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Thursday, November 13, 2025
Stars Facing Million-Dollar Insurance Premiums After the L.A. Fires
variety.com: It’s never good form to focus on how a natural disaster disproportionately affects the wealthy, but it’s a particularly bad idea in the current climate, when phrases like “eat the rich” are trending on X.
2 comments:
JFleck
said...
Skyrocketing premiums are a risk that they took for living in an area prone to drought and fire. The costs of these homes are so high because they have been driven high by the people that live there. Everyone makes a choice of what they want to do and what they want to spend their money on. A critical difference between everyone is the amount of money you can fall back on. And the rich have an abundance to fall back on. I think this article is also conflating the rich as millionaires to the rich that are trillionaires. The former can make their own money by not exploiting the people, making them poor, while the latter can only make that amount of money by exploiting people, the government, and other companies making them poor. The gap between being able to eat out a couple times a month to hiring a private chef isn’t even represented on this scale; it is like comparing someone who has a private chef to someone owning every business in California
I am not the least bit surprised to hear that homeowners in LA are facing millions in insurance premiums. That is the nature of insurance in the US especially when you own a multi-million dollar mansion. Insurance premiums increase based on the price that the insurance company has had to pay to fix damages, and it takes a lot of money to repair or even rebuild a mansion that has been destroyed by a fire. In general though the cost of living and owning a home in LA is ridiculous and it is not surprising to hear that the price of insurance is leading to more people even the multi-millionaires wanting to move to other places. I too would not want to spend extra money just to live in a location unless I really had a need or a want to stay there. In all though the recent LA fires were a tragedy and it is heart breaking to see people lose their family homes, belonging, and even loved ones my heart breaks with them and price increases are the cherry on top that none of them want to deal with. It truly is awful.
2 comments:
Skyrocketing premiums are a risk that they took for living in an area prone to drought and fire. The costs of these homes are so high because they have been driven high by the people that live there. Everyone makes a choice of what they want to do and what they want to spend their money on. A critical difference between everyone is the amount of money you can fall back on. And the rich have an abundance to fall back on. I think this article is also conflating the rich as millionaires to the rich that are trillionaires. The former can make their own money by not exploiting the people, making them poor, while the latter can only make that amount of money by exploiting people, the government, and other companies making them poor. The gap between being able to eat out a couple times a month to hiring a private chef isn’t even represented on this scale; it is like comparing someone who has a private chef to someone owning every business in California
I am not the least bit surprised to hear that homeowners in LA are facing millions in insurance premiums. That is the nature of insurance in the US especially when you own a multi-million dollar mansion. Insurance premiums increase based on the price that the insurance company has had to pay to fix damages, and it takes a lot of money to repair or even rebuild a mansion that has been destroyed by a fire. In general though the cost of living and owning a home in LA is ridiculous and it is not surprising to hear that the price of insurance is leading to more people even the multi-millionaires wanting to move to other places. I too would not want to spend extra money just to live in a location unless I really had a need or a want to stay there. In all though the recent LA fires were a tragedy and it is heart breaking to see people lose their family homes, belonging, and even loved ones my heart breaks with them and price increases are the cherry on top that none of them want to deal with. It truly is awful.
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