California E&S Insurance

This is interesting. Presumably these older individuals have the means to relocate if their homes become uninhabitable? Also, it seems they are assuming the market will continue to value the structure+land at only 20% more than the land itself, so they can sell their old lot to pay off 80% of their next house and only lose 20% of their property's value to the hurricane, flood, or fire? Will that assumption always be valid? In what places is that assumption valid, and what if the characteristics of those places change (e.g. if hurricane strikes become more frequent)? Finally, there's the question of what happens to the whole market if insurance costs spiral out of control. Why would the land be worth so much if it was economically unfeasible to build anything significant enough to require insurance, or if only the wealthy could afford to risk the full reconstruction costs of a SFH? Who in such a market would build a new McMansion and leave it uninsured?

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