Rivani said no insurance company would cover the Malibu mansion for its full value, forcing him to turn to California’s insurer of last resort. But the state’s FAIR Plan coverage for residential policyholders maxes out at just $3 million.
In addition, he told the Journal that he expects to make mortgage and property tax payments that together will exceed $100,000 per month—despite the fact that the house is gone. (Homeowners affected by the fires can qualify for temporary relief on mortgage payments and property taxes.)
this is hilarious. what a perfect concrete financial example of how clueless, impractical and incompetent capitalist "investors" are about how anything works. dropping 27 million on kindling in a wildfire prone tinderbox and insure it at 10% of value against fire.
my man did a triple jump summersault into a fucking portapotty. can you imagine a six figure mortgage payment on ashes and mud?
get absolutely fucked, bozo.
They could have bought a whole-ass factory for that kind of money.