• Former Enron Banker Points Out "Intriguing" Parallels With OpenAI
    futurism.com
    "All the signs are there."Bad CompanyRemember Enron, the American energy company that went belly up after it was exposed for perpetrating one of the biggest accounting frauds in history? According to an investment banker who once dug into its finances, it bears "intriguing" parallels with the tech industry's biggest darling: OpenAI.The ChatGPT maker was last valued at a whopping $157 billion after cinching another several billion in funding last October, making it one of the most valuable private startups, or unicorns, in the world. That's despite OpenAI never turning a profit, showing no clear road to profitability, and rapaciously burning through its mountains of money all the while.If that seems like a shaky foundation to continue stacking literal billions on, Benjamin Riley, who worked as a summer associate at the Energy division of investment bank JP Morgan, would agree. In 2000, Riley, who went on to found the AI think tank Cognitive Resonance, was tasked with valuing Enron's latest venture, The NewPower Company and that's where the worrying parallels started to arise."All the signs are there," Riley wrote on Bluesky. "High flying VC darling. CEO with known ethical issues. Predictions about the future that continue to spiral in their grandiosity."Feedback NotedAs Riley tells it, JP Morgan wanted to invest big time into Enron's latest business, so it fell to Riley and his colleagues to estimate its actual value. But when they combed through the finances of Enron's business, they couldn't justify it "because there was no business.""Enron had a ton of projections, a ton of guesses about what might happen in the future, but it was a pure startup," he wrote. "Yet Enron valued The New Power Co. in the tens of billions.""That's right, the NewPower Co. had no clients, nor any existing revenue, nor even a discernible cost model," Riley elaborated in an accompanying Substack post. "It was all vibes."Riley's boss agreed and pleaded the case. "The only justification for this deal is partnering with Enron, a company with a sterling reputation and culture of innovation," the team argued.But the higher ups at JP Morgan disagreed or "freaked the f*** out," in Riley's phrasing and threw tens of millions of dollars at Enron anyway. A year later, the entire company collapsed.It Goes DeeperThat kind of blind hype, Riley argues, is what's happening with OpenAI right now. But there are some other eerie similarities beyond investors' baffling eagerness to dump money into the startup like there's no tomorrow (and if fear-mongering industry talking heads are to be believed, maybe there won't be).There's Enron's "incredibly convoluted" corporate structure which mirrors OpenAI's "incredibly convoluted" (the following are scare quotes) "'nonprofit'" structure, Riley said. "Everything is opaque."Indeed, OpenAI was founded as a nonprofit but now operates as a for-profit company in all but name via its for-profit arm. The company recently announced plans to sophisticate its corporate structure even further by creating a for-profit corporation that would take full control of OpenAI's businesses.We should also take note, Riley said, of OpenAI's "previous restrictive policies on ex-employees talking about OpenAI" and the "massive turnover at senior levels of leadership of over the past year."That, Riley warned, is reminiscent of the discomfort he and his team felt when they called Enron's bluff: "Our colleagues were horrified we dare speak against Enron's good name."Share This Article
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  • Carb Manager: Senior Product Designer
    weworkremotely.com
    Company OverviewWe're Wombat Apps, the parent company of the much loved Carb Manager app (the #1 health app for people on a low-carb diet) and the industry redefining marketing-tech platform Tastenetwork.ioOur people think we are an amazing company to work for because:The benefits of a work-from-home lifestyleThe reach and impact of an established brandThe energy and dynamism of a startupThe stability of a profitable companyA creative, entrepreneurial, friendly, and supportive cultureThe ability to make a real, positive impact on millions of livesThe RoleWe are seeking a senior product designer who is passionate about solving complex problems and building creative, high-impact solutions that change the lives of our users. The qualified candidate will be involved at every stage of the user experience design process, from research to implementation, and everything in between. This individual will also demonstrate a significant degree of drive, ownership, originality, craftsmanship, and grit.In this role, the senior product designer will work closely with fellow designers, engineers, product managers, and the business team to understand problems and opportunities, prototype and test solutions, and implement a wide variety of exceptional experiences for our users.A specific focus area for this role is as the founding product designer of a brand new health app.This role sits on one of our product teams that are fully empowered to drive measurable value creation for our users and the business. You will use your talents to elevate the experience and visual designs of both existing and new products through user research, strategic design roadmapping and story-telling, and shipping original and high-impact design solutions.ResponsibilitiesOwn design outcomes and processes, and collaborate with your team members for a specific product experience.Create simple, intuitive and aesthetic designs that delight users and hit business goals. This includes creating design systems, wireframes, prototypes, and pixel perfect UI.Lead and participate in user research work and design sprint workshops.Contribute to team OKR planning.Create branding designs for a new mobile application.Create graphic designs for marketing and branding initiatives.Mentor other designers.Requirements5+ years of experience in designing world-class, consumer-facing (B2C) mobile apps and web experiences.An impressive portfolio demonstrating your problem solving process, ability and work that drives results.An expert in Figma, encompassing everything from prototyping to the creation of intricate interface designs and the utilization of design systems.Experience working closely with PMs and engineers, and being our users' advocate when creating a feature. Know which details matter at each stage of the product life cycle, and how to involve engineers at the right time to deploy with velocity and high quality.The ability to deeply discern and systematically unpack complex problems, identify opportunities, and turn them into design roadmaps.Strong work ethic, strong communication and collaboration skills and the ability to prioritize multiple work streams in a fast-paced Agile environment.You will excel in this role if you...Have a strong interest in health and fitnessHave proven experience in building products from concept (0) to launch (1)Are skilled in translating research into impactful featuresCan excel at navigating ambiguity and thrive in fast-paced environmentsAre a true team player and genuinely enjoy collaborating with a small teamAre passionate in originality in your thinking and craftsmanship in your designsHave good business sense and are a quick study in fields adjacent to designYou stay up to date with the latest design technologies and practicesBenefitsWork From HomeTraining & DevelopmentWellness ResourcesHealth Care Plan (Medical, Dental & Vision)Life Insurance (Basic, Voluntary & AD&D) for US employeesShort Term & Long Term Disability for US employeesRetirement Plan (401k) for US employeesPaid Time Off (Vacation, Sick & Public Holidays)Family Leave (Maternity, Paternity) Related Jobs See more Design jobs
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  • New building safety regime adding six months to delivery, says Unite Group
    www.bdonline.co.uk
    Student housing specialist says new BSA gateway system adding to risk of delay on projectsThe Building Safety Act is adding six months to delivery timelines for new student accommodation, according to Unite Group.In a trading update published yesterday, the student-focused developer painted a picture of strong demand in its sector but raised concerns about the impact of the new building safety regime.Source: ShutterstockOur development programmes reflect the expected impact of the BSA, which will add around six months to delivery timelines for new student accommodation due to new approval gateways, it said.As with any new regulation, this presents risks of delay due to capacity constraints at the Building Safety Regulator.We will continue to work closely with the BSR to deliver safe and secure homes for students in line with our target delivery timetable. The Building Safety Act has introduced a new gateway system,under which the Building Safety Regulator assesses whether risks and roles and responsibilities are understood at different stages of construction.The trading update, which gave a financial picture of the firm as at 31 December 2024, revealed that the firm had sold 66% of beds for that academic year, which it said was in-line with long-term rates but below what it called exceptional levels seen in the past two years.Unite predicted the normalisation in leasing trends would continue in 2025/26, with more bookings made later in the cycle. It is expecting 97-98% occupancy and 4-5% rental growth for the 2025/26 academic year.> Also read:Clients show total lack of engagement with Building Safety Act, says engineering services bodyThe group said that the outlook for both domestic and international student numbers in 2025/26 was encouraging, due to a 2% larger UK population of 18-year-olds in the first instance and a more settled policy backdrop in the second.Unite has a committed development pipeline of eight projects totalling 6,600 beds.The business said it had continued to make good progress in deploying proceeds from an equity raise last year, with half of the 450m now spent.During the last quarter, Unite acquired seven assets from USAF, part-funded by the sale of two assets, and bought the land at its Central Quay scheme in Glasgow.In November, it acquired the freehold interest of a 260-bed property in London for 37m.Joe Lister, Unite Students chief executive, said: We have seen a strong start to the 2025/26 sales cycle, highlighting the continued demand for our high-quality accommodation from both students and universities.We have also continued to make good progress with the delivery of our development pipeline and have acquired eight investment properties, with value-add potential, in recent weeks.These transactions grow our presence in some of the UKs leading university cities where demand for accommodation is strongest.
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  • This Is What The Los Angeles Wildfires Look Like From Space
    www.cnet.com
    A devastating combination of fires, fierce Santa Ana winds and drought have turned parts of the greater Los Angeles area into a disaster zone. Multiple major wildfires are triggering mass evacuations and consuming homes and buildings. As the flames blaze across the ground, eyes up in space are following the fires' movements across Los Angeles County.Read more:Los Angeles Fires: Donations, Relief Efforts and How to Help Fire VictimsThe numbers are almost unfathomable. The California Department of Forestry and Fire Protection, known as Cal Fire, is tracking the blazes. As of Thursday morning, the Palisades Fire had consumed more than 17,000 acres and was at zero percent containment. The next-largest is the Eaton Fire, at 10,600 acres and also at zero percent containment. Other, smaller fires are also active, including the Sunset Fire in the Hollywood Hills near landmarks like the Hollywood sign and the Hollywood Walk of Fame. The cause of the wildfires is under investigation. Enlarge Image ESA's Sentinel-2 satellite spotted the smoke from the Palisades Fire shortly after it started on Jan. 7. NASA Earth Observatory/Wanmei Liang/ESA/Copernicus SentinelNASA's Earth Observatory, a public outreach effort, shared satellite imageryshowing the smoke and spread from above, with a focus on the Palisades Fire, which broke out on Jan. 7. An initial image from the European Space Agency's Sentinel-2 Earth-observing satellite showed the early smoke plume from the fire on the morning of Jan. 7. Even at that stage, it was generating a tremendous amount of smoke as it grew rapidly. Enlarge Image The smoke plume from the Palisades Fire had grown considerably by later in the day on Jan. 7 as seen in this NASA Aqua satellite image. NASA Earth Observatory/Wanmei Liang/MODIS/NASA EOSDIS LANCE/GIBS/WorldviewNASA's Aqua satellite captured a view later on Jan. 7. The image emphasizes the fire's spread and the extension of the smoke plume out into the Pacific Ocean."Although windy conditions are typical this time of year, a lack of rain contributed to the dangerous fire weather," NASA said.Other satellites are also watching. The NASA-built GOES-West satellite is operated by the National Oceanic and Atmospheric Administration. NOAA makes current imagery available to the public. The satellite's view of thePacific Southwestcovers Los Angeles. The satellite captured the broad plumes of smoke from the fires on Jan. 9. Enlarge Image A closer look at NOAA's GOES-West satellite view of the Los Angeles wildfires on Jan. 9. NOAA/NESDIS/STARThe fires are hitting close to home for NASA. The agency's Jet Propulsion Lab home base for many major NASA space exploration missions is in the mandatory evacuation zone for the Eaton Fire. JPL plans to remain closed until Monday. "Currently, JPL facilities, labs and hardware are secured and protected," the organization said in a Jan. 8 update.Firefighters have a long battle ahead. Continuing strong winds and dry conditions make the blazes difficult to contain. Los Angeles County residents can turn to Cal Fire and the Watch Duty app for updates.Here are ways to help those impacted by the fires. Satellites will continue to monitor the situation from above.
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  • You Can Pay Off Debt Faster in 2025 With a Balance Transfer Card but Only if You Remember This
    www.cnet.com
    If you don't pay off your credit card balance in full each month, you're likely facing high interest charges. The average credit card annual percentage rate, or APR, is higher than 20%, making it even more expensive to carry credit card debt. A balance transfer moves your credit card debt from a card with a high APR to one with a 0% introductory APR for a certain period of time, giving you more space to pay down your balance without accruing additional interest. This in turn can help boost your credit score.But a balance transfer card isn't right for everyone. If you're trying to figure out if a balance transfer makes sense for your debt repayment plan, here's what you should know.How balance transfers workA balance transfer is exactly what it sounds like -- you move debt from one or more cards onto a new card with a lower APR, often offered as a promotion. The best balance transfer credit cards offer 0% introductory APRs, which let you pay down your balance while avoiding interest.There is a catch, though: balance transfer fees. These fees, usually between 3% and 5% of the transferred balance, can add up quickly, but are often lower than letting your debt continue to accrue high interest charges.A balance transfer card won't magically help your debt disappear, but if used correctly, it can help you pay down a balance much sooner while saving you money on interest and fees.What kinds of debt can be transferred to a balance transfer credit card?While credit card debt is most commonly transferred with a balance transfer card, you can also transfer debt from personal loans, student loans and car loans to a credit card. You shouldn't transfer fixed-rate debt, like personal or student loans, lightly though. If you're unable to repay the balance in full before the introductory APR offer expires, you could be on the hook for more interest than you would have paid by not transferring the balance.How to initiate a balance transferIf you think a balance transfer card can help your finances, here's how to start.1. Review your debtBefore considering a balance transfer card, take inventory of your credit card debt. It's important to know exactly how much you owe, your current interest rates, minimum monthly payments and how much you can afford to pay each month. Consider how much you're actually paying in interest each month -- your APR might not mean much to you in theory, but seeing how much of your monthly payment went toward interest could put things into perspective.You'll also want to figure out how much money you'll need to allocate toward your transferred balance each month. To do so, divide the amount of the balance by the number of months in the promotional period.For example, if you need to transfer a $3,000 balance to a card with an 18-month introductory period -- and the card has a 3% balance transfer fee -- you'd need to pay $172 monthly to pay it off in time. (The $90 balance transfer fee (3,000 x .03) is added to your card's balance.)2. Choose a balance transfer cardOnce you understand your debt, shop around for the best balance transfer credit card. If you already have a credit card, your issuer may send you balance transfer offers through your account, email or through the mail.Many companies offer promotional deals where you can get a 0% APR for a certain amount of time after opening the card. These introductory periods often last about 12 months -- though some go up to 21 months.The introductory interest rate is important, but it's not the only factor to consider. If you can't pay off the balance by the end of the intro period, you'll be stuck with another high APR.Next, compare balance transfer fees. Most companies charge between 3% and 5% of the balance you transfer. This fee can really add up with a large balance -- a 3% transfer fee on a $5,000 balance, for example, is $150.Finally, understand the credit requirements before applying. While some cards will approve borrowers with average or below-average credit, the best deals are often reserved for applicants with good or excellent credit. It may not be worth applying and taking the hit on your credit if you don't think you'll be approved. You could also check to see if the card issuer offers any preapproval or preselection opportunities to avoid a hard check on your credit.To apply, you'll provide information about your income and employment, and the credit card company will run a credit check. If you meet all the requirements, you'll likely be approved.3. Authorize the balance transferOnce approved, you can initiate the balance transfer. This can be done online, by check or by phone. To pay off another card by check, your balance transfer card company will write a check to the card issuer you're paying or will send you balance transfer checks by mail. If done online or by phone, you'll enter in your account information for the cards you'd like to pay off.The balance transfer process usually takes five to seven business days -- but it can take up to three weeks. In the meantime, continue to make minimum payments on your card until the transfer officially goes through, otherwise you risk getting dinged for a late payment on your credit report.Once the transfer occurs, it will appear as a payment on the credit card you're paying down. If you've transferred the entire balance, the balance on your statement should drop to zero. The balance you transferred will then appear on your new credit card balance, along with any balance transfer fees.4. Make regular paymentsTo pay off your debt while your APR is 0%, you'll want to divide your total card balance by the number of months in the introductory period. This will give you an approximate target payment for each month. We recommend paying more than this amount, when possible, just in case.It's crucial to pay down the balance before the introductory period ends and the higher interest rate kicks in. Otherwise, you'll be trapped in a costly cycle, transferring balances from card to card, racking up fees and debt.What to look for in a balance transfer cardA balance transfer card is only helpful if it can help you save on interest or fees while not contributing to the temptation to overspend. Consider the following factors:Low introductory APR: Many cards offer an introductory rate of 0%, if you qualify. If you don't have great credit, try to lock in the lowest introductory rate you can find.Long introductory period: The longer the introductory period, the longer you can save on interest. This also means you can make smaller, more manageable payments each month. Many cards have introductory periods of 12 months, but some offer introductory periods as long as 18-21 months, depending on your credit history.Low transfer fees: These fees can add hundreds of dollars to your balance when you transfer your credit card debt. There are a few credit cards with no balance transfer fee available, though the approval process can be more complicated, and the 0% introductory APR period may not last as long. Calculate how much transfer fees will cost when comparing balance transfer options, so you're not surprised later on.Pros & Cons of a Balance Transfer Card Pros:No interest for a limited time. With a 0% APR offer, you can save money on interest while you pay down your balance.Consolidating debts simplifies monthly payments. A balance transfer card makes it easier to consolidate multiple debts into one, which means you will only have one bill to pay each month.It can boost your credit score. You can improve your credit score with a balance transfer credit card in two ways. For one, a new line of credit generally improves your overall credit utilization ratio -- the percentage of your overall credit limit in use. And second, if you can pay down your balance on time each month (without adding new debt to the mix), your credit utilization ratio will continue to go down.Some balance transfer cards come with cardholder perks. You may have access to added benefits such as consumer protections and credit card rewardsCons:Balance transfer fees may apply. Odds are, a fee of 3% or 5% will apply to your transferred balance.It may amplify your debt. If you transfer a debt to a balance transfer credit card and your spending habits don't change, you may end up with a bigger pile of debt than you started with.You may need a good credit score to qualify. You typically need a good credit score to get approved for a balance transfer credit card.The 0% APR offer won't last forever.On average, a balance transfer offer lasts anywhere from 12 to 24 months before the regular APR kicks in. You'll pay your credit card's regular variable APR on the remaining balance once the introductory APR period ends.Is it worth it to pay a balance transfer fee?Even when you account for a 3% or 5% fee, completing a balance transfer can save you more money than continuing to chip away at high-interest credit card debt.When it comes to balance transfer credit cards, it can be hard to find cards that don't charge balance transfer fees. The few cards that don't charge the fee may have other drawbacks, such as a higher promotional APR or annual fees.While a fee of 3% to 5% may not sound like a lot, you can see how it adds up when you think about it as a percentage of your balance.Below is an example of what you'd pay in balance transfer fees when you transfer varying amounts with fees of 3% and 5%.Is it worth it to pay a balance transfer fee? Credit card balance 3% balance transfer fee5% balance transfer fee$1,000 $30$50$2,000 $60$100$3,000 $90$150$4,000 $120$200$5,000 $150$250 Despite paying a balance transfer fee, odds are your balance transfer fee will be less than the interest charges you're accruing with your card's regular APR. While those fees might feel painful at the time, keep in mind how quickly interest charges can accumulate.What happens if I still have a balance after the introductory APR period expires?While we encourage you to try to pay off your entire balance before the introductory APR period ends, that's not always possible. If you can pay off the balance in a few months, that's generally your best course of action. But, if you're worried about the new interest rate, you have some options.It's possible to transfer your remaining balance to another balance transfer card, but this strategy can be risky. Not only will you take a ding on your credit report when applying for a new account, but you also run the risk of getting denied or not being approved for the amount you need.And, if you are approved, you'll also have to pay another balance transfer fee. A balance transfer card works best when it's used as a short-term debt solution strategy -- continuing to transfer balances and pay fees can encourage unhealthy credit habits and may ultimately cost you more money in the long run.If you need more time to pay down your debt, it may be better to consider a debt consolidation loan with a fixed interest-rate, rather than continuing to transfer balances and accruing balance transfer fees.Creating a debt repayment plan to pay off your balance during your initial introductory period is preferable to avoid paying your card's regular APR.Can I use a balance transfer card to make purchases?Technically, yes. But you shouldn't.If you've secured a balance transfer card to help pay down your debt, adding additional debt to the card will only increase the amount you owe. Second, your balance transfer APR may only apply to balance transfers and not new purchases (though some cards feature an introductory APR period for spending, too).Though you might have locked in a 0% introductory balance transfer APR for 12 months, for example, you may not have a 0% purchase APR. So, you could be on the hook for 13.99% APR on new purchases, for example. While your transferred debt remains interest-free during the promotional period, you'll still accrue interest on any new purchases you don't pay in full each month.When you begin using your balance transfer card as a regular credit card, you also increase the risk of not paying down your transferred balance within the introductory period. Not only are you increasing the amount you'll need to pay each month to bring your balance down to zero, but you're making it harder to track your balance transfer debt from your new purchases.Is a balance transfer a good idea?A balance transfer can help you tackle credit card debt, as long as you have a plan in place to eliminate your balance during the card's introductory period.But a balance transfer can easily go sideways. If you can pay off your debt in just a few months, you might wind up paying more in fees than you would have in interest on the original card. You should also steer clear of balance transfer cards if credit cards easily tempt you. Opening a new credit card and freeing up credit on your existing ones may only encourage you to spend more.Additionally, you may not get approved for a balance transfer card if you have poor credit. The best balance transfer deals are generally only available to those with good credit. If you don't qualify for a low introductory APR, you likely won't save enough money to warrant the hassle.Lastly, you might need to consider a longer-term solution if you have substantial credit card debt, like a debt consolidation loan. Otherwise, you run the risk of paying too much in transfer fees and interest down the line.Alternatives to balance transfersA balance transfer is one of many options to pay down high-interest debt. Here are six alternatives to consider if you're not interested in a balance transfer credit card. Just keep in mind the home equity options are higher risk than utilizing a balance transfer card.A debt consolidation loan: A debt consolidation loan is a personal loan with a fixed interest rate and repayment term. You use the loan to pay off your existing debt, including your credit card balances, and repay the loan in monthly installments. Depending on the lender, you may be charged an origination fee that will be deducted from your loan funds.Home equity line of credit: With a home equity loan or home equity line of credit, homeowners can use their home's equity to borrow money and pay off their credit cards. Because these loans and lines of credit are secured by your house, you may be able to borrow more money and get a lower rate than you'd get with other forms of credit. However, you run the risk of foreclosure if you fall behind on payments.Cash-out refinance: Cash-out refinancing allows homeowners to cash in on the equity in their home by replacing your current mortgage with a larger loan. You receive the difference between the new loan amount and how much you owe in cash, which you can apply to pay down credit card debt.Debt management plan: If you're overwhelmed by debt, you can work with a nonprofit credit counseling agency to develop a debt management plan. Through a DMP, you work with a counselor to create an agreement with your creditors. You make one lump sum payment to the agency, and the agency distributes the funds to the creditors as agreed. Most people get out of debt with a DMP in three to five years.Debt snowball method: If you have more than one card to pay off, focus on paying your smallest balance first and continue to follow this method until you pay off the highest balance. Take the funds you now have available after paying off the previous debt and apply them to the next debt with the lowest balance. If you need to hide your cards to avoid using them in the meantime, so be it.Debt avalanche method: Instead of paying down the smallest balance first, like the snowball method, focus on paying off the debts with the highest interest rates first. Apply the money you were using to pay off the previous debt toward paying off the next, with your available funds growing as you bury each subsequent debt.Key terms to knowIntroductory APR: The interest rate that's applied toward your balance transfer amount and any purchases during an initial period of card ownership (usually 12 to 21 months).Standard APR: The interest rate applied toward balances and purchases after the introductory period ends.Introductory balance transfer fee: The fee charged on balance transfers during the initial period of card ownership.Standard balance transfer fee: The fee charged on balance transfers after the introductory period ends.Credit utilization ratio: The amount of your aggregate credit card balances divided by your credit limit across all cards.Qualifying balance transfer: The amount of credit card debt that an issuer will allow you to transfer to a new card.
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  • Fires, Floods, Hurricanes and Tornadoes: Do You Need More Home Insurance for Natural Disasters?
    www.cnet.com
    The catastrophic fires in California this week are a grim reminder of the financial impact of natural disasters.Weather events in 2024, including wildfires, droughts and floods, resulted in $140 billion worth of insurance losses globally, according to German insurance company Munich Re. This story is part of The Cost of Climate Change, CNET's coverage of how the changing climate impacts a range of financial issues. For homeowners, traditional insurance policies provide limited coverage for natural disasters, often excluding damage due to events like floods and earthquakes.Depending on where you live, investing in supplemental policies could help, so it's important to understand your insurance needs before a natural disaster hits. Policies specifically for floods, windstorms and more can help cover costly repairs -- and prevent significant financial loss -- in the future.Read more:Amid LA Fires, the Watch Duty App Provides Timely Info on Wildfire ConditionsWhat about renter's insurance?A renter's insurance policy may cover certain natural disasters, including damage caused by heavy rain, tornadoes, hail and earthquakes, although you'll likely need to opt into coverage for the latter. Damage caused by floods isn't covered by most renter's insurance policies.Do you have the right insurance policy for your house?Most people's home is their largest asset. If something happens to yours and it's not covered by an insurance policy, you could lose everything.If you have a mortgage on your house, your lender will require you to carry a basic home insurance policy. Even if your home is fully paid off, opting to drop your homeowners insurance policy is incredibly risky.You can check to see which types of damages your insurance policy covers by reviewing your policy's declarations page. There you can find what is covered and for how much. It should also list exclusions.By checking your exclusions, you can learn which types of supplemental coverage you may need, such as flood or earthquake coverage.How natural disaster insurance worksAny kind of disaster-related insurance is separate from homeowner's insurance. It goes beyond what's typically covered by your homeowner's policy. There are different policies for different types of events, including floods, extreme wind damage and earthquakes.Some insurance policies, like flood coverage, include a waiting period before the policy will cover damage to your home, so you'll need to buy it before a disaster strikes.In general, if a natural disaster strikes your home and you have insurance, you'll file a claim for the damages. You may need to file multiple claims, depending on the damage type.For example, a hurricane could cause your home to flood, but the wind could also damage your roof. So you'd likely need to file two claims: one with your flood insurance provider and one with your homeowners insurance provider (and maybe for windstorm insurance). Each damage type will require a claim with its respective insurance provider.Most claims can be managed online if you have internet access, but you can also call an agent or a claims representative if you have questions. If the disaster is widespread in your area, expect long wait times.Depending on where you live, which natural disasters your area is most at risk for and what your policy covers, you may want to consider getting supplemental insurance.WildfiresMost homeowners insurance policies cover destruction and damage caused by fire, which includes wildfires. So you don't need a separate policy to protect your home against wildfires. You should regularly check in on your policy, particularly if you live in California or another area prone to wildfires.Since 2022, Allstate has stopped writing new homeowners insurance policies in California, followed by State Farm and others. California has taken measures to implement moratoriums on insurance carriers canceling policies after a wildfire if the governor declares a state of emergency.If you're in California, you aren't without options. If you're unable to find coverage through other providers, you may be able to get basic fire insurance coverage through the FAIR plan.FloodsFlood damage isn't covered by a standard homeowner's policy. For flood protection, you need to get a separate flood insurance policy through the National Flood Insurance Program -- a federal government-sponsored flood insurance program -- or a private insurer.If you get a mortgage for a home that's located in one of FEMA's designated high-risk flood zones, you are required to carry flood insurance. Although you don't have to carry flood insurance if you live outside these zones, it's still recommended for all homeowners and renters.Only about 15% of homeowners buy flood insurance, according to Michael Ashley Schulman, partner and chief investment advisor at Running Point Capital Advisors.If you get flood insurance through the NFIP, a basic policy covers $250,000 for the home itself and $100,000 for personal property. There is a 30-day waiting period for new policies before you can file a claim, which means you need to buy a policy well before you need it. Flood insurance typically covers damages to the following:AppliancesCabinetryCarpetingElectric systems within the homeFoundationPlumbing systems within the homeStaircasesWindow treatmentsPersonal valuablesThe following aren't usually covered by flood insurance:Loss of useAdditional living expensesFinancial losses caused by business interruptionsMoisture, mold or mildew that could have been avoided or is not directly related to the floodEarth movement such as mudslides even if they are caused by a floodProperty that is outside of the insured building, which includes decks, septic systems and fencesFlood damage costs between $180 billion to $496 billion every year in the US, according to the Senate Joint Economic Committee. More than 25% of flood claims come from homeowners outside of high-risk areas."Flooding causes more damage than any other natural disaster, and no state or region of the country is safe from flooding," said Tyler Ardron, vice president and managing partner of Risk Reduction Plus Group.Ardron said flooding can be caused by prolonged rain, but also snowmelt and dam failures.TornadoesWind and hail coverage is often part of a standard homeowners policy, which would cover tornadoes. In states typically at risk for strong windstorms and hail -- including Florida, Iowa, Kansas, Nebraska, Ohio, Oklahoma, South Dakota and Texas -- you may want to purchase additional coverage, which can help cover the costs of extreme wind or hail damage.Remember that windstorm coverage doesn't cover storm surges or flooding, so you might also need flood insurance.There is typically approximately a 16-day waiting period for windstorm coverage to take effect.HurricanesThere is no hurricane-specific homeowners insurance supplement, so homeowners in hurricane-prone areas will likely want to opt for flood insurance and perhaps a windstorm policy as well.Although damage from hurricanes has become more widespread and far-reaching in recent years, the states most commonly hit by hurricanes are:AlabamaFloridaGeorgiaLouisianaNorth CarolinaSouth CarolinaTexasEarthquakesEarthquakes are not covered by a standard homeowners insurance policy. Homeowners who want to protect their homes from earthquakes will need to purchase separate policies.California, Alaska and Hawaii are the states typically at the highest risk of earthquakes, but in January 2024, the United States Geological Survey released the latest Seismic Hazard Model, which estimates that nearly 75% of the country could experience a damaging earthquake.Earthquake insurance can be purchased as a separate policy and often covers any damage that is the direct result of an earthquake. It doesn't cover indirect damage, such as fire or water damage.There is typically a three-day waiting period before you can file a claim with earthquake insurance policies to account for aftershocks. Otherwise, you may need to file more than one claim.Other natural disastersThere are other natural disasters that could damage a home, including volcanoes, tsunamis, mudholes and sinkholes. Volcano coverage is included in most homeowners insurance policies, but sinkholes and tsunamis are a different story.You may need flood insurance to cover tsunami and mudflow damage.Sinkhole protection requires a separate sinkhole endorsement. Claims for sinkhole coverage must be filed within two years of the event, and you typically have to own the policy for 30 days before coverage goes into effect.How to file an insurance claim after a natural disasterIt's important to file a claim as soon as you can after the natural disaster passes. Try to file your claim the day the damage occurs, if possible.Like with a standard homeowners insurance policy, it's a good idea to take photos or a video of your home while everything is intact, which can help document not just the state of your house prior to the disaster, but also the personal property that's covered by the policy. You'll also want to take as many photos and videos as possible on the day the damage occurs or as soon as it's safe for you to return to your home.Pro tip: Every homeowner should create a home inventory list and update it regularly, regardless of where you live. Include the purchase date, model and serial number, if applicable. Use photos and video to document an item's current condition. Store documentation securely in the cloud in case your storage device is destroyed.If your home is damaged, try to refrain from throwing anything away until an insurance adjuster can visit. It usually takes between 24 and 48 hours after you file a claim before an adjuster can come to see the damage in person. If the event is widespread and multiple homes are affected, it could take longer.You don't want to endanger yourself or further damage the house (allowing mold to grow, for instance). If you need to remove damaged items, like wet carpet, before an adjuster can visit, get as many photos and videos as you can documenting the damage. If possible, store damaged materials in garbage bags that the adjuster can later open to inspect.If you hire a remediation company to repair damage, make sure they document the damage and share the information with you. Warning: Scam contractors are quick to take advantage after a disaster. If someone shows up on your doorstep promising to fix your house quickly or for an unusually low price, be suspicious. Work with certified contractors who don't rush you into signing a contract and who understand what your insurance policy will cover.How should homeowners handle or minimize a high deductible?If you can, avoid a low-deductible plan. They could encourage you to submit smaller losses and cost you more in the long run, according to Clare Schachter with Woodruff Sawyer.If a client buys lower deductibles and doesn't submit small claims, they're paying more for nothing. So, it's best to avoid low deductibles," Schachter said.If you chose a higher deductible in exchange for a lower monthly payment, know that many companies offer a deductible waiver. Should your claim surpass a certain dollar amount, you won't be required to put any of your cash toward repairs.
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  • Six minutes of Transformers: Reactivate gameplay footage leaks online
    www.eurogamer.net
    Six minutes of Transformers: Reactivate gameplay footage leaks onlineFollowing this week's cancellation.Image credit: Splash Damage/Hasbro News by Matt Wales News Reporter Published on Jan. 9, 2025 Six minutes of developer Splash Damage's unreleased Transformers: Reactivate have leaked online following the studio's announcement it was ending development earlier this week.Transformers: Reactivate - an online action game for up to four players, featuring some of the franchise's most iconic characters - was unveiled for PC and consoles during The Game Awards back in 2022. Little has been seen of the title since then - and it seemed that would likely remain the case after Splash Damage this week confirmed its cancellation.Now, however, six minutes of leaked gameplay footage has appeared on social media, shared by an anonymous Transformers fan account. There's no word on how the footage was acquired, but it features a combination of third-person gunplay and vehicular traversal across an unfinished, open-world style city - seemingly from a work-in-progress developer build. To see this content please enable targeting cookies.Splash Damage announced Transformers: Reactivate's cancellation on Wednesday, saying the studio would be "scaling down" in order to refocus its efforts on other projects - leaving a "number of roles" at the company "potentially at risk of redundancy" as a result."While not being able to see the game through to release is painful," it wrote in a statement, "having to say goodbye to friends and colleagues hurts even more. We're now focused on doing everything we can to support them through this tough period, just as we are committed to caring for those who will stay with us as we build a stronger Splash Damage for the future."The studio previously announced it was working on a new "AAA open-world survival game", codenamed Project Astrod, in collaboration with streamers Mike "Shroud" Grzesiek and Chris "Sacriel" Ball. However, no further updates have been shared since its unveiling in March 2023.
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  • How to Clean Stainless-Steel Appliances So Theyre Shiny and Streak-Free
    www.architecturaldigest.com
    Once your microwave, refrigerator, or other kitchen appliance receives the full cleaning treatment, the job of achieving sparkling stainless steel is not necessarily over yet. There are two parts to managing stainless steel: the actual cleaning stage and the polishing stage, Conn says. Polishing will make sure the surface isnt just clean, but also shining.Use a dry microfiber cloth to buff stainless-steel appliances. Dont use a paper towel because it could leave a linty residue. If the surface is too wet, you may need a second microfiber cloth. Reusable Swedish dishcloths, like those from Cloud Paper and Papaya, are great at picking up extra cleaning solution residue and buffing away any stray streak marks. This step will get rid of any grease buildup from cooking that might have fallen on these surfaces, Willatt explains.Step 6: Seal with olive oil (optional)Depending on the type of cleaning solution you use, you may or may not need to add extra shine with olive oil to your stainless-steel surfaces. Olive oil acts as a protective coating that can help to protect in between deep-cleaning sessions, Shimek says, noting that it can help repel smudges and mask previous scratches.To apply, put a small amount of olive oil on a microfiber cloth and wipe it gently back and forth along the grain or in a circular motion. With this final step, your appliance should be sparkling.Frequently Asked QuestionsWhat should you not use on stainless steel?Tempting as it may be to reach for steel wool to tackle a stubborn spotdont. While stainless steel may look like it has a natural grain to it, steel wool can scratch it and leave marks, especially if you start focusing on one spot in a circular motion.Most glass or multipurpose surface cleansers are also off limits when it comes to stainless steel. These products might say they are safe for all surfaces, but [they] may contain harsh chemicals that will leave streaks and possibly even stain your steel, Willatt warns. Just dont do it.Cleaning solutions that contain scouring powders, ammonia, or bleach are too intense for your stainless-steel kitchen appliances.How to clean a stainless-steel kitchen sinkNo matter how grimy a stainless-steel sink may appear, avoid harsh and abrasive cleaning products, but dont shy away from scrubbing it to get it shiny. Its ok if your sink is a little beat up, after all, you use it every day. You will never get your stainless-steel sink back to perfectly beautiful condition like the day it was installed, Willatt says. But you can keep it clean using a good dish soap to wipe it down after each use. Doing so will help it stay as close to new as possible for years to come.Polish it with a paste of baking soda and water, especially if you have some stuck on gunk on the sides of the sink. Use a soft cloth to help any abrasion from happening, Willatt. Then wipe clean with paper towels. This combo will easily clean your surface but may not remove any hairline scratches.
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  • Which Buildings Have Been Impacted by Palisades Fires: Updates on Eames House, Getty Villa, the Hollywood Sign, and More
    www.architecturaldigest.com
    The ignition of the Sunset fire in the Hollywood Hills area prompted concerns over the Hollywood sign located in Griffith Park. As The Independent reports, images of the local landmark surrounded in flames were shared widely across social media, leading to further speculation, though they were fake. As of the time of writing, the Hollywood sign is undamaged.Theatre Palisades, Pierson PlayhouseFounded by three veteran television writers, Theatre Palisade, Pierson Playhouse was located in a California Modern structure designed by John G. Wallis. Our beloved Pierson Playhouse is gone, but the heart of Theatre Palisades beats on. We will rise again, the organization posted on Facebook.The Pasadena Jewish Temple and Center was lost early Wednesday.Photo: Josh Edelson/AFP/Getty ImagesThe Pasadena Jewish Temple and CenterAccording to NBC Los Angeles, the temple and Jewish center was destroyed early Wednesday. The congregation dates back to 1921, according to the temples website.Malibu Feed BinOffering food and supplies for horses, livestock, and pets, the Malibu Feed Bin has been in operation since 1966. According to a post on Facebook, the red shiplap building that housed the store was lost in the fire. This is so unreal for me, and Im having a hard time finding the words that even make sense. I want to thank everyone who has sent kind words and expressed concern for the store, my family, and staff. We are so thankful for the love and support you all have shown us after 60 years in business, the owners wrote.Reel InnA iconic roadside seafood restaurant, Reel Inn succumbed to flames, according to The Malibu Times. Known for its fresh fish and laid-back coastal atmosphere, Reel Inn has been a staple along the Pacific Coast Highway for decades, the outlet wrote.Celebrity HomesA number of celebrities have lost their homes in the fires, including Paris Hilton, Mandy Moore, and Leighton Meester and Adam Brody.This is a developing story.
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  • Where Does Kendrick Lamar Live? Unpacking the Rappers Real Estate Portfolio
    www.architecturaldigest.com
    His upbringing in Compton, California, has always been a potent influence in his workhe even devoted an entire concept album to the subject. But where does Kendrick Lamar live now? In the nearly 14 years since he released his debut studio album, Section.80, Lamars artistic achievements have earned him a Pulitzer Prize, 17 Grammys, an Emmy, 37 BET Hip Hop Awards (a record), 11 MTV Video Music Awards, and the widely regarded status as one of the greatest rappers of all time. For all his success, the Not Like Us artist generally hasnt strayed too far from home, geographically speaking. With one known exception, Lamar has only invested in properties located in his native California.Im the first in my family to have this kind of success, so I took it upon myself to wisely navigate this success, because I wanted them to be successful too, Lamar told Vanity Fair in 2018. Its not much of a surprise, then, that the rapper has invested in properties for his family, kept a tight lid on his personal life, and taken it slow when it comes to real estate purchases. Only in recent years has the musician, who was formerly a perennial renter, begun to buy progressively more lavish residences. Read on to take a peek at what we know about the secretive stars real estate portfolio.Shop Open DoorLove celebrity homes? Shop some of our favorites from Diplo, Sofa Vergara, Sienna Miller and more.SHOP THE EDITEastvale, California abodeK.Dots earliest known real estate purchase was a roughly 3,500-square-foot four-bedroom, three-bathroom house in Eastvale, California, an hour from Los Angeles. The rapper paid $523,400 for the property in December 2013, around the time he was wrapping up his stint as an opener for Kanye Wests Yeezus tour.According to some reports, Lamar bought the pad for his parents and siblings to live in. I really like to buy property, whether its apartments, whether its buildings, whether its houses, the California native said of the purchase during a radio interview. I like to stay in LA. I still live in LA, in a small little apartment condo, Lamar added. But I like to invest my money in different things, rather than buying things for the moment. Something that can last me a lifetime.Per listing records, the artist sold this property in 2021 for $825,000.Join NowNew Year's Sale: Become an AD PRO member for only $20 $12 per monthArrowCalabasas investment propertyIn November 2017, Lamar made his next known real estate move: a $2.65 million Calabasas home. The 5,400-square-foot residence was reportedly another investment property. When the Humble musician closed on the 1998-built dwelling, it featured six bedrooms, six bathrooms, a media room, numerous wood-burning fireplaces, a sprawling primary suite, and an enviable backyard complete with an organically shaped swimming pool, a barbecue area, and a shaded lounge area with canyon views. Per listing records, Lamar maintains ownership of this home, in which some of the rappers family members allegedly have resided.Manhattan Beach mansionLamar (right) with longtime partner Whitney Alford in 2018Photo: Kevin Mazur/Getty ImagesLamar then shelled out $9.7 million for a contemporary-style mansion in Manhattan Beach, California. The off-market deal closed in 2019, around the time when the artist and his longtime fiance, Whitney Alford, welcomed their first child. Details about the property are scarce, but we do know that it has 5,350 square feet of interior living space across three floors, with four bedrooms and seven bathrooms. Its not on the beach, but there are water views on the upper floors. A three-car garage and a small patio round out the petite parcel. It appears that Lamar still owns this property.Bel Air homeA few months after Lamar released his album Mr. Morale & the Big Steppers in 2022, he upped the ante again with the $15.85 million purchase of a midcentury ranch-style house in Bel Air, which he still owns. The 8,000-square-foot dwelling, along with a two-story guesthouse, is nestled on three-quarters of an acre in the coveted East Gate section of the neighborhood. In total, the two structures offer seven bedrooms and eight bathrooms.
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