Costliest Disaster in US History (Patreon)

In July 2024, State Farm canceled thousands of homeowners' insurance policies in Pacific Palisades. This decision was part of a broader move where the company announced it would not renew 72,000 home and apartment policies across California, citing reasons such as "catastrophe exposure" and the need to avoid "financial failure" due to the increasing frequency and severity of wildfires. Specifically, in Pacific Palisades, about 1,600 policies were cancelled.

Now insurance companies aren't normally known for being on the cutting edge, but I have to admit the timing of this underwriting decision was impeccable. It basically saved the company called State Farm and there are probably many other insurance companies that have actually left the state in droves. And the reason they are leaving is not only the poor governance of these places, the catastrophic exposure, but also the crippling regulation where the insurance companies weren't even allowed to increase rates. Again, it's a stunning development. There's also a state insurance department that is now no longer fungible due to the fire.

Rem You can't get a mortgage without insurance, and without a mortgage you can't buy home. And the average price of some of these homes is north of four to $7 million in his highest $45 million.

Alleged list of Hollywood folks that lost their homes in the fires...

• Paris Hilton

• Billy Crystal

• Milo Ventimiglia

• Mandy Moore

• Mel Gibson

• Ricki Lake

• Anna Faris

• Cary Elwes

• James Woods

• Jamie Lee Curtis

• Jeff Bridges

• Diane Warren

• Tina Knowles

• Jhené Aiko

• Heidi Montag and Spencer Pratt

• Anthony Hopkins

• John Goodman

• Miles Teller

• Joshua Jackson

• Eugene Levy

• Julia Louis-Dreyfus