Insurance prices in high-risk areas - Forest Fires in the west

[Erik Bell]

Hey All,

Given the common reoccurrence of wildfires hitting the west, has this spooked or given anyone uneasiness that its not a matter of "If", but more of a "when" a natural disaster such as a fire could affect your STR property? I know this is more specific to west coaster in dense forest locations (cabins) like Tahoe or Big Bear, but how has it been getting insurance and does that take a big chunk of income for you all? Has it been worth it still?

Lived in CA my entire life about 2 hours away from the Sierra Nevada's and I have never seen wildfires this prevalent. Aiming to acquire a property here, but starting to rethink my strategy and if its worth it due to cost and potential loss.

Any thoughts, comments deeply appreciated!

[Collin Hays]

I have a Gatlinburg cabin that burned to the ground 4 years ago.  The only thing that was left was the fireplace.  I thought I had it insured for plenty, but you quickly figure out that, in a natural disaster, you are very underinsured:  Prices to get anything done skyrocket - hundreds of people trying to hire limited contractors.  Whatever you think the replacement cost of your home is, crank it up 50 percent after a natural disaster.  I rebuilt, but busted out $135,000 of my own cash to do it.