The relatively low cost of insurance in the Pacific Palisades reflects the vagaries of a homeowners’ insurance market in the UnS where prices can vary widely.
The Pacific Palisades area ravaged by wildfires in Los Angeles is one of the most expensive neighborhoods in the US, home to Hollywood A-Listers and multimillion dollar mansions.
5 Los Angeles residents killed in wildfires ID’d including amputee who was great-grandfather of 10, son with cerebral palsy Sangmin Oh, a finance professor at Columbia Business School, and other researchers found that homeowners in more loosely regulated states effectively subsidize homeowners in states like California, where the industry has been more tightly regulated — despite higher levels of risk.Trump calls on Gavin Newsom to resign as deadly LA fires devastate California: ‘This is all his fault!’
First Street, a climate risk research firm, found that 95% of the homes in Pacific Palisades face a “major” risk of burning to the ground.Homeowners in Pacific Palisades paid a median insurance premium in 2023 of $5,450, according to the data compiled by Mulder and Keys. Some 450,000 homes — about 3% of all state residents — were covered through the California Fair Access to Insurance Requirements plan in September, a 40% increase from a year earlier.In Pacific Palisades, 1,430 homes were on the state plan, up 85% from the year earlier.The increasing difficulty of finding insurance coverage prompted state regulators to reassess their approach.
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