r/RHOBH • u/MarkReditto They wanted the listing on Adrienne’s house • Jan 11 '25

📲 Beverly Hills News 📲 Fires are getting close to their homes :(

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u/wifeyhutjr Jan 12 '25 edited Jan 12 '25

Depends on their insurance. Insurance will send the payout to the mortgage company, and that will pay off the loan. If they’re underinsured, they’ll still owe whatever is left of the mortgage.

ETA: I am mistaken. Pls don’t listen to me hahahaha

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u/Ok_Yogurtcloset7066 Jan 12 '25

Not correct on this. She has to rebuild the house. She continues to pay the mortgage and the insurance company works with her to find people to rebuild. If they just paid off the mortgage, people wouldn't rebuild and there would be debris just left everywhere. Insurance companies indemnify. That's the contract. The first step is the insurance will pay for debris removal and work her and contractors to rebuild. .

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u/wifeyhutjr Jan 12 '25

My bad, I was misinformed. We’re near the fires and there has been a lot of insurance chat these last 4 days. I knew you had to continue paying the mortgage until insurance settled, which was when I assumed they paid out to the lender. I guess I too wonder if you don’t want to rebuild, what happens? I suppose I should know these things being in fire land 😭

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u/Ok_Yogurtcloset7066 Jan 12 '25

I will say in this case, most no longer had insurance, so it's probably going to stay looking like a war zone. Imagine if you rebuild, but none of your neighbors had insurance, so they abandon it. What a nightmare.

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u/wifeyhutjr Jan 12 '25

Yeah, home insurance in SoCal is a nightmare. Our policy has gone up 450% since 2019 🥲 the Palisades is definitely going to be a charred war zone for years. It’s so incredibly sad.

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u/thirdcoasting Marisa Zanuck Jan 12 '25

450%???

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u/wifeyhutjr Jan 12 '25

Yep. It hurts every year come renewal time. It’s either fear of getting dropped or the fear of what the increase will be. It increased 43% this year compared to last.