Twelve thousand homes, businesses, and more were destroyed by SoCal wildfires, leaving entire communities in ruins. Many affected residents are now concerned about rebuilding after potential underinsurance. Experts warn that over the past 30 years, two-thirds of wildfire victims find themselves underinsured. With costs rising due to inflation and supply chain issues, rebuilding could become even more expensive. To ensure coverage, consider policies offering extended replacement cost limits, ideally at 100%, which doubles your home’s coverage. Additionally, many overlook code upgrade coverage—important for rebuilding as newer codes may require costly updates like better windows, fire sprinklers, or energy-efficient systems. Residents should review their insurance to determine if they need additional coverage to cover the full cost of rebuilding. Remember, outdated policies might leave you underinsured in the face of future disasters. Take action now to protect your home and family.
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Source: https://abc7.com/post/do-have-enough-insurance-rebuild-home-disaster-here-are-2-key-types-coverage-will-help-experts-say/15831096