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.)
