Oh boy.
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Aaron Green
@AaronGuhreen
The California FAIR Plan (state insurer of last resort) has $5.9B of exposure in the Pacific Palisaded alone.
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To spell this out in layman’s terms. If FAIR is insolvent, we’re all going to pay for it: insurancenewsnet.com/oarticle/calif
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We just got Farmers to start issuing more policies in the state again by allowing in catastrophic modeling but what are we going to do now? Everyone’s rates are going to be so high next year.
I have a house in Palisades and we have FAIR. Fire is currently one block away.
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Must be a relatively small share of the market in PP because small (like 3000 pop.) mountain towns have more exposure. Very hard to spend more than $2m on a home in GV/NC.
Those towns are all NIMBY, second vacation home hotspots.
If there aren't write downs for second homes and/or some sort of means testing for FAIR plan. There should be.
The are very few disadvantaged community members living in Pacific Palisades.