No idea how homeowners insurance or policy specifics, i do know automotive insurance though.
If the kid or his parents have insurance they will pay the homeowner until they hit their caps.
If the homeowners insurance pays for the repairs, their team of lawyers will go after the kid and his parents.
I just hope there is some mechanism for the homeowner if neither of these apply. That looks like a costly repair. Maybe he gets the keep the mustang, possession is 9/10ths of the law and all. (jokes)