When I saw the thread subject, I knew that it would be California. Homes are always sliding down hills in California. Generally, these are very wealthy people who build their homes on the hillsides.
I wonder what the cost of insurance is out there. There are carriers pulling out of Florida, and I believe that mandatory flood insurance is in the works there.
As I recall, back in the late 70’s when I was going to purchase a piece of property on the Sebastian River in south Florida, the bank wouldn’t lend money unless I had flood insurance and I think that stood for all lending agencies. Even at that time, the only flood insurance that could be found was a plan underwritten by the Federal Government. That said, I wouldn’t doubt for a minute that California will eventually do the same thing for those homes that are in danger zones.
If I recall correctly (and I might not be), the Florida flood insurance will be underwritten by the state.
I thought all flood insurance is administered by the federal government? Most homeowner's policies will not cover "rising water." Our homeowner's policy had a huge increase this year. Last year it was $3300; this year $4400. (That's just homeowner's... not including flood insurance.) I can see how many people cannot afford to own a home between the soaring property tax and insurance.
These damned sensationalist articles whose details conflict with the introductions... Here is an article on the new requirement. Intro: Hundreds of thousands of Florida property owners face requirements to buy flood insurance under a precedent-setting bill approved Wednesday by the state Legislature. It’s the first mandate of its kind in the country. The requirement applies to properties across the state, regardless of whether they are in high-risk flood zones and will cost some homeowners thousands of dollars a year. Detail: The requirement applies only to property owners who have coverage through Citizens Property Insurance [state-run], which has become the state’s largest property insurer. Citizens covers 1.2 million properties—nearly triple the number it covered three years ago. All policyholders will have to purchase flood insurance regardless of whether they’re in areas prone to inundation. The requirement will be phased in over the next four years, starting in April with people who own property in a flood zone. The state insurance program (Citizens Property) has grown threefold because private Floridian insurance companies have either gone belly-up, or national insurance companies no longer underwrite in the state. The article is unclear as to whether the state will underwrite the flood insurance, or if the requirement is to buy it from the Fed. It smells a little like Obamacare...it's "affordable" if you make people who will never use it buy it. The first in the nation, coming from a strong Republican state legislature and governor.
I got wanting to OWN something to live in back in the 80's, out of my system, when I unloaded a condo I bought pretty low and sold without a penny profit, broke even, and no more Ownership Stress...... Don't need that albatross.... The only good thing for those 5 yrs was the lovely pool, meeting new friends .. but I got out ok.
Not hard for me to fathom at all. You tease the bull long enough, you are going to get the horns. 12 homes, belonging to the wealthy, isn't making a dent in my tissue box. Look at California's history of earthquakes, drought, and flash floods. Wildfires can wipe out hundreds of million dollar houses and the owners will build again on the same spot. Now let's remember that California is part of the Ring of Fire that is long over due and will be a cataclysmic event of massive proportions effecting many countries and wiping out all civilizations in its path. 12 houses belonging to the wealthy isn't even newsworthy. "They fell into a burning ring of fire, they went down, down, down, and the waves went up higher." Johnny Cash predicted it. I laugh at those that build a house on stilts on the beach, to allow for giant waves, then get wiped out when a hurricane comes on land while they are singing an old Cubby Checkers tune, "We will twist again like we did last year." How about Hawaii with its neighborhoods that have lava flows wiping out houses when they erupt. They know what path the lava will flow when they build, but are willing to take a chance, just for the view or social status. "The heat goes on, the heat goes on, lava keeps flowing to the sea, la de da de da, la de da de de." The prophets - Sonny and Cher. Building an expensive, above ground, house in tornado alley doesn't make sense to me. I am thinking underground or semi underground might be a better choice, but such doesn't make the cover of Homes and Gardens when the paparazzi drives by. "Hey Joe, pull over so I can photograph that mount of dirt with a door on it. That is some lovely prairie grass on top of it." It also doesn't make the news when a massive tornado passes over and it is the only home still inhabitable. Worse yet is mobile houses in tornado alley, whether they be tin or tepee. "Hey honey, let's get a triple wide this time since that double wide didn't fair well in last years tornado." "Sounds like a plan to me baby. It should be triple the security of the single wide's that all got wiped out in the trailer park. They are still picking up trailer trash in the next county." "Oh honey, don't say that! No one got killed in that trailer park. If you remember, they were all lying in their fiberglass bathtubs reading the Bible." "Oh yes, I was confused. I was thinking of that radical religious group out standing in the tornados path and singing. 'I'll Fly Away.'" "Yes, taunting the Lord never pays off." Western Oregon also has a history of expensive houses build on hills for the view. Several have taken a sled ride down the hill and were filled with mud, requiring thigh high boots to clean up. The bottom line is no place is safe from natural disasters, but it is a persons choice where and how to build, buy, or squat. Even I, young and dumb, had better sense than to squat on Crocodile Rock. "I remember when I was young And I had so much fun Shaking booty and moving bones Had an old silver Airstream, it was a place of my own But the biggest kick I ever got Was avoiding a place called Crocodile Rock While the rich kids were there rocking 'round the clock I was grooving not moving to the Crocodile Rock, well Crocodile Rock is something shocking Where the crocs jaws just can't keep still I never knew me a crazier time and I guess I never will." Sir Elton John with a bit of help from Faye
10000's are house poor who live in CA and many struggled over 50 yrs ago or more to buy when they were somewhat affordable. CA has always been PRIME for those who want to struggle to own. Thinking of a friend I've had who stuggled to buy a house with her husband decades ago for $34K, he was killed in the line of duty, She hung on to t he house and it's on t he flats in Santa Monica, and I uderstand it's appraised at over $2Million and talk about a basic stucco smaller house.....the owner has it arranged that the proceeds will go to grands and greatgrans shen she's gone....she is mid 90's. I'd bet many of those losing their homes in the Hills are 70 and 80 and have owned'the properties for a long long time..
Add insult to Injury: https://www.cbsnews.com/losangeles/...vacant-rolling-hills-estates-landslide-homes/ It is so horribly bad here in the L.A. area and in other larger cities also...S/F Just heard the Gov of Texas just landed a bus load of 35 migrants in front of City Hall.... I'm hearing 3 of those loads in last month to L.A. Grusom's santuary state....