This is a HUGE deal in a lot of ritzy LA zip codes. Either not being able to get fire insurance at all or being presented with annual premiums like $200,000.
Really wondering what kind of effect this will have on valuations.
Bloomberg: Beverly Hills 90210 Mansions Lose Fire Coverage as Insurers Flee
State Farm is discontinuing fire insurance policies in wealthy California areas. It’s part of a nationwide trend fueled by climate change.
I mean, it's not like insurance companies have been happily accepting payments for generations and making a nice profit for their investors all this time, right?
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