A Boring Dystopia

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Investors are buying close to half the empty lots in LA burn zones, report says (laist.com)

submitted 23 hours ago by technocrit@lemmy.dbzer0.com to c/aboringdystopia@lemmy.world

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Shortly after the Eaton Fire destroyed thousands of homes in and around Altadena, signs sprung up across the community announcing “Altadena is not for sale.”

Now, nearly one year later, hundreds of Altadena families have concluded that rebuilding isn’t in their budget. In nearly half of recent deals for empty lots, homeowners are selling to investors.

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[–] Rhaedas@fedia.io 11 points 21 hours ago (1 children)

hundreds of Altadena families have concluded that rebuilding isn’t in their budget

This is another way of wording that the insurance companies found a clause they could use to deny claims, right?

[–] roofuskit@lemmy.world 1 points 20 hours ago

Was their home insured at replacement cost or actual cash value? And if it was at replacement cost is there a coinsurance value that they were not keeping up with?

If insured at ACV or with a coinsurance that wasn't maintained properly people could easily be getting less than the value of rebuilding.

If your insurance agent hasn't explained these things to you upon insuring your home, get another insurance agent.