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1. feld (feld@friedcheese.us)'s status on Saturday, 11-Jan-2025 04:24:02 JST feld
   It's only a trillion^Wflesh wound
   
   https://www.bloomberg.com/opinion/articles/2025-01-08/california-wildfires-expose-a-458-billion-hole-in-home-insurance
   • LS likes this.
   • LS (lain@lain.com)'s status on Saturday, 11-Jan-2025 04:25:12 JST LS

     in reply to
     @feld a trillion here, a trillion there, pretty soon you’re talking real money
   • LS (lain@lain.com)'s status on Saturday, 11-Jan-2025 04:28:25 JST LS

     in reply to
     @feld
     > insurer of last resort
     This is the problem. If no private insurer wants to insure your house that’s likely to burn, that might be a sign that you should get a house somewhere else
   • feld (feld@friedcheese.us)'s status on Saturday, 11-Jan-2025 04:28:26 JST feld

     in reply to
     > Nearly 500,000 Californians have turned to the state’s insurer of last resort, the FAIR Plan, which has doubled in size over the past five years. The state is now exposed to nearly $458 billion in potential damage, a figure that has nearly tripled since 2020.
     
     > Pacific Palisades is also the state’s fifth-largest user of FAIR policies, with nearly $6 billion in exposure. Even a fraction of that amount would exceed the capabilities of FAIR, which at last report had about $700 million in cash.
     
     
     LMAO the state insurance is exposed to $458B but they only have $700M?????
     
     What happens then??? California cannot print money; they are not the Federal gov
   • LS (lain@lain.com)'s status on Saturday, 11-Jan-2025 04:39:49 JST LS

     in reply to

     • Angry Sun
     @sun @feld if it’s capitalism and they got a capitalist insurance on the free market and the insurer goes bust, then it’s capitalism that they don’t get their money and should have chosen a better insurer
   • Angry Sun (sun@shitposter.world)'s status on Saturday, 11-Jan-2025 04:39:50 JST Angry Sun

     in reply to

     • LS
     @lain @feld mastodong blames capitalism over and over but this is clearly the fault of government regulation.
   • Nudhul (nudhul@shitposter.world)'s status on Saturday, 11-Jan-2025 04:41:37 JST Nudhul

     in reply to

     • LS
     • Angry Sun
     @sun @lain @feld insurers are forced by the government to cover houses that are built in disaster zones
   • Angry Sun (sun@shitposter.world)'s status on Saturday, 11-Jan-2025 04:41:37 JST Angry Sun

     in reply to

     • LS
     • Nudhul
     @Nudhul @feld @lain thats what I mean
     LS likes this.