buyer purchases.
People want to live in high risk areas but then don't want to pay the costs associated with it.
Actually Florida has its own state insurance company that does the same thing, interferes with the true cost of insurance risk. It essentially subsidizes the cost of housing and development in high risk areas. Even as Florida is trying to kick ppl off the state insurance, they are trying to subsidize condo repairs (to comply with new regulations passed after the condo building collapsed in 2021) after ppl started to see the cost of their HOA’s sky rocket. This is bipartisan incompetence and taxpayers across the country are going to subsidize it.
The LA area hit by the fire or not high risk area and have never been affected remotely close to this level of damage caused by wildfires before so your point your point is useless these fires were set so intentionally
Maui was a land grab too. 👀
Yes
One week later and it's still not contained!!
We may be buying the fire a 1 year old birthday cake. Probably not but my guess is two to four more weeks.
@greglane3978 you might be right
They had another wind storm this week and it's very difficult to contain a fire that has nothing stopping it. There's very little water, winds are very high, and there's a ton of brush on the ground.
PMI is not homeowners insurance. It is for people that haven't paid 20% of the value of the home to mitigate losses due to foreclosure.
Exactly
Thanks for mentioning that. I take what thay guy says with a grain of salt, he makes regular errors in facts
That is an egregious error.
Yeah it's basically like gap insurance for the bank.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
I’m not sure how much $750 per household is going to help rebuild a $20 million mansion. 😑😑😑😑
@hvacexplained9341 of course you are having some fun and yes it's funny for a rich person. However, plenty of hime owners that are certaitnly not rich or even house rich that simply will not be able to rebuild. Huge land grabs to happen. That is why I buy into companies like Blackrock, devil or not, I have to keep up
You have to be a little bit daft to want to rebuild in a dry, drought ridden area where you can't get fire coverage
Or rebuild in tornado alley. Or where hurricanes are hit every year. Or anywhere else masses of humanity have been rebuilding for decades if not longer.
There’s a sucker born every minute.
Man I am no fan of Insurance Carriers, but you can't blame them from leaving that insane State.
Yeah you can . Don't ever think they don't crunch numbers and statistics to do business anywhere on this planet to maximize their profits and company. They opened shop knowing what goes on and know they will get away without paying those that pay them and now they will f people who pay them and get off scot free.
Los Angeles needs to fill the Pacific Palidades reservoir, and improve their fire prevention, before they set an insurance moratorium.
PMI is only required if less than 20% was given when the loan began.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
I understand his point, however, I believe he erred in stating that PMI is always required; it is only mandatory for projects with less than a 20% margin. @Brian-qg8dg
Seems to me this would be the perfect opportunity for PG&E to put in underground power lines.
Well that's guaranteed gonna happen. No reason not to with a everything burned down
Not in 'Merca...this is a Third World country, with a Third World infrastructure!
It’s not PG&E, it is Southern California Edison.
They did say it’s gonna cost wayyyyy more to go underground and the consumers will be paying for it.
@@joshualoh499 consumers are paying for their lawsuits right now, so...
Huge real estate co's like Blackrock,Vanguard will probably swoop in.
I took a natural disasters course at UC Riverside in the early 2000s. The course talked about California forest management incompetence by letting dead wood / plant matter build up on the forest floor without being cleared. It was a known issue for decades and California has the gall to blame climate change.
Most of the forests in California are federal land. The national Forest service is in charge of doing maintenance there.
@@i_like_beer-o2f And they don't manage the forest. The lock it down so they don't have to do the work. The area around LA, however belongs to the state of CA and LA city and they failed on a scale never seen before.
I heard somewhere online that the logging companies used to do a good job of managing the forests, cleaning them up, etc., but was there a ban on all that logging, and National Forest Service just lets the forest do what it's going to do, which is have periodic fires?
Even Stevie wonder could see that one coming
Most of California knows what the problem is. We know they're lying about it to pacify their cult.
I thought I had my $.10 to this as I’m in the insurance field as a claims specialist and deal with California as my territory. Every insurance company have been fighting with a department of insurance of California for the past three years. Several small carriers have already exited and now you’re seeing the major carriers issuing non-renewals as you have a multiple factors in play that make it impossible for any insurance company to be even break even in California. This first started with a lot of the carriers, not accepting new policies in the last 2 years. It was expected that more policies of current customers would to be non-renewed, and this was an issue that was always been raised to the department of insurance and they kept ignoring it. I’ve had several phone calls from my insureds over the year telling me about their non-renewals and their general difficulty to obtain insurance as multiple carriers have pulled out. California needs to rectify itself on a major scale and sadly unfortunately multiple people are going to be affected due to the incompetence and negligence of the politicians in not just Los Angeles, but in also Sacramento too.
Yep, same thing was happening in North Carolina; 7 years ago during the floods; and Cali was already on the chopping block at State Farm. lol they collected hundreds of millions of dollars and didn’t want to pay out for damages.
My home owners in the sticks of Texas was $1600 and it went up to $2400 I sold it and the new owner has the same insurance company and it’s $3400
Insurance companies already dropped insurance on houses 2-3 months ago. Too late
They’ve been not renewing policies for over a yr, almost 2 yrs.
Doesn't mean a portion of those homeowners didn't already get new insurance. If not, it obviously is a major State issue. If an insurance company sees too much risk and predicts to lose big If a fire, they are out
I live in Bay Area my fire insurance got cancel last month and I live on flat land
I'm in San Francisco where fire risk is limited so hopefully nothing happens
Even for those w/ ins some don't cover in cases of wildfires.
I don't know of any one single insurer that covers "an act of God" i.e. tornado, hurricane, wildfire....
Everyone has lost all their documents that will be very convenient for these companies.
Real talk… The state of California needs to fork up this money, not the rest of the USA; you gotta be kidding me. We should not have to deal with the financial burden, that the city officials created by making shit policies.
They pay low property taxes in Cali. I think the median rate is like 1.1% only. We pay over 2% in Illinois! If you want a top-notch firefighting infrastructure on your dry, windy hills, then the citizens of Pacific Palisades (and the rest of LA) should cough up the money for their fire departments, hydrants, water lines, water storage, etc.
I really do not want to pay for these people via increased insurance rates or taxes!
@ 10000000% spot on!
Certainly, Governor Newsom keeps bragging about how big California’s economy is and how well they’re doing, they shouldn’t need any outside help.
I think we should have to. Thats what being a single nation means. We look out for each other, even the ones we dont like.
I expect that this fire is a wake up call to the Dems of CA that their mismanagement is carching up to them. Homelessness, crime, fire, water, all problems are getting worse.
While the fire is tragic, we may see a new CA rise from the ashes.
Fifth largest economy in the world...
Insurance companies want to collect but drop you when it's time to payback.
Not the case here. They dropped people before the fire.
It should be illegal to cancel insurance by the companies
Heck yeah, that's why people pay to be protected
@@yorkrojas1452 Agree, if you pay for a years protection, you should get a year. But after a year, if the state says they can't raise rates for the risk, they should have the option not to renew. It would be like inflation hitting hard and your job not giving a raise so you quit for a better job but the state says you have to keep working there at the same pay?!?!?
Think of it this way. Do you have the right to quit your job if they say you have to work for min wage? No business can be told to only sell at a certain price and they can't stop delivering a product/service??? You can do one or the other, NOT BOTH!
You just want communism or some sort government control over everything. If the State makes it too hard for an insurance company to make a profit, they can't run the insurance business in that area. Hello?
2:21 That's not what PMI is. PMI is an insurance policy that your mortgage company takes out to protect themselves if you default. Nothing whatsoever to do with property damage.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
It feels like the politicians of California don’t think things through. They’re only one step ahead when they should be at at least 3 steps if not 5.
You can’t force companies to stay this is not Soviet Russia or CCP
Politicians are never a step ahead, three back at best.
How many politicians would you trust to manage your personal finances or even a Dairy Queen?
@@ji-inroh495 there are a few not many but a few
I wonder how many animals big and small were killed by tree hugger environmentalist policies that doesn't allow fire roads and brush removal. Talk about unintended consequences.
Remember this is California.... EPA Central.
Just a thought, but will people even be allowed to rebuild there with all the toxic chemicals in the soil? Things are never simple in California
Great point!
Debris field will be cleaned and soil will be tested before rebuild can start. If it doesn't pass they keep digging until it does. Piece of cake. I was rebuilt and moved in in 12 months and 20 days.
Who are they destroying California for ?
Aliens
China
Suppress the value, buy at pennies on the dollar.. then resell the new dream at a high price. What else would it be
la native here. my insurance dropped my fire coverage last year, and referred me to "fair", a useless but expensive plan run by the government. luckily, my insurance changed mind and decided to extend fire coverage for another year, but I'm pretty sure they're gonna reconsider renewing later this year. and even if they do, I have no idea what I'm going to get if and when there's another fire disaster in the area and I have to make a claim. hard to live in fear of fire engulfing the city again and again, because nobody seems to care about taking any preventive measures at all, none of the leaders are talking about it and all I hear them talk about instead is "let's get through this devastation first, together, holding each others' hands...." and similar bs which is just empty talk with no substance. frustrating and depressing.
I'm sorry you're in that situation!
Massive overhaul is needed in the insurance company market. As well as many others including real estate and cars .
People need insurance for their insurance lol
😂😂
That actually exist lol
Just like in FL, people buy hurricane insurance and then when a hurricane finally rips through destroying homes; They simply close up shop and pay out no one.
That's exactly right. Just refused to honor claims.
6:54 This utterly disgusts me.
Someone in another video said, "The little people are going to get crushed." No doubt about it.
Why not consider an INSURANCE/FIRE CONSPIRACY.....
Seems a lil' suspicious.....like mayyybeee they had previous tip abt. these fires.
Blind freddy could see the government are completely incompetent. They have a fiduciary duty to shareholders not to expose themselves to the sort of risk that California is given the sort of children that are running it.
Great interview!
My heart breaks, for everyone who has been affected.
This was preventable, maybe not totally but it shouldn't have been this horrific!
No Water
Canceled Insurance
Vandalism
No accountability
Short Warnings!
Warnings that were wrong! And on and on.
Just because a person is rich doesn't mean, they don't have feelings. I have seen many posts stating different. They are humans, that have lost special memories, and their homes. I am not rich, not even close. It's called having a heart.
They are people we loved watching on TV for many years. Granted it will be easier, yet they worked hard for it.
It's about caring and feeling for a fellow human being.
Thank you
PMI is not homeowners insurance, I cant believe that was said. PMI is insurance for the loan only, the banks benefit from PMI not the homeowner.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
@ I hear you, but he did say it plain as day and he should not of. I have no interest in trying to guess what he thought when he makes such a blatantly false statement from a supposed position of authority. that ruins his credibility in my eyes. ANYONE who has a mortgage and did not put 20 percent down knows what PMI is. we the homeowners are forced to pay to insure a mortgage where the beneficiary is the bank...total BS from the homeowner perspective. If they want to bring an "expert" on to give advice to help people, they should be more careful about what they say and maybe watch the video and figure out he blew it and fix in editing. No excuse in my opinion.
Time to Pay up !
Last time I checked PMI is an insurance police protecting the mortgage company from you defaulting on the loan. It has nothing to do with rebuilding anything. It’s there for the mortgage company to have protection if you default.
And electeicity to charge your car.
Oh lala so sad to hear this
Their laws drove insurance businesses out with a law where insurance companies cam not raise rates unless they get approval. Yet house rebuilds have doubled in costs. That's why State Farm limited new policies and did not renew.
Newsom is so insane for this I literally can’t wrap my head around it.
Required to have insurance but not required to insure?
I beg to differ regarding your statement at 03:10. The Palisades is a prime target for SmartLA 2028; fewer single family homes and the majority of dwellings being R3 zoned high-density multi-family buildings. The city has already laid out plans for what will be done with that area. One would be foolish and naive to think these fires, especially Palisades, are not deliberate or random.
Expensive and risky to own a home in those area
I heard they plan to change zoning to only build apartments. No single family homes. 🤔
How about protecting the Californians houses FROM fire ? The risk was obviously way too high if insurance companies cancelled policies.
That's not what PMI is. PMI is an insurance to protect the loan from default, and it's typically required when you don't have enough down payment (less than 20%). Home insurance for protection from damage to the actual property is separate, and all mortgages require you to have home insurance the same way all car loan requires you to have full coverage insurance.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
Top two worst people, 1. Kamala voter 2. Dude who wears Future Looks Bright gear
It's going to take a VERY LONG time 5 to 10 years watch
If you live in a wildfire zone, don’t build your home with wood. Have you ever heard of concrete? It won’t burn. Galvanized roofing doesn’t burn. Build Back Better!!!
Insurance premiums will go to $75,000 a year on a $1M home. Let the home owners cancel because they can't afford it.
Please fire Adam
I’m sure after this California’s insurance is gonna go sky high probably worse than it already is. I know we’re feeling it in Florida with the hurricanes. Thankfully, we were able to pay our house off after we lost it in hurricane Jean insurance went from 1000 to close to 9000 so we wouldn’t have been able to keep the house if we had to pay that kind of price for insurance. Hopefully we build it strong enough because we have nothing on it but liability Prayers for you guys.
2:08 PMI (Private Mortgage Insurance) has *_nothing_* to do with fire insurance. It's there to protect the mortgage owner in case of a default, when less than 20% was put down on a conventional loan.
I really don't think he meant about PMI. He was talking quick and putting things together to make his point. He actually said you have to have insurance when having a morgage.. and when you are just getting started you usually have PMI too. Basically, the homeowner with PMI is more covered, this due to having to have insurance. and that the mortgage is covered. Shoot, they could simply walk away if it gets too sticky.
@@Brian-qg8dg Maybe. Anyone with PMI or any mortgage balance would need to meet the exact same (minimum) coverage.
Next week Newson will no doubt ban forest fires
What is to prevent insurance companies from saying, screw you we are leaving the state altogether?
@2:18 PMI is insurance for loan default for borrowers who put less than 20% down. It has nothing to do with property insurance. It's loan insurance to protect the bank for people who put down 3% (FHA loans) or any amount below 20% of purchase price since they are at a higher risk of default.
Housing market has no where to go but down, insurance prices surging from here. No one can afford a massive premium.
The irony of these guys the type of people that would scam you and not help you when a disaster hits- pbd made his millions on scamming with selling insurance
Adaxum’s presale is gaining momentum, and I’m thrilled to be part of it.
My brother-in-law just had his insurance canceled in San Diego. He lives near the ocean and OB. Fortunate for him he was in the military and got a replacement policy through the military. His lot had a lot of junk in back and it looked like a lot of dry vegetation. Our daughter purchased our house in San Diego. The yard is clear, clean and no dead vegetation. Including fake grass in the strips in the driveway. She hasn’t received a cancellation notice yet. Each house on the side of he are in the same condition looking very fire resistant. The grass in front of her house was dry and dead, looking six months ago. The sprinkler heads had been grown over and covered with grass. I actually took loppers and locked out all the grass which had covered up those sprinkler heads and prevented the sprinkler heads from functioning. The grass looks really green now. Get ready for your dead, vegetation folks, unless you’re in the military and retired.
How can you build back with the chances of upcoming mudslides? Such an epic disaster!
You know that Blackrock is drooling right now. I bet you they are going to pounce on these victims.
That's why I own some Blackrock ETFs. Stopped fighting the devil long ago
If you are a hospital you should not be allowed to say you won't treat people with heart disease, if you are an insurance company you should not be allowed to say you will not cover any 1 type of insurances.
That’s capitalism for you. I thought Americans like capitalism?
So you would prefer them to risk going broke and everyone losing their policies by forcing them communist style to insure high risk areas run by incompetence?
You know, if the state said they could only charge a certain price for heart disease and the hospital lost money because of it. Very few hospitals would treat heart disease!!!
@ unless you had a health system - free at the point of delivery.
Newsom is so happy, how disturbing.
lol… banning insurance cancellation. Every single insurance company will just leave! If they do stay premiums will sky rocket for coverage! No one save for rich folk might be able to afford the massive increase. Bridge money??? I don’t think the common poor/middle class person thinks of bridge money let alone affording to live day to day expenses… what a mess California is!!!
Rather than take responsibility people will blame the corporations
You can't make a ban and force them to stay!
So why collect money from someone you won’t cover. Leave the state then.
Some have left and more are leaving.
Isn't that interfering with free enterprise? Banning non-renewals of insurance policies should be illegal. I hope the insurance companies are fighting this! You can't force any company to do business with unwanted clients.
Its covering up government incompetence. They dont want companies to be able to leave because it makes Newscum look like the incompetent he is
Don’t forget all the houses will need to be built to code. This includes a state tax on the architecture plans, earthquake braces, all walls a sheer wall, solar panels, and on and on…..
The permits will be a nightmare! It will take years just for the permits. That’s what they voted for, good luck with it!!
Newsom will have no problem fast-tracking the permits to build a smart city
That’s what’s happening in Maui. Building permits. Just about all has been cleaned up. Some permits have been issued
They solved the affordable housing problem.
The states with the worst home insurance problems are Florida, Louisiana, California, Texas, Mississippi, Alabama, South Carolina, and Georgia, with Florida being the worst
Insurance companies can't just cancel the insurance, in any other western country. They can only change their policy once a year and they have to give minimum 2 months heads up.
Pretty sure most clauses allow them to cancel and refund the remainder if they think the risk has changed from what they signed up for.
You just made the case for government insurance.
PMI has nothing to do with Homeowners Insurance.
Bought ADX during the presale. Solid project so far!
PMI doesn’t insure the home. It insures the lender against a high risk borrower (based on down payment). PMI = private mortgage insurance.
Insurance is required (to cover rebuild cost) for any mortgagee (borrower).
I work in construction with insurance claims. Some companies cover gousing during rebuilding but still that’s a long shot
Adaxum’s focus on real utility is impressive.
The best reminder I got recently, Call your Insurance agent, Go over all to make sure its updated. Otherwise, potential nasty surprises. No Thanks. I hope this will help. For All the States. This is going to hit nationwide.
I’m curious… If the bank holds the note and has the most to lose if the house burns down why does the homeowner have to pay to cover the bank’s investment?
for years i thought maybe i was just unlucky, like financial success wasn’t in the cards for me. i did all the manifestation stuff-meditated, visualized, journaled-but my situation never improved. then i read Vibrations of Manifestation by Alex Lane, and it was like this lightbulb moment. chapter 3 made me realize that my own energy was the problem, not the universe. i made a few small changes, and within weeks i got a freelance gig that paid double what i was making before. i’m not saying the book will do the work for you, but it gave me the tools to finally make things happen.
They always do that for a year after a fire. The real issue is that CA does not allow the insurance company to charge the appropriate premiums to pay of the losses and address the risks. Also, insurance company's should be able to spread the cost and risk across all 50 states and, it is my understanding, that California does not allow that either.
PMI isn’t having insurance on your home. It’s having insurance on your mortgage. It’s sole purposes to protect the bank in case you default on your loan.
I thought PMI was insurance only on the mortgage not on the actual property. Once you hit at least 20% of the value then you can request to remove it
It should be literally illegal to build structures for residential or commercial use without comprehensive insurance.
In reality the State is obligated to provide conditions that make it tenable for businesses and residents to live and work without fear of financial bankruptcy.
Very simply, California has broken its obligation to its citizens and a recall of all California officials who have caused this situation is the only option. 😂❤
The most likely outcome is the citizens launching a referendum seeking a no confidence vote of their democratic government.
And ask the Federal Government to intervene.
If people have been paying property tax and that tax includes fire services then the council is responsible for their losses.