Jathan, how can we avert the tragic cycle of investor 'catastrophe shopping'? As insurers price original homeowners of the LA, Altadena, and Pasadena properties right out of home ownership, investors move in, turning these neighborhoods into prefab rental nightmares. Not sure of the Greater LA housing ordinances, but in many parts of the country, placing a trailer on your property (instead of a home) allows owners to keep their land whilst avoiding exorbitant property taxes, insurance, etc., buying time for victims of disaster to get back on their feet.
Is time of the essence here? How do we signal our CA legislators, urging them not to give into the insurance company demands, leaving millions of people dispossessed. If what you said is true in the TMK podcast, the insurers have already made more than enough bank on investing our premium dollars—and now it's time for the insurance industry to hold up their end of the bargain.
Quite a good post and without a doubt the major arguments are on point. One thing I must, as an Angeleno, point out. There really is no "Eaton area" in greater LA. The Eaton Fire was named so because it started in the Eaton Canyon, but if we're referring to broader towns and/or residential areas, we're talking about Altadena/Pasadena in this case. The Palisades Fire was named that because it started in Pacific Palisades, but naming conventions for wildfires aren't exactly consistent. Also, this isn't the only commentary to make this specific mistake (assuming there's a town there because that's what it's named). I'm aware it sounds pedantic. I suppose I only point it out because, as Jathan points out, we're probably all going to be hearing a lot more about these fires going forward.
Jathan, how can we avert the tragic cycle of investor 'catastrophe shopping'? As insurers price original homeowners of the LA, Altadena, and Pasadena properties right out of home ownership, investors move in, turning these neighborhoods into prefab rental nightmares. Not sure of the Greater LA housing ordinances, but in many parts of the country, placing a trailer on your property (instead of a home) allows owners to keep their land whilst avoiding exorbitant property taxes, insurance, etc., buying time for victims of disaster to get back on their feet.
Is time of the essence here? How do we signal our CA legislators, urging them not to give into the insurance company demands, leaving millions of people dispossessed. If what you said is true in the TMK podcast, the insurers have already made more than enough bank on investing our premium dollars—and now it's time for the insurance industry to hold up their end of the bargain.
Quite a good post and without a doubt the major arguments are on point. One thing I must, as an Angeleno, point out. There really is no "Eaton area" in greater LA. The Eaton Fire was named so because it started in the Eaton Canyon, but if we're referring to broader towns and/or residential areas, we're talking about Altadena/Pasadena in this case. The Palisades Fire was named that because it started in Pacific Palisades, but naming conventions for wildfires aren't exactly consistent. Also, this isn't the only commentary to make this specific mistake (assuming there's a town there because that's what it's named). I'm aware it sounds pedantic. I suppose I only point it out because, as Jathan points out, we're probably all going to be hearing a lot more about these fires going forward.