XPost: talk.politics.misc, alt.politics.usa, alt.elections
XPost: alt.business
https://www.politico.com/news/2024/04/11/californias-firefighters-cant-get-fire-insurance-00151891
SACRAMENTO, California — How bad is California’s wildfire
insurance crisis? So bad that the state can’t get coverage
for its own firehouses.
The irony emerged at a state Senate budget subcommittee
hearing Thursday in Sacramento, where Gov. Gavin Newsom’s
administration defended the California Department of Forestry
and Fire Protection’s request for $11 million to replace
a kitchen at Ishi Conservation Camp, which houses and trains
inmate firefighters in the remote Sierra Nevada foothills
of Tehama County.
Cal Fire usually pays for building maintenance with bonds
based on the value of its property, but it couldn’t for
the Ishi project because it couldn’t insure the facility
to underwriters’ satisfaction, Finance Department analyst
Victor Lopez told lawmakers.
. . .
On the Gulf coast it's wind-storm insurance. In the middle
of the country it's flood and tornado-related insurance.
In Cal it's fire insurance.
Insurers are cutting their potential 'disaster' coverage
like mad or pushing the price SO high that the only people
who can get it are those that don't really need insurance.
Something(s) have to change QUICK. Without comprehensive
insurance it's often impossible to get a loan for a new
home. This would leave large swaths of the country
essentially uninhabitable/un-developable. Either lenders
have to drop such requirements or insurers are gonna have
to get some kind of FEMA financial backing to cover Bad
Things - a sort of disaster FDIC.
Stuff costs money. Lots of stuff costs lots of money.
Even the big insurers are now in Deep Shit territory
with today's huge sprawling cities. The "MOST people
won't have a disaster" theory that used to make
insurance possible may no longer be viable.
Oh yea ... even that noxious Chef Ramsey doesn't have
an 11-MILLION-DOLLAR kitchen .... who's getting the
kickbacks Gavin ? :-)
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