24:55 The big point you missed on the lapse of insurance is that many people are grandfathered in on, say, State Farm or some company that can not cancel them. So now they forget to make the payment and that contract terminates. And they are forced to go out and purchase insurance on the open market but in many cases because of the Deferred maintenance on the home and the hazards of having bushes or trees touch your house which is Chinese water torture with the wind on your dwelling one of the reasons insurance companies are stickers on not having people neglect the maintenance of their property. They are forced to now go out and buy insurance in California at the current rate which was only three companies is probably 10 times the current price which we have seen multiple people talk about who have experienced this especially with the fires.
@@TheGamblingOdyssey-kk5tr thanks for your thoughts! Great comments and insights. We’ve heard of owners getting caught in that situation where they were 1 day late on their payment and the policy was cancelled.
9:52 when they talk about regulating the insurance prices by setting mandates, a simple explanation would be if Gavin Newsom came out and created a mandate that said, home builders could not rebuild any home destroyed in the fire for more than 1 million dollars. They have to build the house back to the exact same square footage and style as the previous dwelling with like materials. Each Builder would lose around 2 to 3 million dollars for every house they built. How do you think the insurance! They can't print money like the federal government. companies are looking at this situation since they're being told the exact same thing.
22:04 Force placed insurance. I hate to tell you is not for the homeowner. It provides no fire insurance liability insurance insurance whatsoever for the homeowner it only provides coverage traditionally for the amount owed on the loan to pay off the bank. In layman's terms it would be like selling puts or calls on a stock if you understand that concept. There is no physical property involved it's just about the money. I know Realtors Who Sold land after a home burned down and it had no insurance and the bank for closed on the land the only asset left to recoup their losses.
@@TheGamblingOdyssey-kk5tr that’s correct and a terrible situation to be in if that happens. Homeowners need to keep their own policies. It’s just getting harder and harder to get them.
@baldbrothersteam well it's harder and harder because you guys have fire hydrants that don't have water in them. I'm not even getting into the basic maintenance of the land to prevent forest fires. To really blow your mind, look at photos of forest in Germany, Finland and other European nations. And then compare it to Forest in California you will see the difference immediately when it comes to the ground around the trees and how they maintain their natural resources.
24:55 The big point you missed on the lapse of insurance is that many people are grandfathered in on, say, State Farm or some company that can not cancel them. So now they forget to make the payment and that contract terminates. And they are forced to go out and purchase insurance on the open market but in many cases because of the Deferred maintenance on the home and the hazards of having bushes or trees touch your house which is Chinese water torture with the wind on your dwelling one of the reasons insurance companies are stickers on not having people neglect the maintenance of their property. They are forced to now go out and buy insurance in California at the current rate which was only three companies is probably 10 times the current price which we have seen multiple people talk about who have experienced this especially with the fires.
@@TheGamblingOdyssey-kk5tr thanks for your thoughts! Great comments and insights. We’ve heard of owners getting caught in that situation where they were 1 day late on their payment and the policy was cancelled.
9:52 when they talk about regulating the insurance prices by setting mandates, a simple explanation would be if Gavin Newsom came out and created a mandate that said, home builders could not rebuild any home destroyed in the fire for more than 1 million dollars. They have to build the house back to the exact same square footage and style as the previous dwelling with like materials. Each Builder would lose around 2 to 3 million dollars for every house they built. How do you think the insurance! They can't print money like the federal government. companies are looking at this situation since they're being told the exact same thing.
@@TheGamblingOdyssey-kk5tr great example!
22:04 Force placed insurance. I hate to tell you is not for the homeowner. It provides no fire insurance liability insurance insurance whatsoever for the homeowner it only provides coverage traditionally for the amount owed on the loan to pay off the bank. In layman's terms it would be like selling puts or calls on a stock if you understand that concept. There is no physical property involved it's just about the money. I know Realtors Who Sold land after a home burned down and it had no insurance and the bank for closed on the land the only asset left to recoup their losses.
@@TheGamblingOdyssey-kk5tr that’s correct and a terrible situation to be in if that happens. Homeowners need to keep their own policies. It’s just getting harder and harder to get them.
@baldbrothersteam well it's harder and harder because you guys have fire hydrants that don't have water in them. I'm not even getting into the basic maintenance of the land to prevent forest fires. To really blow your mind, look at photos of forest in Germany, Finland and other European nations. And then compare it to Forest in California you will see the difference immediately when it comes to the ground around the trees and how they maintain their natural resources.