We live in a 1950s ranch house in California. When we needed a new roof nine years ago we got estimates on metal roofs. We were quoted $135,000.00 for a metal roof. Needless to say we went with a different type of fire rated roof, if there even is such a thing. I dread to think how much metal roofs cost today. We have owned this house for almost fifty years. It is not in a wildfire area and the area has not had a wildfire in the time that we have lived here. Obviously that doesn't mean that it can't happen just that we don't have a history of wildfires.
When our homeowners policy was coming up for renewal we received a phone call, followed by a letter informing us that our policy would not be renewed. Pretty much all of our insurance has been with this company (AAA) for the last fifty years. So much for loyalty. My husband spent MANY hours on the phone trying to find coverage. Despite being promised call backs with policy information the majority of companies did not call him back. We were forced to go to the California Fair plan plus a wrap around policy that covered the points of a homeowners policy that the Fair plan doesn't cover. The non renewed policy had cost $3400 the previous year, the Fair policy with wrap around is now more than $9,000. This of course doesn't include earthquake and flood insurance. The deductible on the earthquake policy makes it questionable as to whether it is even worth having in the first place unless the insured is extremely wealthy.
The sad reality is that many people will lose their homes, not from fires or earthquakes but because they are unable to afford the insurance that their mortgage holder requires. The LA fires will have far reaching consequences.
So many people who had homes a week ago are now homeless. Where will they live, so much of the housing market no longer exists, many will no longer have jobs as their workplaces went up in smoke.
This is all so huge that it is difficult to comprehend.
