To clarify, I meant more that no one will be able to pay; especially if their insurance premiums end up costing more than their monthly mortgage!
In a situation where the risk is assessed to be that there is another fire in the Palisades region within the next 10 years - and that there is a >50% chance of critical structural damage, then in order to cover all of the associated costs and operational expenses, your home premium would be ~10% of your home’s value!
“No one will pay” — people with mortgages are required to pay or they lose their house
To clarify, I meant more that no one will be able to pay; especially if their insurance premiums end up costing more than their monthly mortgage!
In a situation where the risk is assessed to be that there is another fire in the Palisades region within the next 10 years - and that there is a >50% chance of critical structural damage, then in order to cover all of the associated costs and operational expenses, your home premium would be ~10% of your home’s value!