FAIR Plan coverage caps at $3 million: Here's why experts are worried about Bay Area housing market
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- Опубліковано 8 лют 2025
- "There's no question there's going to be a lot of people impacted by this fire and their insurance falls short," said Amy Bach, with United Policyholders. As wildfire victims are forced to the California FAIR Plan, new concerns are being raised about its coverage caps and the impact on the housing market. abc7ne.ws/40dY8Yv
#fairplan #fireinsurance #wildfire #consumer #homeinsurance #homeowners #7onyourside #abc7news
$3mm max is for the structure only. Land doesnt disappear during a fire.
insurance is going to cost more than your home.
Fire victims will have to still pay their mortgage and taxes. No joke
do they also have to keep paying for homeowner's insurance?
@@mrparkerdan nope
And if they don’t rebuild in 2 years you lose your tax base
Instead of endless wars, our tax money should instead be invested in a national home insurance fund that covers ALL types of catastrophes, and is NOT FOR PROFIT.
@@magicunicorn6535 it should also cover renters insurance, for those who can't afford to buy a house.
but isn't most of that value in the land, not in the structure? Is the $3M cap on the structure, not the land?
Replacement costs are going to skyrocket with so many homes needing to be rebuilt.
~ Its the Land which hold all the Value ... not the Structure ..
Maybe the real estate industry shouldn't be so blatantly over-valuing homes in the Bay Area. I don't care where it's located, but I'm sorry - a 2 bdrm., 1 bath home is NOT worth a million dollars. Bring prices down to REALITY - where they belong - instead of the Greedosphere.
If government stops Chinese investors from buying American houses, the prices will automatically come down to normal levels. People hoard multiple houses and on top of that government allows Chinese investors to buy houses while still sitting in china. American people are being homeless on streets while houses are being snatched by Chinese.
NO ONE in their right mind will cover a home in a FIRE HAZARD ZONE! Would YOU?! I MOVED far from CA and am GLAD I did!
I live in a $25,000 trailer and don't pay any insurance.
3 million to rebuild is a lot of money, I’m not sure why they’re talking about value of the home. Strange
Because a lot of the homes in the palisades are way more than 3 mil. Some in the bay are over that too.
@@chrisaycock5965 But usually 1/3 of that is the land value alone which does not require rebuilding
@chrisaycock5965 The land costs is separate from actual house build cost.
If you lived in San Francisco, or one of its super wealthy neighborhoods, you’d understand why.
@ I live in sf. Look at build cost not home value
There is NO way you are going to pay $3,000,000 to each home in the fires. That is not how insurance works.
Many residents will probably take the insurance payout (if applicable) and sell their lot, then rebuild outside of State of California where cost of living is affordable.
Most owe the bank so the bank will get the money
If get $2M but to build a house cost $500K-700K that mean more money in pocket.
Other countries will be paying America a lot of money from Trump’s tarriffs. Why not use some of this tariff money to help the homeowner who lost their places to live in California?
No ins companies will stay in CA. None. 🤡🌎
moved to cali after living in KC for a decade... 🤣 KC blows hard
@ apparently not as hard as the Santa Ana winds 🤡🌎
Home values are mostly the LAND not the house itself. So a $3M covers a lot of property owners.
hope this gets way worse, it will make housing cheaper!
Thank you Ghana Karen, hair gel Gavin and creepy Joey for making America great again
What happens is banks only loan up to the insurance max, now $3 million.
The price is dictated by the land it sits on otherwise I’d move my Anderson house to San Bruno.
How they gonna pay for billions in damage with only a few hundred million??
That’s the plan. Per the World Economic Forum’s prediction for 2030, “You’ll own nothing….”
Stephanie Sierra 😍😍😍😍
Gavin Newson has a plan. All is well ❤
Millionaires have multiple homes
Insurance companies are pulling out of California because of high costs and poor public policies. The costs are a reflection of the market, but public policies come from the extreme left wing loons in government.
just build more houses