Southern California fires

[jaudette3]

So many friends in that area. I'm praying for all.

God bless,
John

[Bob Alfonso]

My wife briefly showed me a video she saw on Facebook of a long hood Targa and a Turbo G model burned to a crisp. So sad see it happen to anyone.

[haul]

………….🙁 ……..

[sanders]

I apologize if this is an untimely insensitive question, but are the collector car insurance companies sound enough to withstand the onslaught of claims?

[lbpa18]

That's been a topic of discussion here as well. Given there are Billions lost here, and assuming most had insurance, how many insurance companies will pay up or even stay in business? Yes, sad to lose cars, but homes and lives...

[Longballa]

Hagerty will pay. Good company. You should have agreed value on all your Porsche's.

[Eminence Gris]

Some of our commmunity have lost homes, but I'll let them self-identify. Others have been spared by the random action of fire.

This is a good time to review your insurance coverages. It is likely that some companies will withdraw from California, but the state insurance commissioner has ruled that they must not cancel or refulse renewal for one year.

[WP935]

Hagerty will pay. Good company. You should have agreed value on all your Porsche's.

This is not an endorsement, just my experience with Hagerty .........................

Years ago, my racecars were insured by Hagerty. They were very easy to work with and their coverage was detailed very clearly.
My GTP car was involved in a shop fire. Hagerty sent an adjuster and after an understandable, mountain of paperwork, they paid everything, 100%.

Hagerty had written and issued the policy BUT Lloyds of London was the actual "under writer" of the policy.

This event will test the strength of the insurance industry, in my opinion.

Having survived the LA - Bel Air fire in the early '60's my thoughts, prayers and Symphany's go out to all impacted.

[911MRP]

....Hagerty had written and issued the policy BUT Lloyds of London was the actual "under writer" ….
This event will test the strength of the insurance industry, in my opinion.

…

Won’t be the first time Lloyd’s of London insurance syndicates and their investors known as “names” took a big hit from “disasters” and asbestos exposure:

https://www.independent.co.uk/news/b...l-1492992.html

Source BBC news
IMG_1962.jpg

F1 World Champion of 1976 James Hunt famously was one celebrity investor impacted a few decades ago — he lived around the corner where his 6.9 litre Mercedes at that time could be seen without wheels up on bricks reportedly due to his losses in insurance syndicates on top of expensive divorce etc
IMG_1961.jpeg

https://www.shutterstock.com/editori...es-on-9030844a

Don’t know first hand but I’ve read some homes were (or becoming) effectively uninsurable due to their location not just fire-risk in drought-affected areas like California also some homes built, unwisely perhaps, in areas prone to flood damage in other parts of world.

Steve

[NorthernThrux]

It is true that many insurers have stopped insuring properties in those areas, for quite some time, due to fire and landslide risks (apparently in California you are damned if it rains and damned if it doesn’t). The State has a pooled risk insurance pot that it does not participate in, but does organize. The premiums are higher than private insurance, but it at least gives access to some insurance for those living in high risk areas. If you want to live on or in view of the ocean, surrounded by what passes for vegetation in southern California, then you have to assume the risk (financial or other) I guess. There are ways to reduce the risk - concrete houses, metal roofs, domestic sprinkler systems. They cost extra money, so most people don’t do it. That’s a lifestyle choice. I read that over 500,000 homes in LA county no longer have fire insurance. It’s either not offered or prohibitively expensive.

All my LA friends are safe so far. Living in the city, they are surrounded by concrete and not many flammables. They are the lucky ones.

It’s tragic. Some of this was forseeable, some was probably preventable and I’m sure there will be a lot of finger pointing in the years to come. The one indisputable fact is nature ALWAYS wins.

Ravi